Even if you don’t deal with cash much, you should know the cash withdrawal limits from your bank’s ATM. Here’s why.
What are ATM Cash Withdrawal Limits?
An ATM cash withdrawal limit is the maximum amount of cash you can withdraw during a specified period. For example, an ATM may limit daily withdrawals to no more than $1,000.
ATMs often impose daily limits for security purposes and to ensure there is enough cash available to service customers at all times. Cash withdrawal limits can prevent anyone from withdrawing money from your bank account if your card is stolen. The exact amount you can withdraw from an ATM at one time may depend on your individual card, the type of account you have, the availability of funds in your account, or the amount the ATM is able to dispense each day.
Examples of ATM Cash Withdrawal Limits
ATM cash withdrawal limits can vary from bank to bank and according to the ATM network. For instance, Bank of America advertises a maximum daily withdrawal limit of $1,000, or a maximum of no more than 60 bills, for most accounts. However, the Allpoint ATM may set daily cash withdrawal limits of up to $300.
Here are the cash withdrawal limits from major banks that are among CNET’s list of the best checking accounts and best savings accounts:
| Bank | Account | Withdrawal Limit |
|---|---|---|
| Ally | Mastercard Debit Card | $1,000 |
| Bank of America | Personal Checking Accounts | $1,000 |
| Capital One | 360 Checking Card | $1,000 |
| Discover Bank | Cashback Debit Card | $510 |
| Morgan Stanley | Checking Accounts | $1,500 – $5,000 |
| Quontic Bank | High Yield Savings Accounts | $500 |
| Synchrony | High Yield Savings Accounts | $1,000 |
| Truist | Truist One Account | $500 – $2,500 |
ATM cash withdrawal limits at other banks like Chase, Citi, PNC, and Wells Fargo may vary but could depend on the account type and individual customers. You may find your withdrawal limits online by logging into your bank account. You can also contact your bank’s customer service to learn about your limits.
How are ATM Cash Withdrawal Limits Determined?
ATM cash withdrawal limits are set by your bank and the individual ATM. Limits can vary based on the type of account and factors such as the account holder’s age. For example, an account holder under 18 may have a lower withdrawal limit than one over 18. Some ATMs may also set a daily withdrawal limit for you at a specified amount.
Your bank may have stricter withdrawal limits for out-of-network ATMs.
Can You Increase ATM Cash Withdrawal Limits?
You may be able to increase your ATM cash withdrawal limits, depending on your bank. Here’s how to do it:
- Contact your bank. You can request an increase by speaking directly to a bank branch manager. Often, they have the authority to raise your ATM cash withdrawal limits based on individual circumstances. Be prepared to provide a rationale for why you need a higher withdrawal limit.
- Withdraw from multiple accounts. In some cases, you can link your savings account to your debit card and access it at the ATM to withdraw more money if your needs exceed your main account limit.
- Visit
- Bank branch. Unless you opened your account with an online-only bank, you can access cash exceeding your daily ATM withdrawal limit by withdrawing it in person or cashing a check at a bank or credit union branch.
- Get cash with a purchase. If you exceed your ATM withdrawal limit, you may be able to get cash back by making a purchase with your card at a store that offers this option.
How to Withdraw Cash if You’ve Reached Your ATM Withdrawal Limit
If you are unable to increase your ATM withdrawal limit and need access to cash, there are a few ways to overcome this hurdle:
- Withdraw from a separate account. If you’ve reached the maximum withdrawal limit on your checking account and your savings account allows withdrawals, you can transfer the amount you need to your savings account and then withdraw it from the ATM.
- Request cash back at checkout. When making a purchase, ask to receive cash back to access your money without worrying about withdrawal limits.
- Visit your bank. If your bank has a physical location, you can stop by to withdraw the cash you need.
Alternatively, if you don’t specifically need cash but need to send a payment to someone, use a payment app like PayPal, Venmo, or Zelle.
What to Do if You Need Cash in an Emergency
If you need to access cash quickly but have reached your daily ATM withdrawal limit, contact your bank. You may be able to get a temporary increase in your daily withdrawal limit so you can withdraw the amount you need.
You can also try the following options: visit your bank in person, withdraw from a separate account, or request cash back at the store checkout.
Another option for getting cash in an emergency if you have a credit card is to request a cash advance from your card, which you can withdraw from an ATM. We recommend using cash advances only as a last resort, as they often come with high fees and interest rates. Cash advances are an expensive way to get cash immediately, so make sure you can repay the amount – plus any fees – before using this method.
How to Find ATMs with Higher Withdrawal Limits
Knowing which ATMs have higher cash withdrawal limits is essential for successfully withdrawing cash. Some banks, like Morgan Stanley, have relatively high daily cash withdrawal limits, reaching up to $5,000 per day. Withdrawal limits may also vary based on the type of account. Most banks and credit unions list their ATM cash withdrawal limits on their websites, allowing you to compare accounts to ensure the daily limits meet your needs.
Conclusion
It’s important to recognize that banks, credit unions, and ATMs set limits on the amount of cash you can access at any given time. While withdrawing cash may not be a frequent activity, you don’t want to encounter unnecessary inconvenience in situations where you need a large sum of cash.
Banks and credit unions impose ATM cash withdrawal limits to help maintain cash reserves and provide security for customers. Most of the time, ATM limits reset daily, but your ATM withdrawals may be subject to limits per transaction or based on the actual ATM used.
Limits vary.
The limits for cash withdrawals from ATMs depend on the bank, credit union, type of ATM, or type of account. To overcome ATM cash withdrawal limits, you can contact the bank and request an increase in the limit, get cash back when making a purchase, or withdraw from your linked savings account. If your bank or credit union has bank branches, you can withdraw larger amounts by visiting the branch in person.Correction: There was a previous version of this article based on an AI engine that misclassified ATM cash withdrawal limits at banks. Those points have been corrected. This version has been significantly updated by a staff writer.
Source: https://www.cnet.com/personal-finance/banking/advice/atm-withdrawal-limits/
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