Skip to main content

Lost and found: 11.5 million Britons lose bank cards only to find them again

14th July 2014
  • Two fifths (42%) of UK adults have lost or had their cards stolen, with more than half (55%) of those people then finding them again / having them returned
  • Four fifths of customers (80%) wait over four days for a replacement card and almost one fifth (18%) wait over eight days
  • More than a third (36%) have lost their card at least twice
  • Metro Bank launches innovative mobile app allowing customers to temporarily block their cards if misplaced, and prints cards on the spot for all customers in store

New figures out today from Metro Bank, the revolutionary bank, reveal that 20.9 million* (42%) Brits have had their cards lost or stolen - with more than half of them (11.5 million, or 55%**) finding them again.

This is particularly frustrating considering the slow turnaround times of many high street banks, with the research showing that customers have to wait an average of six days to receive replacement cards. In fact, after the annoyance of losing or misplacing a card, and then cancelling it, Metro Bank discovered that 80% of affected Britons have to wait over four days for a replacement to arrive, and an unlucky 4% go without a card for over 11 days.

This is far from being a rare occurrence for many Brits, with a third (36%) admitting to losing their card twice or more, and 6% admitting to losing their card more than four times. Topping the chart are 18 – 34 year olds who are most likely to lose their cards more than once, with a quarter (27%) doing so three times or more, compared to just 5% of those aged over 55.

As part of its commitment to provide the best in service and convenience, Metro Bank has launched a new mobile app which gives customers the ability to temporarily block and unblock their card using their phone; creating instant peace of mind and allowing valuable time to look for misplaced cards before cancelling them. This allows those people who find their card shortly after losing it, or accidentally leave it somewhere, to simply block and unblock their card at their own convenience, and continue using as normal. For those who have permanently lost their cards, long wait times for new cards do not apply, as Metro Bank prints debit and credit cards on the spot in all of its 27 stores across London and the South East.

Craig Donaldson, Chief Executive Officer at Metro Bank, said: “Today’s research highlights a disconnect between the needs of customers and the priorities of many banks. It seems completely unreasonable that customers are being forced to cancel cards if they’re unsure whether they’re truly lost, and then wait such a long time for a replacement to arrive. Banks should be able to respond adequately to their customers’ needs, and to go without a card for that long is undoubtedly frustrating for many people.

“I’m sure the feeling of accidentally leaving your card in a shop, at work or behind a bar is one that’s familiar to many people, but the ability to block and unblock cards at the flick of a button gives customers flexibility and time to retrieve misplaced cards or look for lost ones, with the reassurance that their money is safe. Customers and their needs must always come first, so when building our app we worked with our customers to develop something that not only suited their needs, but also provided them with the best in service and convenience at their fingertips. Our app complements the experience our customers already receive in store, online and on the phone, ensuring that however, wherever and whenever they want to bank with us, they know they can expect the same high levels of service and convenience.”

The new Metro Bank mobile banking app is available to all personal customers with access to iPhone, Android and Windows smart phones.  Customers are able to view a summary of their accounts including recent and pending transactions, transfer money to saved payees and pay their bills from their phone, alongside a whole host of other convenient features. What’s more, Metro Bank customers are able to locate their nearest store directly through the app, and of course get a replacement credit and debit card printed in store on the spot if needed.