Q: If I lost my debit card, does it cost money to have it replaced?

A: If you lose your debit card, the first thing you need to do is contact the bank which issued it and let them know that it is lost. Your account will immediately be flagged for any suspicious activity, and the bank may even be able to “kill” the card; that is, render it unusable.

Once this is done, then you can start worrying about whether or not it will cost money to replace it. However, depending on your bank, this concern may be unwarranted, because most banks do not charge for debit card replacement. Those that do usually only charge an average amount of $5.

Even if your bank does charge for debit card replacement, you may be able to request that the charge be waived. For example, if your debit card was lost as the result of a robbery or theft, take a copy of the police report with you to the bank and show it to them. They may waive the fee for that reason.

You don’t know if they’ll be willing to waive the fee if you don’t ask. So, don’t be afraid to do so. After all, even if it is just $5, why pay it if the bank is willing to replace your debit card for free?