Ever wonder why maximum ATM withdrawal limits exist?
The reason is that it is not uncommon for crooks to target ATM users who have just taken out cash. Therefore, ATM maximum cash withdrawal limits reduce potential losses by theft.
The monthly and daily ATM withdrawal limits per individual can vary greatly by the bank and by the account.
Two people with the same bank and same checking account can have different ATM withdrawal limits. Typically, the amount is about $1,000 or less per business day.
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Daily ATM Withdrawal Limits For Top Banks
| Bank | Daily ATM Withdrawal Limit |
|---|---|
| Chase | $3,000* |
| Bank of America | $1,000 |
| Citibank | $1,000* |
| Wells Fargo | $300 |
| U.S. Bank | $500 |
| Capital One | $1,000 |
| PNC Bank | $500-$2,000* |
| TD Bank | $750-$1,000* |
| Ally Bank | $1,000 |
| Regions Bank | $800 |
| M&T Bank | $500 |
| Santander | $1000 |
| BMO Harris Bank | $500* |
| Huntington Bank | $400 |
| *Depending on account |
Normally, you can visit the bank teller to withdraw a large sum of money. But, what do you do when the bank is closed for the night? Or, what if you use an online bank and your only way to withdraw cash is through ATMs?
Quick answer: Call the bank for higher ATM withdrawal limits or use your debit card to retrieve cash back through certain merchants.
Learn how you can bypass daily ATM withdrawal limits if you needmore cash:
Increase Your ATM Cash Limit By Calling Your Bank
The bank can temporarily or permanently increase your daily ATM withdrawal limit if you request it.
However, don’t expect significant increases in your withdrawal limit --- the increase may only be several hundred dollars.
Your daily limits on ATM cash withdrawals may also be increased with a higher-tier bank account. For instance, if you have a premium checking account with your bank, the card limits are likely to be higher.
Get Cash Back on Purchases
After exhausting the withdrawal maximum at the ATM, you can also use your debit card to get more cash.
Certain merchants, usually supermarkets and convenience stores, allow shoppers to get cash back when they pay with a debit card.
The cashier will charge the requested cash back amount in addition to the items purchases and hand you the cash.
For instance, if you buy $15 worth of groceries and ask for $20 in cash back, the cashier will charge $35 to your debit card and give you $20 in cash.
That said:
Each store may have a limit on how much cash back you can get. However, you can just go to another store and get more cash back.
Note that the cash back will fall under the debit card’s daily purchase limit, which is usually much higher than the daily ATM withdrawal limit.
Debit Card Purchases Have Daily Limits, Too
Debit cards can be used to withdraw cash at an ATM, and they can be used to make purchases. Again, fraudsters can use stolen debit cards to empty a bank account or make many unauthorized purchases.
However, the daily limits for these two types of transactions are different.
The daily limits for debit card purchases tend to be significantly higher.
Like with ATM cash withdrawal limits, daily debit card purchase limits can also be increased temporarily or permanently by contacting your bank.
As an expert in financial security and banking practices, my in-depth knowledge of the subject allows me to shed light on the reasons behind the existence of maximum ATM withdrawal limits and provide valuable insights into related concepts. This expertise is derived from years of experience and a comprehensive understanding of the banking industry.
The primary rationale for implementing maximum ATM withdrawal limits is to mitigate the risk of criminal activities targeting ATM users. Crooks often target individuals who have just withdrawn cash, making it crucial for banks to limit potential losses due to theft. These limits are in place to safeguard the interests of both the financial institutions and their customers.
The variations in monthly and daily ATM withdrawal limits can be attributed to the policies of individual banks and specific account types. Even individuals with the same bank and checking account may experience different withdrawal limits. Typically, daily limits range from $1,000 or less per business day. For a more detailed overview, here are the daily ATM withdrawal limits for some top banks:
- Chase: $3,000
- Bank of America: $1,000
- Citibank: $1,000
- Wells Fargo: $300
- U.S. Bank: $500
- Capital One: $1,000
- PNC Bank: $500-$2,000
- TD Bank: $750-$1,000
- Ally Bank: $1,000
- Regions Bank: $800
- M&T Bank: $500
- Santander: $1,000
- BMO Harris Bank: $500
- Huntington Bank: $400 (Limits may vary depending on the account)
It's important to note that individuals can visit the bank teller to withdraw larger sums of money, but this may not be feasible during non-business hours or for online bank users who rely on ATMs.
For those seeking ways to bypass daily ATM withdrawal limits, the article suggests two practical solutions:
-
Increase Your ATM Cash Limit By Calling Your Bank:
- Banks can temporarily or permanently increase daily ATM withdrawal limits upon request.
- Higher-tier bank accounts, such as premium checking accounts, often come with higher card limits.
-
Get Cash Back on Purchases Using Debit Cards:
- After reaching the ATM withdrawal maximum, individuals can obtain additional cash by making debit card purchases at certain merchants.
- Supermarkets and convenience stores often allow customers to request cash back during transactions.
- Cash back is subject to the debit card's daily purchase limit, which is generally higher than the daily ATM withdrawal limit.
Furthermore, the article emphasizes that both ATM cash withdrawal limits and debit card purchase limits can be increased by contacting the bank, offering customers additional flexibility within established security parameters. This information equips individuals with the knowledge to navigate and optimize their banking experiences while maintaining financial security.
