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- How to Freeze a Debit Card
- Benefits of Freezing a Debit Card
- Can I Freeze My Debit Card?
- Other Essential Debit Card Security Features
No one likes opening their bank transaction history and seeing that someone else made a purchase with their debit card. Unfortunately, debit and credit card fraud is an everyday concern for consumers and financial institutions alike. In 2022, $34.36 billion was lost globally to credit and debit card fraud.
The first fraudulent purchase can feel like a snowball rolling from the top of a mountain: the more charges that appear, the bigger it gets. Before, it was easy to feel powerless as an avalanche of charges ate away at your hard-earned checking balance. Now, you can freeze out criminals trying to take what’s yours by putting a pause on transactions.
While it’s still a good idea to notify your bank as soon as possible, you may be able to block your debit card at the transaction level to secure your bank account. Keep reading to learn more about how to freeze a debit card and the benefits of this service.
How to Freeze a Debit Card: The Process
Depending on your financial institution, you can set up your debit card services via a mobile banking app, third-party app or website. Check with your bank for more information on how to get started. Once you register, you can visit the associated app or website anytime to activate or deactivate your card remotely. There should be an option to freeze your card with the push of a button. When you freeze your card, no one will be able to carry out a transaction with it until you unfreeze it.
Three Benefits of Freezing a Debit Card
The ability to freeze your debit card offers a number of benefits that can help you at a moment’s notice.
- Preventing transactions on a lost or stolen card – The most common reason most people freeze their debit or credit cards is to prevent or stop fraudulent charges. Whether you’ve lost your card or noticed unverified transactions on your checking account history, you can simply turn your card off until the issue is resolved.
- More control over card transactions – Whether you choose to freeze your card or not, this feature can provide a high level of control over your card, giving you peace of mind.
- Limit spending – Debit card freezing can help you or other users on your account limit spending. This is a viable way to reduce impulse spending as it puts up another barrier to cross before making a final purchase. It can also help limit spending of other authorized users, like your children, on your account.
Can I Freeze My Debit Card?
The debit card freeze feature varies by financial institution. Information about your debit card’s capabilities should be available on your online banking portal, mobile app or bank’s website. Contact your bank for more information on this service.
What Else Should I Look for in a Debit Card?
While transaction blocking is useful, you should look for a debit card with a wide offering of security features. At Community Point Bank, our debit cards offer several security benefits to help you take better control over your everyday finances, including:
- Identity theft and suspicious activity alerts – With these alerts, your bank can directly notify you if a transaction appears to be out of place. From there, you can immediately jump into your card management app to see the transaction and determine whether or not you need to freeze your card.
- Transaction limit alerts – Set a transaction limit alert for your card or another authorized user to make sure you are notified before a transaction that exceeds your budget is made.
- Travel notice applications – One of the top indicators of a fraudulent transaction is if it comes from another state. However, if you are traveling, you should have a quick and convenient way to let your bank know you are on the move with your card.
Your debit card is a vital part of your everyday financial management. Make sure you have a debit card and checking account with a financial institution that offers the transaction technology you need and the friendly service you deserve. If you’re ready to find a better banking experience, contact Community Point Bank today.
