2.5 million Brits will lose, misplace or have their debit or credit cards stolen over the festive period, five times more compared to the same time last year, according to Metro Bank. If this happens, consumers could have to wait up to an average of 11 days for a replacement to be posted to them from other High Street banks.
Three in ten Brits have lost, misplaced or had a bank card stolen within the last five years, losing an average of two per year. This has increased by 7% compared to 2016. Of those people, 850,000 did so between Christmas and New Year, over 670,000 were at a Christmas party, and more than 1.2 million did so when out shopping. 18-34 years olds continue to be the worst hit, losing an average of two cards a year. 53% got them back, but almost 32% were unable to use them as they had already hit cancel. In addition,7.4 million people have had a banking issue over the festive period, most commonly not being able to access cash or deposit their Christmas money into their account as their branch was shut.
Craig Donaldson, CEO at Metro Bank, comments: “Losing a card at any time of the year is frustrating, but losing one at Christmas can be downright painful, especially when you add in the number of bank branches that are closed and a reduced postal service over the bank holidays. What’s more, doing the right thing and cancelling a misplaced card is often the last straw when you only go and find it again. With 40% of Brits using their cards more over the Christmas period, waiting an average of 11 days to receive a replacement just isn’t on. We do things differently at Metro Bank. Customers can choose to temporarily block and unblock their cards using our app, so they’re not unnecessarily cancelling their card only to find it again. Plus, if they have lost it, then unlike other banks, we print new and replacement Mastercard debit and credit cards instantly in store and we’re even open on Christmas Eve, Boxing Day and New Year’s Eve.”