What Should You Do With an Old Debit Card?

An old debit card refers to one that has expired, been replaced, or is linked to an inactive bank account. Proper handling is important for safeguarding personal financial information and protecting against potential fraud. Carelessly discarding an old debit card can expose sensitive data, leading to security vulnerabilities and compromising personal financial security.

Secure Physical Disposal of the Card

Physically destroying an old debit card prevents unauthorized access to your financial information. Simply cutting the card in half is often insufficient, as critical data points might remain intact. A more secure approach involves cutting the card into multiple small pieces, ensuring the magnetic strip, EMV chip, and all printed numbers (card number, expiration date, and security code) are thoroughly severed.

A cross-cut shredder designed for plastic cards offers high security, rendering the card into tiny, unreadable fragments. If a shredder is unavailable, robust scissors can be used to make numerous cuts across the card, particularly through the sensitive areas. After cutting, dispose of the pieces in separate trash receptacles or at different times to make reassembly difficult. This methodical destruction helps ensure that no single piece contains enough information to compromise your security.

Managing Linked Accounts and Services

It is important to identify and update any recurring payments or subscriptions tied to an old debit card. Many services, such as streaming platforms, utility bills, or online subscriptions, may have the old card details saved for automatic billing. Failure to update this information can lead to declined payments and potential service interruptions.

Reviewing recent bank statements or accessing online banking portals can help identify all merchants and services that regularly charge your account. Once identified, contact each service provider to update the payment information with your new card details. Proactively updating your card information ensures continuity of service and prevents unexpected payment issues.

Addressing the Associated Bank Account

An old debit card might signify an underlying bank account that is no longer actively used, or one for which a new card has been issued. Confirm the status of the bank account, as inactivity could lead to various implications. Bank accounts do not expire simply because a debit card linked to them does; the account remains active unless formally closed or designated as dormant.

If the account is no longer needed, contact the bank to formally close it. This prevents potential monthly maintenance fees and minimizes the risk of fraud or unauthorized access to an unmonitored account. Before closing, ensure all funds are transferred out and any pending transactions have cleared. Banks may have specific procedures for account closure, sometimes requiring an in-person visit or a written request, along with identification. If an account has been inactive for several years, it might be classified as abandoned and its funds turned over to the state’s unclaimed property office, requiring a claim process to retrieve them.