Bankruptcy: Can we hot card a debit card? - Jim Bedsole

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Bankruptcy: Can we hot card a debit card?
by Jim Bedsole, BOL Guru
BIO AND CONTACT INFO

Question: Can we hot-card a debit card if the customer has recently declared bankruptcy?

Answer: Assuming your contractual agreement with the customer regarding the debit card allows you to cancel the card at your discretion, I don't know of any reason you couldn't. Check state law for any restrictions. Also, if you learned about the bankruptcy through a credit report, you may have FCRA adverse action notification requirements with regard to the cancellation of the debit card.

First published on BankersOnline.com 8/18/03

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