ATM transfer limit

Banking

Process for handling trapped cards on Bank’s ATM terminals

Trapped card – In recent past, you probably had a reason to use ATM terminals not necessarily that of your bank or card issuer as the case may be you eventually got your card trapped by the machine.

Sequel to this, you approached the bank and have your ATM card returned having proved beyond doubts that such card belongs to you.

In line with the Central Bank of Nigeria’s directive, such cards are not to be returned to the owners forthwith.

CBN issued a directive for such ATM cards to be hot-listed in line with the regulatory directive rather than to be returned to Cardholders.

Illustration I

Assuming Mr. Emeka Odoh a customer of ABC bank happens to carry out a transaction on XYZ bank ATM terminal.

Eventually Mr. Emeka Odoh’s ATM card being issued by bank ABC got trapped in bank XYZ ATM terminal, the directive is that bank XYZ shall not return such card to the Cardholder being Mr. Emeka Odoh under any guise, instead such card shall be hot-listed in line with the regulatory provision.

Illustration II

If Mr. Emeka Odoh as seen above eventually carries out a transaction on his bank’s ATM terminal say bank ABC and his card got trapped, according to the provision, such card shall be returned to the customer by bank ABC, since the bank is the issuer.

Consequently, it then stands that a bank shall not return a card not issued by her under any guise, rather should follow regulatory stands to get such card hot-listed.

How to return a trapped card to a customer

As you are aware, the bank has a responsibility to protect a customer’s funds, which ensures unauthorized users are strictly fenced off from accessing someone else’s bank account.

Under this guise, the bank will carry out routine diligence before she can return such cards, under which include but not limited to;

  • You must be the true owner of the account housing such card
  • You must be able to provide the account number linked to such card
  • You must be able to provide the phone number linked to such account
  • Where necessary, your BVN may be required
  • The picture mandate found on the account must be yours
  • You will be required to sign a signature which must tally or compliment as seen on your account mandate.
  • On successful provision of the above, you will be required to sign a register showing you actually received such card.

Why CBN directive not to return ATM cards?

One cannot easily undermine how rapid fraud/theft is being carried out via bank electronic channels.

This was instituted to ward off theft and unauthorized access by a third party into customer’s account which has been the order of the day.

There’s no available means in which a non-issuer may identify a true owner of such cards.

Such cards may have been stole from the real owner.

NB: You are not expected to give out your ATM card to anyone probably to make cash withdrawal on your behalf.

Where you adamantly let that happen and such card gets trapped in your bank’s ATM terminal, you are expected to visit your bank for requisition of such card and not the third party.

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