I recently had a scare after leaving the gym: I got home and couldn’t find my wallet anywhere. I searched in the house, then started mentally retracing my steps to see if I needed to race back to the gym. Fortunately, when I opened the car door I saw it under my seat. But it made me consider what I would need to do if I had misplaced it or left it at the gym.
Before you lose it – know what’s in it
This might not be the step you’re looking for if you just lost your wallet. But if you still have it with you, it’s a good idea to take an inventory of your credit cards, identification cards, and any other items you keep with you. Some people suggest you take a photo of your wallet’s contents showing account and contact numbers. I have just five items in my wallet, along with some cash. In a panicked state after losing your wallet, you might have a hard time remembering all the items you have stored there.
Lock your cards
This is the first misstep I would have made if I hadn’t been able to find my wallet. I was ready to drive back to the gym, but most people say to immediately lock any credit cards and debit cards you had in your wallet. Many companies allow you to lock your cards on their website, but if not, you can find and call the 800 number to temporarily shut down any access to your cards. Some also suggest that you lock or cancel your debit card first, since it provides a direct path into your bank account.
Consider changing your passwords
While you’re on the bank or credit card website, you may want to consider changing your passwords, especially if you use the same password for several (or all) of your banking sites. This should only take a minute or two and will give you extra peace of mind if you are unable to find your wallet.
Retrace your steps
When I lose something, I often think of that scene in “It’s a Wonderful Life” where Uncle Billy and George Bailey are searching for the missing $8,000. Fortunately, I don’t walk around with that much cash on me, and I usually have only two or three stops every day. However, take a moment to breathe and try to remember everywhere you went, especially if you discover your wallet is missing at the end of a busy day. Then go in search of it, starting with your car (look under the seat) and continuing to as many places as you can remember.
Freeze your credit
Hopefully you’ve already frozen your credit but if you haven’t, now is a good time to contact the three credit bureaus to put a freeze in place. This won’t keep someone from using your credit cards that were in your wallet, but will keep them from opening new accounts using personal information that you had in your wallet.
Contact the police
The local police department isn’t going to search for your wallet. If they are contacted that someone has found it, they may contact you. However, if your cards are used for fraudulent purposes, having a police report noting the date you lost your wallet will help motivate credit card companies to reimburse or remove false charges.
Order new identification cards or paperwork
Before requesting new credit cards, I would order a new driver’s license, and specifically ask the DMV to issue a new ID number for your license. If your Social Security card was stolen with your wallet, you will want to contact the Social Security Administration for a replacement.
Wait 24 hours
Many people disagree with this step. However, if you know everything that was in your wallet and have locked the cards and requested replacements for your IDs, you’re really out only cash at this point. Perhaps a good citizen will find your wallet and return it to you, or you will suddenly remember stopping by the coffee shop on the way to work and find it there. Building in a short waiting period would allow this to happen. It also doesn’t hurt to check neighborhood sites, like Nextdoor, to see if anyone found your belongings.
Order new credit cards and update automatic billing
After you’re sure that you won’t reclaim your wallet and its possessions, order replacement cards through your credit card companies. If you have a credit card that wasn’t in your wallet, consider moving automatic billing to that card until you have everything replaced and are ready to move forward. If you don’t have another card, double check when bills are due, go online to cancel billing, and pay through your bank account.
Keep a close eye on your accounts
You should check your accounts daily during the first week or two to make sure no unknown charges show up. After that, monitor your accounts weekly for the same reasons. Also consider signing up to be notified if there’s any activity on your account.
Hopefully if you have that sinking feeling that you and your wallet have parted ways, you will quickly find it. If you don’t, taking the above steps will help you reduce the chances of anyone using your credit cards or opening new accounts.