Money

Lost Your Wallet On A Big Night Out? Don’t Cancel Your Cards – Do This Instead

We all know the feeling: you wake up after a big weekend only to realise your wallet is nowhere to be found and neither are its contents. After turning your house upside down you bite the bullet and call the bank to cancel your cards, then magically – just as the Panadol and coffee have kicked in – your missing wallet appears. Let’s avoid this scenario in the future, shall we?

It’s estimated that millennials cancel their cards 2.4 times per year. This means that ultimately, according to Westpac’s 2016 Lost Cards report, each year there are 6.5 million unnecessary card cancellations ruining everyone’s week thereafter. Thankfully, Westpac has introduced a new function for debit MasterCard’s called “Card on Hold.” It’s one of those functions that make so much sense, you just wish it’d been around sooner.

With the Card on Hold function you can temporarily lock your missing card for up to 15 days through Westpac’s mobile banking app and if your card does turn up again, you can unlock it just as easily.

Having the option to unlock a misplaced card would encourage us all to react to a lost debit card sooner, with the vast majority of people admitting they would be quicker to report their card as lost or stolen if they could ‘un-cancel’ it again if and when it’s found.

It’s natural to feel annoyed and frustrated when bank cards go missing – so bypass all those negative emotions while ensuring that no one is using your card. That’s a sweet win-win.

Want to ensure you never have to cancel your cards unnecessarily again? Click here. Don’t have a Westpac account? Get all the info you need on Everyday Banking here