Understand Card Replacement
University credit cards may need to be replaced for several reasons:
- The card's expiration date is approaching.
- Fraudulent activity on the card has been detected and reported.
- The card has been misplaced or lost.
- The card has been impacted by a third-party data breach.
When your card's expiration date nears, a new card with an updated expiration date will be delivered to the Financial Service Center in the New South building. You will receive an email notification when the card is available. Your card information in Concur will be updated automatically with the renewed card's data.
Bank of America continuously monitors card transactions for unusual activity. If fraudulent activity is suspected, staff from the Financial Service Center will reach out to you and ask you to confirm that you recognize your card's most recent transactions. If you don't recognize a transaction on your card, the Financial Service Center will work with the bank to close your card and issue you a new card with a new account number.
Sometimes fraudulent transactions go undetected by the bank. It is important to monitor your university credit card activity via Concur and report any unfamiliar transactions to the Financial Service Center immediately.
If you lose your university credit card, the account information is considered compromised and you should contact the Financial Service Center immediately. They will work with the bank to close your card and issue you a new card with a new account number. They will also provide you with a list of your most recent transactions and ask you to confirm that you recognize the activity.
A data compromise is an organized theft of credit card information. When this happens, it’s usually because of a data breach on the part of a merchant or a merchant third-party processor, computer theft, or company insiders working for a merchant or a merchant’s contractor. When a data compromise occurs, Bank of America receives information from multiple outside sources such as Visa or law enforcement agencies. Due to the sensitivity of the information, detail specific to the breach is not disclosed to the bank. Therefore, the bank is unable to provide the name of the merchant or where the data breach has occurred.
Sometimes university credit cards are impacted by these third-party data compromises. This does not mean that fraud has occurred on your card or that it will occur, but to help protect your account, the bank will automatically replace your card. In this scenario, your existing card will remain active and usable for up to 30 days after the bank has issued the replacement, but you should activate the replacement card as soon as possible. Your compromised card will be deactivated when you activate your replacement card.