Frequently Asked Questions by Subject
Financial Issues
If a credit or debit card is lost or stolen and then used, is the cardholder responsible? What should I do if I lose my credit card?
Q:	If a credit or debit card is lost or stolen and then used, is the cardholder responsible?
A:	When issuing a credit, charge or payment card, a financial institution must inform a customer about his/her rights and obligations, and any charges or costs related to the card. You should review your cardholder agreement, which outlines your responsibilities when accepting the card. You should contact the call centre or head office to discuss the matter. If proper information was not disclosed, there may be a violation of a consumer provision. In this case an FCAC compliance officer may have to review the matter. Certain banks voluntarily follow a debit card code. The full text of the code is available on the Industry Canada Web site.
Q:	What should I do if I lose my credit card?
A:	It is the cardholder's responsibility to report the loss of a credit card. The moment you realize your card is lost or stolen, report it to your issuer. Alternatively, if you are a member of a credit card registration plan, you can report the lost card to the plan operators and they in turn will report the loss to your card issuer. If you report your bank-issued credit card as lost or stolen within 24 hours of the actual loss, your liability is generally limited to $50 on purchases. However, if your credit card and your personal identification number (PIN) are used at an ABM, your liability may be unlimited. You should discuss the issue with your financial institution to confirm the process.