What should a cardholder do if a card is lost or stolen?

When a cardholder discovers that their card is lost or stolen, the most responsible action is to immediately report the incident to US Bank and notify their Approving Official. This quick response is crucial because it helps to protect against unauthorized charges that could occur if the card falls into the wrong hands. Reporting the loss allows US Bank to deactivate the card, preventing further use, and helps in investigating any potential fraudulent activity. Additionally, notifying the Approving Official is important for maintaining transparency and adhering to the organization’s policy regarding card management.

Continuing to use the card is not advisable as it leaves the account vulnerable. Waiting to see if the card shows up puts the cardholder at risk for unauthorized transactions. Canceling all transactions might create unnecessary complications, especially if legitimate purchases are pending or require approval. Therefore, prompt notification of the loss is the best course of action to safeguard financial assets and maintain security.