What is the difference between temporarily reporting a credit card loss and formally reporting a loss?

1. Loss reports by phone and verbally are temporary loss reports. Formal loss reports refer to formal written loss reports at the counter with the customer’s real identity document and password (except password loss report) when opening an account.

2. There is no charge for temporarily reporting the loss of a credit card. You can resume using the card after canceling the loss report, but there is a handling fee for formally reporting the loss, and you cannot resume using the card after reporting the loss.

3. Temporary loss reports have a validity period, usually 5-7 days. Once the time is up, they will expire. Official loss reports cannot be released or restored.

After verbally reporting the loss, payment will be stopped on the account, transactions in all accounts will not be allowed, and mortgage deductions will not be possible, but remittances will be accepted. After completing the formal loss reporting procedure, there will be two types, one is the stop-pay card, and the other is the stop-pay account. All expenditure transactions on the account cannot be operated. If the card is stopped, deposits and consumption cannot be made, but receipts and payments can be made. Mortgage deductions.

There is a big difference between reporting the loss of a credit card and charging a handling fee, while reporting the loss of a bank card does not require any fees. As for the fee, it depends on the card issuer's regulations. Through the above introduction, I believe everyone has a more detailed understanding of the difference between temporary loss reporting and formal loss reporting of credit cards. If you do not want to apply for a new card, you can choose to cancel the card after reporting the loss.