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Whether you’re planning a large purchase or simply need to have plenty of cash on hand, you’ll need to access the funds in your bank account.
Most of us don’t have the time or inclination to wait for a teller in a local bank branch, so you’re likely to have to rely on an ATM. Here we’ll explore ATM withdrawal limits and other purchase alternatives in more detail.
How Daily ATM Withdrawal Limits Are Set?
While it may seem inconvenient, banks set daily ATM withdrawal limits for a number of reasons. The first is that ATMs have a limited capacity for how much cash they can hold. This limits the amount of cash that banks can distribute to customers at any time.
Most of us have been in a line waiting for an ATM and if you imagine that each of those eight or ten people ahead of you all needed to make a large purchase and wanted to withdraw $5,000.By the time it was your turn at the machine, there would be no cash left for you and everyone else who needed the machine until the staff could refill it the next business day.
By establishing a maximum withdrawal limit, banks can better control the movements of their available cash and make it easier for the bank to keep their customers happy. The other main reason why there are ATM withdrawal limits is for customer security to protect your account. Imagine if someone stole your debit card and could guess your PIN.
If there were no ATM withdrawal limits, the thief could clean out your account in a matter of minutes. So, although the withdrawal limits may seem like a pain, they have an important role to keep your funds safe.
Bank/Institution | ATM Daily Withdrawal Limits |
|---|---|
Chase | $500 – $3,000
|
Capital One | $1,000
|
Bank of America | $1,000
|
PNC Bank | $500 – $1,500
|
Wells Fargo | $300 – $1,000 |
Citibank | $1,500-$2,000
|
Discover | $510 |
US Bank | $500 – $1,000 |
TD Bank | $1,000 – $1,500 |
PenFED | $1,000 |
Alliant Credit Union | $1,000 |
Citizens Bank | $500 |
Ally Bank | $1,000 |
How Much Money Can You Withdraw From an ATM Each Day?
Each bank or financial institution has its own policies regarding ATM limits. So, the maximum ATM withdrawal limit will depend on who you bank with. The typical limits can vary from $300 to $1,000 each day.
This will be determined by the specific bank, but there may also be a limit for your personal bank account. Some banks will have more rigid or more flexible ATM withdrawal limits according to the type of account you have and your personal banking history.
For example, if you’ve just moved to a new bank and opened a basic checking account, you are likely to have a lower ATM withdrawal limit compared to someone who has held a premium checking account with the same bank for ten plus years. There may also be different withdrawal limits if you have a specialty account such as a student checking or second chance checking.
How to Check Your ATM Withdrawal Limit?
You can usually check the specific ATM withdrawal limit for your account when you log into your online banking portal, as part of the card management menu. Alternatively, you can call the bank helpline and ask the customer support team what limits apply to your account and ATM card.
In addition to daily limits set by your bank, some ATMs also have limits on the maximum amount of cash they will dispense per withdrawal. This is likely to be due to cash management rather than account security. For example, if a machine is in a more remote area where it is not serviced as frequently as a branch ATM, it may have a lower maximum withdrawal limit.
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How to Increase My ATM Withdrawal Limit?
If you need to have more available cash or daily funds, it may be possible to increase your ATM cash limit. Many banks can be flexible about raising the ATM limits for their long-time customers.
You may simply need to call the bank or pop into your local branch to see if they will negotiate a higher limit. You may not be able to immediately have the highest limit, but you may be able to increase it in increments over time until it is at the desired maximum.
If you only need a higher limit temporarily, your bank may agree to an increase for a short term period. For example, if you are heading away on vacation or will be traveling, you could notify your bank about these special circumstances and they may agree to a higher limit.
If your bank is unwilling to raise your ATM withdrawal limits, you may need to consider switching to an account with a higher limit. You may be able to upgrade your existing account to access higher withdrawal limits. If this is not possible, you may need to think about finding a new bank. Just be sure to research the standard withdrawal limits for potential banks before you sign up for a new account.
How to Withdraw More Cash Than Your Daily Limit?
If your daily ATM limit is not sufficient, there are alternatives to get your hands on cash if you’ve hit your daily limit. These include:
- Use a Local Branch
If the cash you need will exceed your ATM withdrawal limit, the most obvious alternative is to head into your local bank branch. A teller will be able to help you to withdraw cash from any of your bank accounts.
However, if you need a large amount of money, you may be better to consider more secure payment methods, such as a cashier’s check, money order or a certified check.
This is a good idea if you’re making a large purchase such as buying a car, as you’ll have a paper trail to document the payment and you won’t need to worry about carrying large amounts of cash.
- Cash a Check
If you’re in an area where there isn’t a branch of your bank or credit union, you may want to consider cashing a check. Although banks are not obliged to cash non customer checks, most will.
You just need to write out a check to cash, sign it and take it to the teller to cash it. You may need to provide proof of your ID to support your check, particularly if you’re not a customer of the bank.
Bear in mind that your bank may have limits on cashing checks, or how many you can write out in a single day.
- Get Cash Back in Stores
When you’re shopping in stores, it may be possible to get cash back when you’re at the checkout. This type of transaction will not count towards your ATM withdrawal limits, but there are some things to consider.
Firstly, it will count towards any daily purchase limits that your bank may impose. Also, stores tend to have their own cash back limits.
For example, many stores only allow a maximum of $100 in cash back, but if the store has a lower limit, you may need to make multiple transactions to get the cash you need.
- Perform a Funds Transfer
If you need to pay for something and the amount is higher than your ATM limit, you could consider a funds transfer. This is a better alternative for transactions that are not with merchants who can process a debit card transaction.
However, the other party will need to provide you with their bank account details, so they can receive the funds. Fortunately, funds transfers are easy to set up via phone or online banking and they are usually processed very quickly.
This means that the recipient may have the funds in their account within one or two business days.
- Wire Transfer
Finally, you could receive cash by wire transfer. This is one of the safest methods of moving money, but most banks do charge fees.
You can wire money around the world or even to yourself, but if you want to collect the cash at Western Union or another third party company, there may be additional fees or charges.
What is a Debit Card Purchase Limit?
While the focus of this article has been ATM withdrawal limits, it is also important to note that debit card purchase limits can also apply to your account. Although you may be used to simply swiping your debit card, most banks actually have debit card purchase limits that will restrict whether your higher-value transactions will be authorized.
Although the daily debit card purchase limits tend to be higher than the ATM limits, the reason they are in place is for account security. If you lose or have your debit card stolen, fraudsters could make numerous unauthorized purchases and empty out your bank account.
So, with debit card purchase limits, the bank is alerted if the card is used for multiple transactions that will take it over the limit, restricting the potential damage from a fraudster.
As with your ATM withdrawal limit, it may be possible to increase your daily debit card purchase limits permanently or temporarily by speaking to your bank. Some online banking platforms also allow you to have greater control over your withdrawal limits. This means that you can set it reasonably low for your day to day activities and increase it if you are planning on spending more.
FAQs
This depends on your bank and account. The typical maximum ATM withdrawal limit is $3,000, but there may be circumstances when a bank may allow you to have a $4,000 limit.
However, this is not likely to be the most secure payment option and you may wish to consider alternative payment methods.
To manage cash flow and protect customer accounts from fraudulent activities. Should your card be lost or stolen, the limits will restrict the amount of cash a fraudster can take from your account.
Chase has a toll-free customer service phone line that will allow you to speak to a representative to discuss your ATM withdrawal limits.
You can also use the secure online chat feature or call into your local branch to negotiate a higher withdrawal limit. Chase also allows you to schedule an ATM withdrawal via the Chase banking app.
The easiest way to change your ATM withdrawal limits on your Capital One account is via the Capital One online platform.
After you sign in, you’ll need to click on “account settings” and under “manage debit card” there is an option to adjust your withdrawal limits. You can also speak to a representative via the chat feature or the customer support helpline.
If you want to increase your Amex ATM withdrawal limits, the most efficient way is to speak to the customer service team via the phone helpline or using the online chat feature.
Citi sets limits according to the account tier and your relationship with the bank. You may be able to have a temporary lift if you call the helpline. However, in most cases, you may need to upgrade your Citi account to have a higher withdrawal limit.
If you want to adjust your daily withdrawal limits, you’ll need to contact Wells Fargo via the phone helpline or in branch. The customer support team will assess your request and check your eligibility.
The best way to increase your ATM withdrawal limit is to log into your online banking portal and click the information and services tab. You can then set your withdrawal limits and daily purchase limits via the “manage card settings” section.
However, you can also visit a financial center or call the customer service line.
Use the Discover app to adjust your ATM withdrawal limits. Simply tap on the appropriate card and then click “card limits” to make the appropriate change requests.
Most banks reset their clocks at midnight every night of the week. This means that at 12.01 you can access a new daily limit.
