When you report a card lost or stolen, does it deactivate that card?
Yes, when you report your card lost or stolen it is immediately deactivated for your protection.
Related questions
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Is there a fee to access my funds with a cash pickup at Walmart?  - 
    
Can I pick up cash multiple times while waiting for my replacement card to arrive?  - 
    
Can I still access my funds if my card is reported lost or stolen?