Quick answer
Lock or report every card right away through each bank's app or phone line, since federal law limits what you owe and the limit for debit cards grows the longer you wait. Then file a police report if the wallet was stolen, replace your driver's license, and if your Social Security card or number was inside, place a free credit freeze at Equifax, Experian and TransUnion and visit IdentityTheft.gov.
Why the order matters
| If you report your ATM or debit card | Your maximum loss |
|---|---|
| Before anyone uses it | $0 |
| Within 2 business days of learning it is gone | $50 |
| After 2 business days, within 60 days of your statement | $500 |
| More than 60 days after your statement | Possibly all the money taken |
For credit cards, the most you can owe for unauthorized charges is $50, and nothing if you report before it is used. Source: FTC.
The checklist
- Cards. Lock or cancel each one. Ask for replacements and whether a digital card can be issued today.
- Accounts. Change passwords for banking apps if your phone was lost too.
- Police report. Helpful for theft, insurance and identity theft claims.
- ID. Contact your state's motor vehicle agency to replace your license.
- Identity. If your Social Security number was exposed, freeze your credit (free) and set up an IdentityTheft.gov recovery plan.
- Watch statements. Report any charge you did not make right away, then follow up in writing.
Getting cash while you wait for cards
Many banks let you withdraw at a branch with ID or answer security questions, or add a new card to a phone wallet before the plastic arrives. A trusted friend or employer can help for a few days.
Common questions
Should I cancel my cards or just lock them?
Lock first if your bank allows it, then cancel and replace if the wallet does not turn up quickly or a card was used.
Do I need to freeze my credit after losing my wallet?
If your Social Security card, number or other identity documents were in it, a freeze is a good step. It is free and does not affect your score.
Can I get a new license the same day?
Some states allow it at an office or online with a temporary paper license. Check your state's motor vehicle agency.
Where these facts come from
- FTC: lost or stolen credit, ATM and debit cards
- FTC: credit freezes and fraud alerts
- FTC: IdentityTheft.gov recovery steps
Sources checked October 10, 2026. Programs and rules change; confirm details with the agency or company before you act.
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