Please, Nairalanders, moderators, financial legal experts, and CBN is it a CBN directive that when an ATM malfunctions and is unable to eject a debit/credit card of customers of a different bank, that the bank where card got stuck should not retrieve the card and give back to the right owner?

On the 1st of January, 2020, an ATM of UBA (adjacent to Konwea plaza) Asaba branch was unable to eject my card after withdrawing.
There were lots of other victims in same gallery that day.
The next morning I went to the bank and asked for my card, the customer care officer asked for the issuer of the card. I told her it was GTB, then she said I should visit my bank, with offensive nonchalance.
That was my second experience with that bank, and it was same old offensive story.
Is it a conspiracy by banks to syphon money from innocent customers?
SO MUCH FOR A CASHLESS SOCIETY

That must be a really new "directive".

It is not a new directive, it has been there since last year before september. I am just waiting to sue CBN and any Bank that will try that trash with me.

It has been there na. You complain to your bank and give them some days sef. They may destroy it if you do not

So if you complain to your bank they will destroy the card and give you another one

Is it free or they will still charge 1,050

chiommy123:
It has been there na. You complain to your bank and give them some days sef. They may destroy it if you do not

The policy is a CBN directive to all banks in 2016, basically to protect the bank account holder from loss of funds due to compromise.

Even ATM cards trapped in issuing banks’ ATMachines should also be perforated, but the banks only relaxed on that often explaining the implication to the account holder and ensuring a form or register is completed by the account holder to evidence consent to the continuous use at his/her own risk.

There are different reasons why an ATM card could be trapped, one of it is if a card holder, either intentionally or otherwise, inputs the wrong PIN three times, the card should be trapped - Security reason. Unfortunately, erratic network and service by banks are also other reasons which are not beneficial or fault of account holder.

However the cause of the entrapment, the process of returning the ATM card to the original issuer, i.e. the bank that issued the card originally, is not safe as this card goes through various hands before it may get back to the owner of the card, leading to a possibility of the ATM card compromise.

I hope we all remember that some transactions could be done using ATM cards without PIN, generally called ‘Card Not Present’ transactions wherein only information on the physical card are needed (most often international transactions).

In view of the above, it is a global best practice for banks to destroy trapped/missing ATM cards.

However, what CBN and banks can do is to reduce the fee on ATM card reissuance.

Meanwhile, for me, I only make use of my bank's ATM always, even if it takes me extra effort.

DelTel:
The policy is a CBN directive to all banks in 2016, basically to protect the bank account holder from loss of funds due to compromise.

Even ATM cards trapped in issuing banks’ ATMachines should also be perforated, but the banks only relaxed on that often explaining the implication to the account holder and ensuring a form or register is completed by the account holder to evidence consent to the continuous use at his/her own risk.

There are different reasons why an ATM card could be trapped, one of it is if a card holder, either intentionally or otherwise, inputs the wrong PIN three times, the card should be trapped - Security reason. Unfortunately, erratic network and service by banks are also other reasons which are not beneficial or fault of account holder.

However the cause of the entrapment, the process of returning the ATM card to the original issuer, i.e. the bank that issued the card originally, is not safe as this card goes through various hands before it may get back to the owner of the card, leading to a possibility of the ATM card compromise.

I hope we all remember that some transactions could be done using ATM cards without PIN, generally called ‘Card Not Present’ transactions wherein only information on the physical card are needed (most often international transactions).

In view of the above, it is a global best practice for banks to destroy trapped/missing ATM cards.

However, what CBN and banks can do is to reduce the fee on ATM card reissuance.

Meanwhile, for me, I only make use of my bank's ATM always, even if it takes me extra effort.

You know their reasons are not so reasonable.
There is no harm returning a trapped card to the rightful owner with water tight proof of ownership. These Nigerian ATMs are always faulty.
And when it comes to CARD frauds, the banks are always protective of criminals who defraud consumers with people's cards. I know of a particular case where a colleagues fisrts bank Asaba branch card was swapped and used by a fraudster, the bank refused to show my colleague the CCTV clip of the culprit.

Moderators should push this to front-page for a broad reach and reaction, especially from the relevant authorities.
They are ripping us off

IneedSugarMumy1:
So if you complain to your bank they will destroy the card and give you another one

Is it free or they will still charge 1,050

if you do not complain that's when they will destroy it

chiommy123:
if you do not complain that's when they will destroy it

Your bank only asks what happened to the card.
And goes strait to issue a brand new one at the customer's cost.

DelTel:
The policy is a CBN directive to all banks in 2016, basically to protect the bank account holder from loss of funds due to compromise.

Even ATM cards trapped in issuing banks’ ATMachines should also be perforated, but the banks only relaxed on that often explaining the implication to the account holder and ensuring a form or register is completed by the account holder to evidence consent to the continuous use at his/her own risk.

There are different reasons why an ATM card could be trapped, one of it is if a card holder, either intentionally or otherwise, inputs the wrong PIN three times, the card should be trapped - Security reason. Unfortunately, erratic network and service by banks are also other reasons which are not beneficial or fault of account holder.

However the cause of the entrapment, the process of returning the ATM card to the original issuer, i.e. the bank that issued the card originally, is not safe as this card goes through various hands before it may get back to the owner of the card, leading to a possibility of the ATM card compromise.

I hope we all remember that some transactions could be done using ATM cards without PIN, generally called ‘Card Not Present’ transactions wherein only information on the physical card are needed (most often international transactions).

In view of the above, it is a global best practice for banks to destroy trapped/missing ATM cards.

However, what CBN and banks can do is to reduce the fee on ATM card reissuance.

Meanwhile, for me, I only make use of my bank's ATM always, even if it takes me extra effort.

Very precise explanation!