The Jargon File (version 4.4.7, 29 Dec 2003):

chad box
 n.

    A metal box about the size of a lunchbox (or in some models a large
    wastebasket), for collecting the chad (sense 2) that accumulated in Iron
    Age card punches. You had to open the covers of the card punch
    periodically and empty the chad box. The bit bucket was notionally the
    equivalent device in the CPU enclosure, which was typically across the room
    in another great gray-and-blue box.


The Free On-line Dictionary of Computing (30 December 2018):

chad box
chip box

    (IBM called this a "chip box") A metal box about
   the size of a lunchbox (or in some models a large
   wastebasket), for collecting the chad that accumulated in
   Iron Age card punches.  You had to open the covers of the
   card punch periodically and empty the chad box.

   The bit bucket was notionally the equivalent device in the
   CPU enclosure, which was typically across the room in
   another great grey-and-blue box.

   [Jargon File]

   (1996-11-20)