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Why Are There ATM Withdrawal Limits?

Limits on ATM withdrawals and debit card purchases are imposed on customers who have money deposited with banks and credit unions in order to safeguard both the financial institution and the customer.

ATM withdrawal limits at 25 of the biggest banks and credit unions

Varied institutions have different limits for savings, checking, and money market accounts. Institutions that have a variety in maximum daily ATM withdrawal amounts. In general, checking accounts, especially premier accounts, have larger withdrawal limits.

Daily ATM withdrawal and debit card purchase restrictions prevent fraudsters from emptying your account if a debit card and PIN are taken. Financial institutions must have enough cash on hand to meet the demands of other clients’ cash withdrawal requests on the same day.

How Much Can You Withdraw From an ATM?

Each bank or credit union has a different set of ATM limits. Depending on your account type and agreement with your financial institution, daily cash withdrawal limitations might range from $300 to $3,000 each day.

Can I use an ATM to withdraw $5,000?

Typically, the response is no. A bank branch would need to keep more cash on hand and would need to refill the ATM more regularly if $5,000 withdrawals were permitted.

Your checking account probably has a daily ATM withdrawal cap between $300 and $5,000 if you keep your money at one of the 20 biggest banks in the nation. However, ATM withdrawal restrictions can vary from person to person and are frequently based on a number of variables, including the sort of account or product it is and the amount of available funds.

You’re not required to stick to these restrictions anyway; many banks and credit unions let customers change the amount they can withdraw from an ATM by getting in touch with customer support.

Limits on ATM withdrawals are broken down

The typical ATM withdrawal caps for the 20 biggest banks in the country are listed in the table below. The banking institutions’ checking accounts are eligible for all of the limits specified in this table. The lowest and highest restriction will be shown as a range when different ATM withdrawal limits apply to checking accounts at the same financial institution.

The precise limits for each bank’s checking accounts can differ depending on the particular type of checking account you have as well as other considerations; keep in mind that these are merely general restrictions.

Limits on ATM withdrawals for the 20 Biggest Banks

Limit on daily ATM withdrawals

• Bank Ally $1,000
• $1,000 Bank of America
• $500-$1,500 BB&T
• $600-$1,000 Capital One
• Bank Charles Schwab $1,000
• $500 to $3000 at Chase Bank
• Citi $1,000-$2,000
• Peoples Bank $500-$1,000
• Bank Fifth Third $810
• HSBC $500-$1,000
• KeyBank $300-$1,500
• Bank Morgan Stanley $1,500-$5,000
• $500 to $2,000 at PNC Bank
• $300 to State Street Trust & Bank Co.
• Bank SunTrust $505
• $750-$1,000 TD Bank
• U.S. Bank $500
• Bank Wells Fargo $300
• BMO Harris: $520 
• Bank Union $500

Getting around ATM withdrawal restrictions

You can ask the bank to increase the limit if your cash needs exceed the withdrawal restrictions set by your financial institution. The majority of financial institutions are willing to do so, at least temporarily, and some even permit permanent increases in such restrictions.

There are some circumstances when you might need to regularly remove substantial sums of money. For instance, you might have a child with special needs who requires pricey medical treatment that must be paid for in cash. These costs can justify a greater daily ATM withdrawal cap.

You still have choices if a limit increase is declined. Your daily withdrawal limit is not affected by any withdrawals you make at your neighbourhood bank, for example. Use your debit card instead of cash when making purchases as daily debit purchase limitations are typically far larger than daily ATM withdrawal limits.

Because of my savings account, I have an ATM card. Does that alter my upper limit?

Your savings account’s daily ATM withdrawal cap may be different than your checking account’s. In actuality, excluding savings, these restrictions can differ from checking account to checking account.

You must be conscious of how frequently you take money from your savings account during a billing cycle if you have one. Financial institutions frequently impose a monthly withdrawal cap of six withdrawals per customer on all savings accounts. You can consider more “convenient” options, such as seeing a teller inside the bank rather of withdrawing cash from the ATM, if you need to make more than six withdrawals in any given month.

How do I determine how much money I can withdraw from an ATM each day?

You must first ascertain the account’s ATM withdrawal limit if you plan to open the account based on it. Some financial organizations make it simple to locate this information on their websites, but many do not. If you can’t find the information online, call your financial institution to see how much money you can withdraw each day and/or to request a limit increase that would enable you to withdraw more money.

Will the daily withdrawal and purchase limits on my debit card be different?

Yes. Your debit purchase limit will typically be higher than your withdrawal limit. For instance, Customers Bank checking account holders have daily debit purchase limitations of $1,500; but, if you don’t request a limit increase, you can only withdraw $510 from an ATM each day.

Does getting cash back at a retailer count toward my allotted ATM withdrawals?

When you receive cash back from a retailer, it won’t count against your daily withdrawal cap. However, it will contribute to your debit purchase cap. Theoretically, this means that by making little purchases at shops and choosing cash back, you could obtain more cash than your daily withdrawal cap.

However, the majority of retailers only allow you to withdraw up to $50 in cash back every purchase. You might as well have called in or gone to a branch to raise your withdrawal limit by the time you make enough transactions to receive all the cash you require.

What to do if you need to withdraw more money from an ATM

You do have options if you need to borrow more money than an ATM will let you.

Ask for a higher withdrawal limit in advance if you won’t need the money right away. If you advise your bank that you’ll need to make a large purchase, they may increase your ATM withdrawal limit. To find out if you can increase your withdrawal limit, speak with the customer service department at your bank.

If the branch location is open, go there and make the withdrawal alongside a bank teller: You can take out additional money from your bank account by proving your identity to a teller.

Get cash back at a shop if a branch location is closed. Even though it might not be the best option, using a debit card at a store entitles you to up to $200 in cash. If you require money right away and your bank or credit union is closed, you could find this to be a reasonable option.

In the event that all else fails, try to make a transfer. Ask yourself if you really need the money. You might be able to use a debit or credit card in place of transferring money to another account in certain circumstances.