I’m not being cheesy when I say, I’m sorry for your loss. Losing your payroll card is a scary and nerve-wracking thing. But it is not the end of the world. Hopefully you have a MasterCard or Visa branded payroll card, like the ReadyFUND$ MasterCard Payroll Card. If you do, all of your funds are FDIC insured. Which means MasterCard or Visa will cover any funds that result in someone stealing and fraudulently using your card, just like a bank debit card or a credit card.
The important thing to do is to immediately call your payroll cards customer service number, ironically located on the back of your payroll card, but it also comes in your payroll card packet or on the payroll card material and you should be able to find it on your payroll card providers website. Letting the payroll card company know as soon as possible that your payroll card was lost or stolen helps ensure your money is protected. They can immediately stop any activity on your card, set up a new payroll card and transfer your funds to it automatically.
Any funds that are stolen after you report your payroll card lost or stolen are covered. However if there are any funds stolen before you report your payroll card lost or stolen you can be held liable for a portion, up to $500 according to the Federal Trade Commission. I would also strongly recommend signing up for text or email alerts. These alerts notify you of your daily balance, any activity and when funds get below a threshold you set, say $100. This will help you spot anything out of the ordinary even before you may realize your payroll card was lost or stolen. It may be scary and nerve-wracking, but there are small simple steps you can do to ensure you and your money are protected.