ICICI Bank Customer Education Series – Using Your Debit Card Safety

ICICI Bank has started the Financial Education program in collaboration with its Financial Counseling Arm – Disha Financial Counseling

Did you know?

Most Banks give details of the Zero Liability cover in their “Welcome” booklet. Make sure you read it carefully.

Using your Debit Card Safety -

Your Debit Card is a Financial tool and carrying it with you is as good as carrying cash.

Always make it a point to keep your card in a place where you can notice its absence immediately.

If you lose your Debit Card, ensure that you report the loss to your bank immediately so that your card is blocked. Blocking your card ensures that no fraudulent transactions are made with it. For any possible misuse of the card before blocking, all banks offer a zero-liability cover which ensures that the cardholder is reimbursed for all fraudulent shopping with the card till the time of reporting loss of the card. Please check with your bank for the details of the zero-liability cover.

Here are a few simple tips to further enhance the safety of your debit card:

- Subscribe to SMS Alerts – Most banks send you an SMS alert for the transactions you make at a merchant establishment or at an ATM with your Debit Card. This Alert will help you keep track of the available balance in your account and at the same time warn you of any unauthorized transaction on your card.

- Never Save tour PIN – Never disclose your PIN to anyone or carry it along with your card. Some have the unsafe habit of writing down the PIN on the back of the Card. Your PIN is a secret code meant only for you. Ensure that you memorize it and destroy the communication in which you received the PIN. Another good practice is to change your PIN at regular intervals.

- CVV Number – Never disclose your CVV Number to anyone (The CVV Number is the 3-digit number present on the reverse of your debit card, next to the space provided for your Signature)

- Preserve your Charge slips – Keep the charge-slips with you and tally them with the account statements. If you see any discrepancy or unauthorized transaction, report it to your Bank.

- Keep your Bank’s Customer Service phone numbers(s) handy – By keeping the number(s) ready, you lose no time in getting in touch with your bank in emergencies such as loss if card or for important matters like discrepancies in your account statement, etc…