Banks limit the amount of cash you can withdraw from ATMs for security and cash flow reasons. Withdrawal limits typically range from $300 to $1,000 per day. But sometimes you need more, and it’s useful to know how you can bypass your daily ATM withdrawal limits.
What is Your ATM Withdrawal Limit?
Daily ATM withdrawal limits usually range from $300 to $1,000 per day, depending on the bank and the account; some banks may impose different amounts based on the service you subscribed to and your banking history. Two people with the same type of account at the same bank may have different withdrawal limits.
Your ATM withdrawal limit may be different from your daily purchase limits. There may also be a third limit on the total ATM withdrawals and purchases in a day. You will need to check with your bank to find out exactly what your withdrawal limit is.
Withdrawal limits reset every 24 hours, so it’s good to know when your bank resets its limits. If the bank resets its limits at midnight, in theory, you could withdraw the maximum before midnight and again afterward, taking advantage of two consecutive withdrawal limits in a short time.
Note: Banks can keep a limited amount of cash in their machines, so restricting your withdrawals helps them maintain the cash they have and reduce the risk of theft or loss, both for you and for the bank.
Daily ATM Withdrawal Limits for Major Banks
Here are the daily ATM withdrawal limits for major banks:
- Ally Bank: $1,000
- Bank of America: $1,000
- Capital One: $1,000
- Citi: $1,500-$2,000
- Citizens Bank & Trust: $500
- Discover: $510
- Regions Bank: $808
- US Bank: Depends on your account
- Wells Fargo: Depends on your account
Keep in mind that some ATMs may have their own specific limits on the amounts you can withdraw each time.
How to Increase Your Daily Withdrawal Limit
If you need more cash than your daily withdrawal limit allows, you can try the following methods:
Request a Daily Withdrawal Limit Increase
Once you know you need additional cash, contact your bank and ask for a daily withdrawal limit increase. The bank’s response may depend on your banking history, the types of accounts you have, the amount of money you keep in them, and whether you are requesting a temporary or permanent change.
It may be easier to obtain a temporary increase, which should be sufficient if you only need to make a large purchase once or go on vacation. Getting a permanent increase may require a stronger argument. In addition to emphasizing that you are a good customer, you will need to explain why you frequently need to withdraw more than the maximum.
Withdraw at the Bank Branch
Your account may allow you to withdraw more than the daily withdrawal limit inside the branch, either by using your debit card or writing a check made out to “cash”. Ask a teller for assistance. Be aware that there may be limits on the amounts you can withdraw using a check, or on the number of checks you can write for cash in one day.
Note: If you have savings accounts or money market accounts, you can also withdraw cash from them at the bank branch or through the ATM for additional cash. These accounts may have separate withdrawal limits from your checking account.
Get
On a Cash Advance
Another option to withdraw more cash is to get a cash advance. Here’s what you need to know about using a cash advance:
Cash Advance Using a Credit Card
If you have a credit card that allows cash advances, you may be able to get cash from a bank branch or an ATM, up to a certain limit. However, you should be aware that there is usually a fee for this, in addition to a special interest rate for cash advances.
Note: When you get a cash advance using a credit card, you typically lose the interest-free grace period you receive when making a purchase with the credit card. In other words, interest will be charged immediately when you withdraw.
Cash Advance Using a Debit Card
If you can’t visit a teller at your bank to make a withdrawal, go to another bank. Ask about using your debit card to get a cash advance, which allows you to withdraw more cash than what is permitted by ATMs.
While a cash advance using a credit card increases the debt you owe, a cash advance using a debit card is based on the money you already have in your bank account. Banks typically charge a moderate fee for this service if you are not a customer, so know how much it costs before going this route.
A cash advance using a debit card at branches has limits, but they are generally higher than the limits at local ATMs. Note that any withdrawals you have already made from the ATM will likely also count towards your daily limit at the branch.
Requesting Cash from a Store
You can also try to get cash from grocery stores or general stores. By making a small purchase—even something as simple as a pack of gum—you can get cash back. Go for the maximum amount possible if you need it. Most stores set a limit on cash available, such as $50 or $200, but this amount combined with the maximum you can withdraw from the ATM may be enough to meet your needs.
Note: If necessary, you can use repeated withdrawals to get cash until you reach your daily purchase limit with your debit card, which might be several thousand dollars or more. However, you will likely need to visit several different stores and secure cash in small amounts.
Regardless of the method you use, you need to monitor your bank account balance, in case you have withdrawn funds that you have already committed to pay bills or rent. The store may approve a cash withdrawal that results in insufficient funds and incurs fees from your bank.
Frequently Asked Questions
Which bank has the highest ATM withdrawal limit?
ATM withdrawal limits depend on several factors, including the type of account you have and your account history. This means that even if you choose a bank that is said to offer high ATM withdrawal limits, you may not have access to those limits. If you need to withdraw a large amount of cash, your best option is to visit the branch in person, withdraw cash with purchases, or visit the ATM on multiple days.
How can I find out my daily ATM withdrawal limit?
You may be able to find out your daily ATM withdrawal limit in your online account or through your bank’s app. If you can’t find the information, call the bank to check. You can call the number on the back of your debit card, visit the branch, or use the bank’s chat bot if available.
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Sources:
- Fidelity Investments. “Debit Card Agreement and Disclosure Statement.”
- Chase. “Additional Banking Services and Fees for Personal Accounts Deposit Account Agreement,” Page 8.
- Chase. “Additional Banking Services and Fees for Personal Accounts Deposit Account Agreement,” Page 6.
Source: https://www.thebalancemoney.com/atm-limits-315462
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