ATMs are designed for convenience. These machines, first introduced in the late 1960s, give you access to your funds outside normal banking hours (as well as within them if you’d prefer the robot to a human teller). However, the convenience offered by ATMs extends only so far, especially if you need to withdraw a large pile of cash.
What is an ATM withdrawal limit?
Bank and credit union account holders are subject to maximum withdrawal limits per transaction and per day when using ATMs. They’re determined both by your bank and the individual ATM.
Banks establish ATM withdrawal limits based on company policies that take into account factors such as the type of account and the age of the account holder. Typically, banks increase the withdrawal limit if you’re a private banking client and place more rigid limitations if you’re under 18 years old or if you are a new banking member.
Your particular limits also depend on the individual ATM.
In some instances, banks impose stricter limits on out-of-network ATMs.
And, even if your ATM withdrawal limit remains the same, the out-of-network fee can impact your withdrawal limit. For example, if your maximum allowable withdrawal is $500 and the ATM assesses a $4 fee, you may be able to only withdraw $496, not the full $500, even if your bank will rebate the fee to you later on.
Why do banks impose ATM withdrawal limits?
Logistically, ATM withdrawal limits are set with customer service in mind. ATMs typically hold between $20,000 to $50,000 in cash. Imposing withdrawal limits helps ensure ATMs have sufficient funds on hand to cover customers’ needs in between the times that they’re restocked.
ATM limits also serve to protect you and the bank from loss.
When reported in a timely manner, you’re not responsible for unauthorized withdrawals, so banks are invested in reducing their liability,whether it’s due to identity theft, robbery or card skimming. The FBI estimates that skimming costs consumers and financial institutions more than one billion dollars each year.
How much can I withdraw from an ATM per day?
Daily withdrawal limits typically range from $300 to $5,000 with most limits falling between $500 and $3,000. Your individual daily withdrawal limit usually resets the following day. However,be aware that, in some cases, daily limits are determined by a 24-hour period instead of a calendar day.
Your exact daily limit can depend on a few factors, including your bank, your available balance and your total daily purchase limit.
Your bank’s daily ATM withdrawal limits
Generally, banks list ATM limits on their website, but you can call your bank with any questions.
| BANK | DAILY LIMIT |
|---|---|
Bank of America | $800 to $1,000 |
Capital One | $500 to $1,000 |
Chase | Up to $3,000 |
Chime® | $515 |
Citi® | $1,500 to $2,000 |
Discover® Bank | $510 |
Morgan Stanley | $1,500 to $5,000 |
Regions Bank | $808 |
TD Bank | $1,250 to $1,500 |
Truist Bank | $500 to $3,000 |
U.S. Bank | Dependent upon customer relationship |
Wells Fargo | Dependent upon customer relationship |
Your available balance
The amount you can withdraw is also limited by your current available balance.
A new deposit may only be partially available. Your account can also be subject to holds. When you swipe your card before knowing your final bill at places like gas stations, hotels and rental car companies, those businesses often issue a hold on your account, which falls off in a few days once the bill is settled.
Your total purchase limit
Banks usually separate ATM and purchase limits. But in rare cases, your bank may place a daily limit on all debit card transactions. If you have a daily transaction limit of $5,000, even if your ATM withdrawal limit is $1,000, you may not be able to withdraw $1,000 if you already made more than $4,000 in transactions that day.
What is the maximum amount of money I can withdraw from an ATM at a time?
You may not be able to access your full daily limit in a single transaction.
The maximum amount you can withdraw in one transaction is determined by either the ATM limit or your bank limit, whichever is lower. In this case, you may need to make multiple transactions to access your daily withdrawal limit.
For instance, if your bank allows you to make a total daily withdrawal of $1,000, but the ATM has a transaction limit of $500, you can only withdraw $500 at a time. You may be able to make multiple transactions at a single ATM or you may need to access another ATM to a second withdrawal.
Can I get around ATM withdrawal limits?
Contact the bank
You can contact your bank and ask for an increase to your daily withdrawal limit. In many instances, you can simply call the number on the back of your debit card. The bank representative will evaluate your eligibility and may permanently or temporarily increase your limit. Bank of America lets you increase or decrease your ATM withdrawal limits from the mobile app or through online banking.
Visit a branch
If you need more cash than your ATM withdrawal limit allows, you can access additional funds by going in person to a local branch.Unfortunately, this option is only available during regular bank hours and to customers with a convenient branch location.
If your bank is actually a credit union, check to see if it’s part of the Co-Op Shared Branch network. The network allows members to walk into over 5,400 branches of participating credit unions across the nation and access their account.
Request money back
You can request cash back from a merchant when you use your debit card to make a purchase at a local store. You are required to use your PIN when making the purchase. Both merchants and banks place limits on the amount of cash back you can receive. Grocery stores typically allow you to withdraw cash with a purchase, but some fees may apply.
Alternative options
There are a variety of reasons you may need cash on hand. If possible, consider using a peer-to-peer payment method.
Services like Zelle, Venmo, CashApp, and PayPal allow you to send cash immediately. Many people who want payment in cash will consider these options because they offer more security than a check. You can also consider paying a friend or family member through one of these methods and asking them to withdraw the cash from an ATM.
If you still use paper checks, you can consider cashing a check. And as a last resort you could access a cash advance through your credit card. However, be aware that cash advances typically come at a high cost including fees and interest that accrues immediately.
Frequently asked questions (FAQs)
Contact your bank to determine if you’re eligible for a limit increase. You can also request cash back following a debit card transaction. If possible, use a peer-to-peer payment method like Zelle, Venmo or PayPal instead.
The amount you can withdraw is limited by your bank’s daily ATM withdrawal limit and the withdrawal limit on the specific ATM. The amount you can withdraw in a single transaction will be determined by the smaller of these two numbers.
Morgan Stanley allows account holders to withdraw $1,500 in a single transaction with a $5,000 daily withdrawal limit. Given the limits imposed by ATMs, you may need to access funds in multiple locations to be able to withdraw the full $5,000.
You can typically find your ATM limit in the Frequently Asked Questions on your bank’s website. If your ATM withdrawal limit is variable, you can contact your bank directly for more information on your withdrawal limit. Some banks allow you to reference your limit on their online banking platform.
