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Can losing or reporting lost physical cards result in closed accounts?

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CreditPreditor
Established Member

Can losing or reporting lost physical cards result in closed accounts?

Just curious if anyone has heard about banks closing accounts for "losing cards too many times" or "too many stolen cards" reported.  This is under the criteria that the card has not been used and no claims have been filed. I am not interested in speculation or ideas, rather I am specifically asking if anyone has actually seen or heard of this happening?

 

We give out cards to company employees and unfortunately missing cards is a reality that we have to deal with. 

Message 1 of 7
6 REPLIES 6
OmarGB9
Community Leader
Super Contributor

Re: Can losing or reporting lost physical cards result in closed accounts?

Nope, never heard of that. Nobody's perfect, and lost/stolen cards are a reality, especially if it's a corporate account with lots of cards floating around. Plus, what about fraud? No one can control that - you can only try to minimize the risks.

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Message 2 of 7
randomguy1
Valued Contributor

Re: Can losing or reporting lost physical cards result in closed accounts?

My buddy used to lose his CSR every other trip to Vegas. Which means 6+ a year. Chase didn't care. Overnighted one to the hotel each time. I suppose the spend they saw on it was well worth it. 

Message 3 of 7
UncleB
Credit Mentor

Re: Can losing or reporting lost physical cards result in closed accounts?


@CreditPreditor wrote:

Just curious if anyone has heard about banks closing accounts for "losing cards too many times" or "too many stolen cards" reported.  This is under the criteria that the card has not been used and no claims have been filed. I am not interested in speculation or ideas, rather I am specifically asking if anyone has actually seen or heard of this happening?

 

We give out cards to company employees and unfortunately missing cards is a reality that we have to deal with. 


Since you seem to be seeking an answer in regards to business cards I'm moving the thread to 'Business Credit' to get your inquiry more exposure.

 

--UB

Message 4 of 7
CreditPreditor
Established Member

Re: Can losing or reporting lost physical cards result in closed accounts?


@UncleB wrote:

@CreditPreditor wrote:

Just curious if anyone has heard about banks closing accounts for "losing cards too many times" or "too many stolen cards" reported.  This is under the criteria that the card has not been used and no claims have been filed. I am not interested in speculation or ideas, rather I am specifically asking if anyone has actually seen or heard of this happening?

 

We give out cards to company employees and unfortunately missing cards is a reality that we have to deal with. 


Since you seem to be seeking an answer in regards to business cards I'm moving the thread to 'Business Credit' to get your inquiry more exposure.

 

--UB


Yah... I did not mention "business card" one time. My question is really just cards in general. I was getting helpful replies and now I am not. I have less exposure now. Please move it back, I specifically posted this where I wanted it and where it should be.

Message 5 of 7
Five6Two
Frequent Contributor

Re: Can losing or reporting lost physical cards result in closed accounts?


@CreditPreditor wrote:

@UncleB wrote:

@CreditPreditor wrote:

Just curious if anyone has heard about banks closing accounts for "losing cards too many times" or "too many stolen cards" reported.  This is under the criteria that the card has not been used and no claims have been filed. I am not interested in speculation or ideas, rather I am specifically asking if anyone has actually seen or heard of this happening?

 

We give out cards to company employees and unfortunately missing cards is a reality that we have to deal with. 


Since you seem to be seeking an answer in regards to business cards I'm moving the thread to 'Business Credit' to get your inquiry more exposure.

 

--UB


Yah... I did not mention "business card" one time. My question is really just cards in general. I was getting helpful replies and now I am not. I have less exposure now. Please move it back, I specifically posted this where I wanted it and where it should be.


So, you did not mention business card...but you're issuing "employees" company cards somehow, someway, from a personal credit account? Even if this is a corporate card related question, it would belong in the business credit forum. If your question was about cards in general, you should have left out a very specific detail regarding employees. And, if this is about cards in general, the replies above have provided you some data points. 

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Message 6 of 7
CreditPreditor
Established Member

Re: Can losing or reporting lost physical cards result in closed accounts?


@Five6Two wrote:

@CreditPreditor wrote:

@UncleB wrote:

@CreditPreditor wrote:

Just curious if anyone has heard about banks closing accounts for "losing cards too many times" or "too many stolen cards" reported.  This is under the criteria that the card has not been used and no claims have been filed. I am not interested in speculation or ideas, rather I am specifically asking if anyone has actually seen or heard of this happening?

 

We give out cards to company employees and unfortunately missing cards is a reality that we have to deal with. 


Since you seem to be seeking an answer in regards to business cards I'm moving the thread to 'Business Credit' to get your inquiry more exposure.

 

--UB


Yah... I did not mention "business card" one time. My question is really just cards in general. I was getting helpful replies and now I am not. I have less exposure now. Please move it back, I specifically posted this where I wanted it and where it should be.


So, you did not mention business card...but you're issuing "employees" company cards somehow, someway, from a personal credit account? 

 

Yes. And there are specific reasons for this, that are for another topic. 


 

Message 7 of 7
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