An ATM is a computer that allows you to check your account balance, withdraw or deposit cash, and access other financial services. This machine removes the necessity to interact with a human teller for several basic banking wants. You can often gain ATM services 24 hours a day, seven days a week. This article will focus on how much money you can take out of an ATM.
Mostly, you can access ATM services by inserting an ATM card, debit card, or credit card into a slot found on it. Notwithstanding where the ATM is located, it links electronically with your bank account through the internet or phone line. You can get an ATM at a bank branch, shopping mall, grocery store, restaurant, bar, convenience store, or any other location. If the machine is at a bank, it is owned and operated by that bank. But if you found the ATM is elsewhere, it is owned and operated by a business not directly allied with a bank. Several non-bank ATMs are owned by the businesses where they are accommodated.
Ever curious why banks have maximum ATM withdrawal limits? The reason is that it is common for criminals to aim at ATM users who have just withdrawn cash. Consequently, ATM maximum cash withdrawal limits minimize potential losses by theft. The monthly and daily ATM withdrawal limits per person can vary significantly by the bank and the type of account. Usually, the amount is about $1,000 or less per business day.
Why Do Banks Have ATM Withdrawal Limits?
Your banks can enact ATM withdrawal limits because of several reasons. Generally, the limits are imposed for security purposes and out of practicality.
The first reason is for safety and protecting your accounts. For instance, imagine if someone stole your debit or credit card and PIN. Minus an ATM withdrawal limit, they can withdraw money from your checking account and run away with all your cash.
Secondly, Automated Teller Machines can hold so much money, and that might be the only money the bank has to dispense to its customers at any given time. Having a limit on the amount of money that you can withdraw at an ATM aids your bank in regulating the movement of available money. Even though ATM withdrawals can look like a nuisance to you, they serve an essential purpose in protecting your money.
How Much Money can you withdrawal from an ATM daily?
The amounts of money you can take out of your bank will depend on your bank. ATM money withdrawal limits range from $300 to $5,000 daily. Every bank and credit union have set their limits.
The customer’s personal ATM withdrawal limit also may depend on their type of accounts and banking history. For instance, if a customer has brand-new to a bank and has opened a basic checking account, he may have a lower ATM withdrawal limit than another customer who’s had a premium checking account there for over five years.
Furthermore, your bank ATMs can have their limits based on the amount of cash they’re able to distribute per withdrawal. It’s also vital to note that daily ATM cash withdrawal limits may not be the same as daily purchase limits.
For example, a bank may limit customers to withdrawing $500 at the ATM, yet the same customers can make up to $3,000 daily purchases using their debit card. Banks can keep ATM withdrawal limits and purchase limits separately.
However, some banks have a third limit on the total amount of money customers can take out of their accounts through withdrawals and purchases daily. Have you asked yourself, ‘can someone withdraw money with my account number from the ATM?’ The quick answer is that they cannot, as they will need your debit card or credit card to withdraw money from the ATM.
What are some ATM Withdrawal Limits at Top Banks per day?
The amount of money withdrawn from your checking account at an ATM each day can vary depending on your bank. Examples of ATM withdrawal limits at well-known banks in the USA are shown below.
- Bank of America: $1000
- Ally Bank: $1000
- Capital One: $1000
- Chase Bank: $500-$3000
- Morgan Stanley Bank: $5000
- SunTrust Bank: $500-$2500
- PNC Bank: Customer-bank relationship
- Union Bank: $500
- Regions Bank: $808
Note that the above ATM withdrawal limits apply to checking accounts at banks. Different ATM withdrawal limits may apply if you also have a savings account at the same bank. Keep in mind that the bank’s monthly withdrawal transaction limits savings accounts.
Formerly Federal Regulation D limited customers to six monthly withdrawals from a savings account. Fortunately, upon the Covid-19 breakup, the rule was suspended indefinitely. But several banks put their limits on how many withdrawals you can make from savings each month, but it does not include ATM withdrawals.
How can you Increase ATM Withdrawal Limits?
You will not be necessarily set in stone by the ATM withdrawal limits outlined in your account agreement. You can ask for a higher withdrawal limit from the bank. For the withdrawal to be increased, the bank will consider the following;
- The duration you have been a customer
- Type of accounts you hold at the bank
- Your account history, including the balance you typically keep
- Whether you’re requesting a temporary or permanent increase
If a customer plans to make a large purchase, for instance, the bank may be willing to increase his ATM withdrawal limits for some days or weeks.
If you want to get a permanent increase in your daily ATM withdrawal limit, you must convince your bank to agree with you. Keep in mind that banks have withdrawal limits in place for security reasons, so if you do get a larger limit, it’s essential to ensure that your debit card is always secure. Else, someone could have access to the money transfer prepaid to a bank account if your debit card is stolen or lost.
How to be around ATM money withdrawal limits
You can hit your ATM daily cash withdrawal limit but still require more cash for purchase or other things. That should not worry you as do the following things to access your money when you want it.
1) Get Cash Back in Store
If you’re shopping in a supermarket, you can get cash back at the checkout without necessarily counting to your daily ATM withdrawal limit. However, there are some things you have to note.
Firstly, it can still count toward your daily purchase limit. Always keep in mind where the cap is on purchases for your checking account.
Secondly, be aware of the store’s cashback limit. Some stores may you limit to withdrawing $200 in cash back at the checkout. Make several purchases to withdraw all money you want if the store has a lower limit. Moreover, the transactions will count toward your daily purchase limit.
2) Withdrawal Money from Savings account
An alternative way to be around daily ATM withdrawal limits for your checking account is by withdrawing money from a savings account through an ATM card. However, there can be limits on these transactions, but you could have the cash this way if needed.
3) Withdraw Cash at a Bank Branch
You might also withdraw money from your checking account at a bank branch if you’ve surpassed your daily ATM withdrawal limits. Ask the bank teller to help you withdraw cash from your checking account. However, if you want a huge amount of money, you can consider more secure ways to pay, apart from cash.
For example, if you’re buying land or a house, you can get a money order, a cashier’s check, or a certified check to complete the transaction. You can also transfer money using the routing number to the landlord’s account. This way, you reduce the burden of carrying cash around, thus ensuring safety.
4) Cashing a Check
The last option for getting around ATM withdrawal limits today is cashing a check. You can quickly write the check out to cash, sign it and drop it at the bank to cash it.
What can you do in case you need cash in an Emergency?
If an unpredictable situation comes along and you want some cash, you can begin with an ATM withdrawal. When you hit the bank limits, you are free to try the methods discussed above, like asking for a higher limit in a few days or weeks.
You can also consider a credit card cash advance if the worse comes. You can take a cash advance from a credit card by withdrawing cash from your credit limit. It’s basically a sort of short-term loan. This is a suitability that many credit card issuers give as an accounting advantage. You can have a cash advance with your card at a bank or ATM or access cash using a convenience check.
However, cash advances have some drawbacks as they have an annual percentage rate or APR, just like purchases. Note that the difference is that this interest begins accruing as there’s no grace period for cash advances. Usually, interest on a cash advance increases at a bigger rate than your normal purchase APR. Furthermore, you may pay a cash advance fee equivalent to a percentage of the advance amount.
Bottom line
ATM cards are used to withdraw cash at an ATM and make purchases. However, cons can use stolen or lost debit cards to hollow a bank account or perform any unauthorized purchases. You should note that the daily limits for these two types of transactions are not the same.
The daily limits for debit card purchases are inclined to be considerably higher. Similar to ATM cash withdrawal limits, daily debit card purchase limits can also be augmented temporarily or permanently by contacting your bank.
