Here’s what to do if your wallet is lost or stolen

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You hope it never happens to you, that thrilling realization that you don’t know where your purse or wallet is. This little bag contains all of your most important things, from cash and credit cards to identification documents. Losing it is scary, but don’t panic. There are steps you can take to minimize the damage.

Try not to panic

It is much easier said than done. Most of us need our wallets for day-to-day life, not to mention the amount of personal information that is in a wallet that can be used in harmful ways. Sadly, you’re there for a few days and weeks, with plenty of phone calls ahead of you, so take a deep breath, grab that phone charger, and dial the number.

Inform the bank

Once you realize your wallet is gone, call your various banks and let them know. This means calling all the banks where you have a debit or credit card and telling them your wallet has been stolen and you need to freeze your accounts immediately. Depending on how long it takes you to realize that your wallet is missing, your bank may find it out first and call you. Most banks have policies that require them to report suspicious expenses and contact the cardholder to determine if the expenses were legitimate. Either way, tell them the truth and freeze your account.


Inform the police

Even if you think the police are unlikely to be able to help you recover your wallet once it has been stolen, you should still file a police report. This will help you fight identity fraud. A police report proves that you have been a victim of a crime and will help you convince the banks that you are not responsible for the charges. In severe cases, thieves will use the information in the wallets to take out a loan in your name, which you will be responsible for repaying. The best – and sometimes the only – way to combat this is to have a police report verifying that you have been the victim of a crime. Be specific when making the report and describe what was lost, the wallet itself and its contents as accurately as possible. Get a copy of the case number and a hard copy of the case, as you will likely be referring to it.

Replace your ID

Your driver’s license or other government issued ID was probably in your wallet, so you’ll have a hard time proving that you are. you until you get a replacement. Each state has different regulations, but many require a police report to issue a replacement ID, so bring those documents with you when you go.

Call your mutual

Of course, a thief is much more likely to go shopping than to go for root canal treatment and bill your dental insurance for it, but you never know, and you don’t want to be forced to pay anything. .

Think about other risks

If you’re carrying a purse and everything has been stolen, think about what else a thief might have that could compromise you. For example, your phone was probably in your purse. Call your cell phone provider and shut it down as soon as possible to prevent the thief from discovering more sensitive information about you. What about your keys? Play it safe and have your locks replaced to make sure no one gets in with what they’ve stolen.

Realizing that your wallet or purse has been stolen is terrifying, but with the right deed it doesn’t have to be a disaster. Make a few phone calls, be polite and diligent, and plan to keep this wallet away from others once you buy a new one.

FYI Finance is brought to you by 1st State Bank.

TO Washington’s 1st security bank, we take a personalized and personal approach to your financial well-being. We live in the communities we serve, so our branches offer tailor-made solutions to their communities. We believe relationships make the difference, and that’s what sets 1st Security Bank apart.


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