What does everyone do with their debit cards that are returned to the bank? What procedures do you have in place? Are they under dual control, logged, how are you handling them?

Dual control, logged, and destroyed immediately.

We have them logged and held in dual custody for 30 days. After that they're destroyed.

Same as fmissle.

Why hold them - then you have to deal with them twice under dual control for destruction and maintain them all under dual control and perform audit inventories, etc. Not worth it for a customer that orders a new card and fails to provide you with their current address. It just compounds the waste of resources. If a customer shows up later - it is cheaper to order them a new card.

We're such a small institution and the number of cards returned so small that we've found it's easier and more cost effective to hold and contact the customer. If we were receiving more cards, we might need to look at destroying on return.

Procedures and policies should be based on the size, complexity and risks to the Bank. In this case, we've determined that this is what works best for us.