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Key takeaways
- Daily withdrawal limits serve as a security measure to protect both the bank and the account holder from unauthorized access or theft.
- Withdrawal limits vary depending on the bank and the type of account you have. Premium accounts often offer higher limits compared to standard accounts.
- If you need to withdraw more than your limit, you can get cash at checkout, write a check, or take out a credit card cash advance.
Need cash? Go to an ATM. ATMs make it easy to get cash whenever you need it. You’re not subject to bank hours and can conveniently access your funds at any time. The only thing is, most banks set daily limits to the amount of cash you can withdraw. But what are these ATM withdrawal limits?
Let’s explore so you’ll be prepared the next time you need a lot of cash.
What is an ATM withdrawal limit?
An ATM withdrawal limit is a daily cap set by a bank or financial institution on the amount of money a customer can withdraw from an ATM either within a calendar day or a 24-hour period.
Some banks set stricter limits for out-of-network ATMs, if you’re under 18 year-old, or a new banking member.
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Why are there ATM limits?
There are a few reasons for these limits.
One is customer service. An ATM typically holds $20,000 to $50,000 at a time. Limits ensure that the ATM will have sufficient funds for everyone who needs cash.
Limits also help protect you from loss by not letting someone drain your account.
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How much can I withdraw from an ATM per day?
The specific withdrawal limit varies based on the bank and the type of account you have. Typically, the range is anywhere from $200 to $2,500 per day.
Examples of ATM withdrawal limits at well-known banks:
- Ally Bank: $500 in first 90 days, then up to $1,000
- Bank of America: Limit varies from $800 to $1,000 for checking accounts
- Capital One: $1,000 for 360 Checking accounts, $600 for non-360 accounts
- Chase Bank: A standard limit of $500 for most accounts but goes up to $3,000
- Chime: $515
- Citibank: Ranges from $1,500 t0 $2,000 depending on the account type
- HSBC: Varies by account, can be as high as $1,500
- PNC: Depends on the account type
- TD Bank: $1,250 to $1,500
- Wells Fargo: Typically, $300 for standard accounts but the exact amount depends on the customer relationship
Note: These are average limits and might change based on the type of account, account age, and other factors.
How to avoid daily ATM withdrawal limits
There are times when you might need more cash than your daily ATM limit allows. If this happens, try withdrawing cash two days in a row. Another option is to visit a bank branch. You can typically withdraw more cash from a teller than from an ATM.
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Alternatives to the ATM if you’ve hit the limit
Get cash at checkout: Many grocery stores and retail outlets offer cash back for debit card transactions. It’s a handy way to get additional cash without an ATM.
Credit card cash advance: A lot of credit cards allow you to take out cash advances. However, they often come with high-interest rates and fees.
Write a check: If you’re in a situation where a business or individual accepts personal checks, this can be a way to access funds.
Transfer money: If you’ve reached the withdrawal limit on one account, you could transfer funds to another account and withdraw from that one.
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How to increase your withdrawal limit
The simplest way is to call your bank’s customer service and request an increase in your withdrawal limit. Another option is to upgrade your account. Some premium accounts come with higher withdrawal limits.
Lastly, visit your local bank in person and tell them what you need. If you’ve been a loyal customer with good financial behavior, they may be more willing to accommodate you.
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Final Thoughts
ATMs are a convenient way to withdraw money from your checking account, as long as you don’t need more than the daily limit. These limits might seem inconvenient, but they’re in place for a reason. Namely for your security and to make sure there’s enough cash for everyone. Knowing these limits, understanding why they exist, and having strategies to navigate around them can make your banking experience smoother and more flexible.
