Protecting Your Money On Vacation
You might be ready to spend your summer on the road, but before you head to the airport, take some precautions to ensure your vacation isn’t muddied by financial crises.
Clean out your wallet. Bring the credit cards you plan to use and a debit/ATM card to withdraw cash. Leave the rest of your cards at home, including any card with your social security number on it. In case of a healthcare emergency, make a copy of your health insurance card and cross out the last four digits of your social. Bring the copy and leave the original card at home.
Call your bank and credit companies. To ensure your account doesn’t get frozen, tell them where you will be traveling to and for how long.
Use a credit card for major purchases. In the event a card is stolen, you are most protected when using a credit card. Most credit companies have a zero-liability policy, meaning you will not have to pay for any fraudulent activity. Even if that’s not the case, the Fair Credit Billing Act mandates that users can only be made liable for a maximum of $50 for unauthorized charges. Make sure to carry the number of your credit companies so you can alert them immediately if you see unauthorized charges.
Because we recommend using credit cards for most major purchases, bring at least one backup credit card and keep it in your hotel safe. Then, if one is stolen, you will be able to continue on your vacation without significant upheaval.
Be careful to use real ATMs. Thieves can post fraudulent ATMs in touristy locales. With this in mind, make sure to use an ATM near a bank or in a hotel or airport. Visa and MasterCard also offer worldwide ATM locators on their websites, which you can use to find the closest legitimate ATM.
Keep a close eye on your debit card and your online statements. If you suspect any fraudulent activity or your card is stolen, report it to your bank immediately. If you report it your bank within 2 business days, you limit your liability to $50. After that, you could be made liable to up to $500 of unauthorized charges.
Protect your cash and other valuables. When leaving for the day, only bring the cash you think you will need for that day. Leave the rest in your hotel safe, along with other important documents and extra credit cards. As extra protection, split up the cash you bring along. Finally, make sure to make copies of all important documents before you leave. Bring a copy with you that you leave in the hotel safe and leave one copy with a loved one at home.
Review your purchases. As soon as you get home, review your debit and credit purchases and ATM withdrawals. Make sure you can account for all purchases, and if you see an unauthorized charge, alert your credit company or bank immediately. Especially with debit accounts, it is important to let your bank know as soon as possible to avoid being made liable for significant amounts of fraudulent activity.
Source: Bankrate.com
