ATM withdrawal is an inevitable thing for you if you have a checking account with any of the major banks in the US. Your daily ATM withdrawal limits can range between $300 and $5,000 depending on the bank and the type of accounts you’re running.
In fact, there are more than just factors that go into what ATM withdrawal limit should be set for you. Sometimes it varies from person to person, and, at another time, factors like fund availability, product, etc. are considered.
Fortunately, there are many banks out there that allow you to review this limit and you can simply do that by contacting your bank customer service for further details.
ATM withdrawal limit refers to the limit set by the banks on the maximum amount of money a customer can withdraw from an ATM at a particular time.
The daily purchase limit, on the other hand, refers to the maximum amount of money you can take out of your debit card for purchasing an item. Chase has the highest ATM withdrawal limit of up to $3000. Other banks with high withdrawal limit include:
- Morgan Stanley Bank
- Bank of America
- Ally Bank
- Capital One
- Chase Bank
- PNC Bank
- TDC Bank
Below are the ATM withdrawal limits for 25 major banks in the US. These limits vary from bank to bank and generally depend on the types of account you’re operating, among other factors.
|Bank||Daily ATM Withdrawal Limit||ATM / Branch Location Finder|
|Ally Bank||$1,000||Ally Bank|
|Bank of America||$1,000||Bank of America|
|Capital One||$600-$1,000||Capital One|
|Charles Schwab Bank||$1,000||No ATM Network|
|Chase Bank||$500-$3,000||Chase Bank|
|Citizens Bank||$500-$1,000||Citizens Bank|
|Discover Bank||$510||Discover Bank|
|Fifth Third Bank||$810||Fifth Third Bank|
|Huntington Bank||$400||Huntington Bank|
|Morgan Stanley Bank||$1,500-$5,000||Morgan Stanley Bank|
|PNC Bank||$500-$2,000||PNC Bank|
|State Street Trust & Bank Co.||$300||State Street Trust & Bank Co.|
|SunTrust Bank||$505||SunTrust Bank|
|The Bank of New York Mellon||$1,000||The Bank of New York Mellon|
|TD Bank||$750-$1,000||TD Bank|
|US Bank||$500||US Bank|
|Wells Fargo Bank||$300||Wells Fargo Bank|
|BMO Harris||$520||BMO Harris|
|Union Bank||$500||Union Bank|
Why Banks Limit ATM Withdrawals
What do banks impose daily ATM withdrawal limit? You’re probably going to ask this question, don’t you? Well, there are some things you need to know about why banks limit how much you can withdraw each time you visit an ATM to cash out money.
One of the reasons banks set a limit on ATM withdrawal is so they can control the movement of cash. One of the ways by which banks control cash distribution is by setting a limit on the amount of money they can distribute to customers at a particular time.
This becomes necessary since banks can hold so much money and they need to manage the little cash available wisely so they can meet their numerous customers’ need for cash.
Banks’ other reason for imposing ATM withdrawal limits is for security and protection of customer accounts. Assume you misplaced or lost your ATM card and the person who found managed to get access to your Account and PIN, what do you think would happen if you have lots of money in the account?
He will want to empty the account, right? But, that may not be possible where the withdrawal limit is set on the amount of money you can withdraw. So ATM withdrawal becomes necessary for these reasons.
Maximum Daily ATM Withdrawal Limit
There is actually no one-size-fits-all for this question as it depends on the bank where you have an account. Generally speaking, daily ATM cash withdrawals can run from $300 to $5,000 per day, while daily purchase limits can be anything from $400 to $25,000.
Most importantly, your ATM withdrawal limits depend on your banking history and the type of account you operate. So for someone who has a checking that has been in use for over 10 years, the ATM cash withdrawal to be imposed on such an account will be different from someone just opening an account with a bank. For example, Chase Bank has an ATM bank withdrawal limit of between $500 and $3,000, while Ally Bank has $1,000. Setting withdrawal limit on accounts helps banks manage available cash and ensures they have enough cash to distribute to their numerous customers.
How To Increase Your Daily ATM Withdrawal
By Asking Your Bank
Sometimes you may need to make a withdrawal higher than the limit set by the bank or even need a waiver to meet the emergency needs. What do you need to do? Simple! You can call your bank and ask the bank to raise the withdrawal limit.
Most banks will allow this and grant you a temporary waiver, and if you’re lucky (though depending on the financial institutions), the bank can raise the withdrawal limit permanently.
By Visiting Your Branch
This is another way by which you can get cash when you’ve reached your withdrawal limits. By simply visiting your bank branch you can withdraw extra cash.
You can take advantage of your bank teller to make additional cash withdrawals on the counter rather than using the ATM. This helps you bypass the ATM daily withdrawal limits.
By Using Online Account or Bank App
There are instances where you need to withdraw a large amount of cash for urgent needs and on regular basis. For example, you may have health conditions that require a large amount of money and daily cash withdrawal to care for yourself whenever the situation arises.
In such cases, you need to consider using other ATM alternatives to meet your needs. And one of the easiest and quickest options that come to mind is by using a bank app or online account. You can easily bypass the limits imposed on daily banks’ ATM cash withdrawals.
How to Get Cash If Reached Limit
If you’re in need of emergency cash and you have reached your daily withdrawal limit, or you tried to get your bank to raise the limit but to no avails, what do you do?
You can also make use of your debit card rather than using cash. The good thing about debit cards is that the daily purchase limit is always higher than the daily ATM withdrawal limits.
By Using Debit Card
One way by which using a debit card works for raising your daily ATM withdrawal limits is by increasing your debit card purchase limit. To do this, all you need to do is to contact your financial institution and ask for an increase in your debit card spending limit.
This adjustment can be effected on your account temporarily or permanently. It depends on your case and your bank. So in any case where you need to make a huge purchase with your debit card, you must keep your bank posted on it long before the date of need.
The benefits of this prior notification are limitless. Apart from helping the bank to make available the fund you need for the purchase, it’ll also help prevent your activity from being tagged as fraudulent.
By Using Cash Back
While this might sound like the most stress-free and accessible option to get cash quickly you need popular brand-name cash to make it work.
With big brand names like Walgreens, Kroger, CVS, etc., you can get cash back of up to $300 when you make a purchase at their stores. But this doesn’t come free of charge. It attracts a small fee and we think it’s worth it if you consider the benefits in it for you.
With a small purchase at these popular stores, you will not only get cash back you’ll also be able to prevent your account balance from being emptied. Many stores offer cash back but you need to contact your store about this to know if they offer it.
By Upgrading Your Bank Account
This is one of the easiest and permanent ways by which you can increase your daily ATM cash withdrawal limit. In that, it involves upgrading your current account into a higher package or applying for an entirely new bank account in other banks.
If you’re to upgrade your existing bank account to raise your ATM withdrawal limit, you need to understand there are certain requirements you’ll need to meet.
These include having a certain minimum monthly balance in your account, maintaining a certain amount of qualifying direct deposits among others.
By Using a Credit Card
Credit cards have many benefits such as cash back, increased purchasing power, and the opportunity to rebuild credit, among many others.
You can also use a credit card for a cash advance though there are limits to this for different financial institutions.
You need to be careful when using this option as cash advances are most of the time very expensive when it comes to fees attached to them.
By Cashing a Check
Many people are oblivious of the numerous options they can explore when they have reached their ATM cash withdrawal limit. And as a consequence, they end up frustrated.
It doesn’t have to be that tough for you to bypass banks’ ATM withdrawal limits.
By cashing a check at your bank, you can easily get around major banks’ ATM withdrawal limits. All you need to do is to write a check, sign it and then take it to your bank to cash the money.
By Withdrawing From Your Savings Account
This option works best for people with both savings and checking accounts. By this, you can bypass ATM withdrawal limits by withdrawing cash from your savings account using your ATM card.
In other words, what this means is you can choose to withdraw from your savings account rather than from your checking account when you have reached your daily ATM withdrawal limit in the latter account.
What About Using an ATM Card on Savings Account
It doesn’t change your withdrawal limit as far as what the bank has set for you is concerned. But it gives you the advantage of using the ATM card through your savings account to cash out additional money.
If you’re operating a savings account, you need to contact your bank for detail on the number of times you can cash out money from your account per a billing period.
Generally, banks limit savings account withdrawal limit to no more than six convenient withdrawals per month. So to raise your limit, you can explore other options such as visiting your branch, among others.
Additional Tips on ATM Withdrawal Limit
So you have got an idea about different ways to raise your ATM withdrawal limit. Whether an option will suit your situation and needs depends largely on your conditions and needs. But before you go ahead, there are few things you need to so you don’t make a wrong decision.
If you’re considering upgrading your account or opening a new account in other banks, you need to first determine what your present limit is and what is required of you to raise the limit.
It’ll counter-productive to go headlong into opening a new account without knowing if that is the right account you need for your need or not. So, always call or contact your bank on what you need to know before concluding on the step to take.
Sometimes, you mistakenly take your ATM withdrawal limit as exactly the same amount as your debit purchase limit. This is not true as, in most cases; your debit purchase limit will be higher than your cash withdrawal limit.
For example, your daily ATM withdrawal limit for checking accounts at Bank of America is $1,000 per day, while your daily debit purchase limit is $5,000 per day.
Making a purchase at big-name stores and getting cash back is one of the ways to increase your withdrawal limit. But sometimes a question may arise as to whether cash back counts toward your daily debit purchase limit or ATM withdrawal limit.
As for the ATM withdrawal limit, cash back doesn’t count toward it, but it does count toward your debit purchase limit.