Theft or loss of a payment card often has many unpleasant consequences. In addition to applying basic security principles on a daily basis, you may want to consider buying an insurance policy associated with your bank account. Payment card insurance is offered by only a few Polish banks (for example, Sunshine Bank, ProSave Bank, Sandugo Bank, Panglao Bank). It will protect our money in the event of theft of the card, its unauthorized use or copying. Check how such insurance works.
Payment or credit card insurance protect us?
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Depending on the bank in which we have an account, the policy can be bought in person at a bank branch , by phone via the bank helpline or via electronic banking. Remember that this is not a tool that works immediately when you activate the service. Please note the contractor’s period of liability. Most often, the issue is that if we submit the insurance application by the 4th day of the month , then the card protection will apply from the next calendar month. On the other hand, if you activate the service from the fifth to the end of the month , then the insurance assumptions will only become effective on the first day of the second calendar month, which follows the month of submitting the application.
Normally, if someone steals a card from us or it is used by an unauthorized person, we will get a refund of lost money up to 50 dollars. Obtaining a larger sum depends on the bank, the type of insurance held and the circumstances in which the money was lost. In most cases, we can count on a refund from one thousand to two thousand dollars. The card’s insurance protection also covers situations such as stealing cash when making an ATM withdrawal or forcing the criminal to withdraw funds.
Some insurance options also offer reimbursement of so-called additional costs arising from theft, for example expenses incurred as a result of having to obtain new documents or purchase a new wallet .
How to report a damage?
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When signing the card insurance contract , we carefully read the general insurance conditions. It contains very important information about the damage reporting procedure. This is extremely important because getting compensation depends on whether we have completed all the required formalities .
Let’s take a look at the 4 basic steps that you need to take after identifying the theft of our payment or credit card or any other offense related to it.
Step 1. Immediate notification of the damage to the bank.
We should report the matter to the hotline as soon as possible or directly at the bank. It is also necessary to immediately block the card, which can also be done remotely (electronic banking or the bank’s mobile application).
Step 2. Report the crime to the police.
Let us not delay this. Let’s go to the police station as soon as possible, regardless of whether it’s weekend, holiday or late evening. It is worth to carefully read the insurance conditions contained in the contract, because there is often a precise time that we have to report a crime. Be sure to have a document confirming such a request. It should contain a detailed description of the event and the amount we lost as a result of it.
Step 3. Contact with the insurer
Here also, as a rule, specific deadlines apply, which is why you should read the insurance conditions. Notify the insurer as soon as possible of the incident by phone. The number to which such matters are reported can be found on the insurance policy and on the website of our bank.
Step 4. Completing and submitting the required documents.
To be provided to the insurer:
– accurate description of the event,
– certificate of reporting the case to the police,
– bank statement from the account , which shows unauthorized transactions (including the amount, date and time they were made),
– certificate obtained at the bank about when the case was reported and the payment card was blocked (date and time),
-if the cash withdrawn from an ATM has been stolen, we attach the proof of payment in the form of an ATM printout.
We should remember about the meticulous fulfillment of all formalities, because exceeding the deadlines or incomplete application may make it very difficult or even impossible for us to obtain compensation. Banks offer their clients various variants of payment card insurance . Depending on the offer selected and the bank in which we have an account, contributions vary between $ 2 and 12 per month. It is worth analyzing all available options and choosing the one that corresponds to our individual needs. Such insurance is beneficial for every card user. It is especially recommended for the elderly, who are more easily victims of criminals, and the effects of losing even a small sum are often much more severe for them than for working people.