That is exactly what will happen to your ATM card.
I haven’t had a card trapped in an ATM in years but that doesn’t mean it doesn’t still happen. I got this email from Diamond Bank over the weekend informing me of what will happen to my ATM card if it gets trapped in a third part bank’s ATM. This is the email I got.
We wish to notify you that according to the CBN guidelines for card issuance and processing (credit, debit, prepaid and virtual cards) all debit and credit cards trapped in other banksï¿½ ATM terminals shall be perforated by the Acquiring Banks before they are returned to the issuing Bank. Consequently, customers will be unable to use any card that has been trapped in another banksï¿½ ATM terminals.
In line with this directive, customer cards trapped in other banks’ ATM terminals will be perforated before they are returned to Diamond Bank.
So, it appears when you bank is trapped in another banks ATM machine just forego it. The implications are quite worrisome, Apart from the inconvenience of not being able to access your cash, you have to wait for about a week if not more to get a new card. You may even be required to provide stringent proof of loss of the cards. And off course it will cost you some change since you get to pay whenever your ATM card is replaced. I don’t know why CBN took this action but I guess it was costing banks some ridiculous amount of money and effort to clear these cards and return to issuing banks. Best beware.