Lost Wallet: Here's What To Do

At Universal 1 Credit Union, we understand that unexpected situations can arise. Suddenly, your wallet is securely tucked away, and the next moment, you're left wondering where it went and how you'll manage daily expenses.

It’s important to be prepared. Follow this comprehensive guide to minimize liability and protect your identity in case your wallet goes missing. Remember to maintain a record of your actions, including who you contacted and when.

Call your bank to report your debit and credit cards as stolen as soon as possible.

If your financial account is compromised through your debit card, your funds could be at risk, and recovery may take time. Contact your bank immediately to report the loss, and they will cancel the card and issue a replacement. Reporting a missing debit card within two business days limits your liability to $50 for unauthorized purchases. Waiting more than two days (but less than 60) may increase your liability to a maximum of $500 for unauthorized purchases. Beyond 60 days, you could be responsible for all unauthorized charges. It's crucial to act promptly.

If you had checks in your wallet, notify your bank to freeze your checking account temporarily, preventing unauthorized check-based transactions. In some cases, you might need to close the account and open a new one with a different number for complete protection.

If you have a U1 checking account, ATM, or VISA^®, you should call U1’s Member Services department immediately at 800-762-9555 opt. 9, or email memberservices@u1cu.org. A helpful representative can cancel your U1 VISA^® debit and or credit cards as well as place stop payments on any missing checks.

and write to:

Universal 1 Credit Union, Inc.
Attn: eServices
2450 Esquire Dr.
Beavercreek, OH 45431

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

You can download U1’s CardValet app to closely monitor your debit or credit card usage. With CardValet, you can turn your debit and/or credit card on and off, set notifications and alerts, and receive real-time updates when your card is used or declined. Additionally, transaction controls let you restrict card use to specific locations or geographic areas.

It can be challenging to remember all the credit cards that were in your wallet. If you use U1’s Money Management Tool, log in to access a list of your active credit cards for cross-reference. Alternatively, check your credit report for a comprehensive list of your accounts, including retail credit cards that are easy to overlook.

File a police report.

Filing a police report is essential if your wallet is lost or stolen. Some might hesitate, thinking the police won't recover their stolen property or that the situation is trivial. However, a police report serves as crucial evidence if you become a victim of further fraud or identity theft. Additionally, some credit card issuers or banks may require the police report number for their fraud investigations.

When filing a police report, provide a detailed description of your wallet, its contents, and the circumstances of the loss. If your credit cards were used fraudulently, be prepared to provide the original card numbers and details of the fraudulent transactions. Request the case number and obtain a hard copy of the police report for your records.

Make a list of everything that was in your wallet.

Create a list of the items that were in your wallet while the details are fresh in your memory. You'll need this list to replace valuable items like insurance cards. For insurance accounts, request replacement policy numbers to prevent unauthorized use of your data.

Initiate a fraud alert on your credit report.

Protect your identity by closely monitoring your credit reports. Start by filing a free initial security alert, which remains active for 90 days, at the Experian fraud center. The credit bureaus are required to share these alerts with the other two counterparts, eliminating the need to file with all three. This alert prompts lenders to take extra precautions when verifying your identity without blocking access to your credit report.

For additional protection, consider freezing your credit to prevent lenders from extending new credit in your name.

Replace your driver's license.

If your driver's license or state ID is in your wallet, replace it as soon as possible. Each state has its own procedures for replacing a license; visit your state's DMV or Secretary of State website for guidance. If your ID was stolen, the state may request your police report number as proof.

Report your social security number stolen.

If you stored your Social Security card in your wallet (which you should NEVER do), exercise extra caution. The Social Security Administration can issue a new card, but your Social Security number remains the same. Therefore, you should take every precaution to safeguard your identity. Contact the IRS Identity Protection Unit at 1-800-908-4490 for further protection.

Get a new wallet.

Once you've addressed the necessary steps to protect your finances and identity, consider getting a new wallet. Take this opportunity to assess what you carry and minimize the number of cards and items to reduce the potential impact if your wallet is lost or stolen again. Remember to be vigilant about protecting your wallet while out and about.

After 24 Hours…

Update Recurring Payments to Debit or Credit Cards.

Once you have a new credit card or debit card number, you will need to contact any companies that you have set up to automatically charge your card for monthly bills and tell them the new card information.

Monitor Your Statements and Credit Reports.

Get in the habit of taking a few minutes to read through your checking account and credit card statements as soon as you get them. This is a good idea at any time, but especially after you've had any personal information go missing. If you notice anything that shouldn’t be there, call the issuing institution immediately.

At least once a year, you should also review your credit report. Each of the three major credit bureaus will give you one free copy every twelve months. You'll be able to see if anyone is using your credit without authorization and if reporting companies have made any mistakes. Visit www.annualcreditreport.com for more details. This site is sponsored by the credit bureaus and requires no subscription to receive the reports.

One of the most valuable tools at your disposal is U1’s Online and Mobile Banking. U1’s Online and Mobile Banking offer real-time access to your accounts, allowing you to monitor transactions closely and act swiftly if any unauthorized activity occurs. If you haven’t already, set up alerts to receive notifications for any transactions made with your accounts. This way, you can quickly identify and respond to unauthorized activity.

Preventative Steps.

Don't keep SSNs, PINs, or passwords in your wallet

Keep this information in a secure place, separate from your driver’s license, credit cards, and debit cards. This makes it more difficult for someone to access your accounts or open credit in your name.

Keep a record of your accounts.

Keep a list of all your accounts in a secure place with contact numbers for the issuing companies. This list will come in handy if you do lose your wallet or purse and need to quickly shut the cards down.

Keep an emergency credit card.

You may want to keep a separate credit card somewhere other than your wallet or purse. When you report your credit cards lost, the credit card company will likely shut down all the cards associated with the account. You can use the emergency account while the other cards are being reissued.

Not having your wallet or purse can be an anxious time. Knowing what to do can make it easier.

Need more help? Our dedicated member services can answer your questions and provide additional information! Send an email or give us a call at memberservices@u1cu.org | 800-762-9555 opt. 0 | U1cu.org.

More information

Federal Trade Commission: What To Do If Your Personal Information Has Been Compromised

Credit Bureau Contact Information

Equifax: 1-800-525-6285

Experian: 1-800-493-1058

TransUnion: 1-800-916-8800