Using an ATM is the second most popular way for Americans to bank, with 75 percent of customers using this method, according to the Federal Reserve’s Consumers and Mobile Financial Services 2016 report. So knowing the answer to the question “How much can you take out of an ATM?” is important. Even if you don’t regularly need large sums of cash, it’s good to know your maximum ATM withdrawal limit — and how to get more cash if you’ve already reached your limit.
How Much Can You Withdraw From an ATM?
According to GOBankingRates’ research, the average withdrawal limit among 20 banks across the country is approximately $974, and limits vary by bank and account. The Wells Fargo ATM withdrawal limit and Chase ATM withdrawal limit differ greatly, for example: $500 and $3,000, respectively. If you’re a customer of the bank, you should be aware of the Wells Fargo penalties and withdrawal limits to avoid paying any unnecessary fees.
Here’s a quick look at the daily ATM withdrawal limits of some national banks:
|ATM Withdrawal Limits|
|American Express Bank||$2,500 per day; $5,000 per month|
|Bank of America||Maximum 40 bills at one time|
|Bank of Internet USA||$510 or $1,010|
|Bank of the West||$500|
|BBVA Compass Bank||$1,000|
|Chase||$3,000, but depends on account|
|Citibank||$1,000, but depends on account|
|City National Bank||$400|
|Comerica Bank||$1,025 per transaction and $1,220 per day|
|First Internet Bank||$750|
|First Midwest Bank||$500|
|First National Bank||$300|
|First Republic Bank||$1,000|
|Great Western Bank||$500|
|PNC Bank||starts at $500, but depends on account|
|Presidential Online Bank||$550|
|State Farm Bank||$500|
|SunTrust Bank||$500, $1,000, $2,500 depending on account|
|TD Bank||$750 or $1,000 depending on account|
|Umpqua Bank||$300 or $500|
|Wells Fargo||$500, but depends on account|
|Data accurate as of June 7, 2017|
Banks With the Highest ATM Withdrawal Limits
The Chase ATM withdrawal limit is $3,000, which is six times First Midwest Bank’s $500 cap. The SunTrust Bank ATM withdrawal limit can be as high as $2,500 — depending on the type of account you have. The withdrawal limit for American Express bank is $2,500, too. The Comerica Bank withdrawal limit is $1,025 per transaction, $25 higher than the Ally Bank, Capital One, Charles Schwab, TD Bank and Citibank withdrawal limits.
But no matter what the ATM withdrawal limit is for your bank, your actual limit should be what you have in your checking account. Even if you can technically pull out up to $500 from your Wells Fargo Preferred Checking account — the ATM maximum withdrawal — with your Wells Fargo debit card or Wells Fargo platinum debit card, you shouldn’t do that if you only have $400 in your account.
Learn: How to Avoid Overdraft Fees
Banks With the Lowest ATM Withdrawal Limits
Some banks, such as Bank5 Connect and State Farm Bank, have their maximum withdrawal from ATMs set at $500. KeyBank has the lowest ceiling when it comes to withdrawing money — the maximum is $300.
Sometimes even big banks have low limits. Although Wells Fargo customers won’t pay ATM fees for taking out money from a Wells Fargo ATM, they also won’t be able to withdraw much. The Wells Fargo ATM withdrawal limit is set at $500, depending on the account.
The drawback of low limits like this is that you must plan in advance if you’re going to withdraw money from your account.
How to Get Cash If You’ve Reached Your Withdrawal Limit
If you’re trying to make a big purchase or need a large amount of cash for any reason, your needs might surpass your maximum withdrawal allowance from an ATM. But just because you’ve maxed out your withdrawal at the limit ATM doesn’t mean you can’t get more cash. Here are three workarounds to getting more cash if you’ve reached your ATM withdrawal limit.
Get Cash With an ATM Card Purchase
One simple way to bypass withdrawal limits is to get cash from retail stores with your purchase transaction. Walmart, for example, has no minimum limit on purchases and allows customers to get up to $100 cash back on each purchase. This means you can buy a pack of gum and ask for $100 back when you pay with your debit ATM card. Be sure to choose the “debit card” option on the keypad, otherwise, you might not be offered cash back. Note that cash-back limits vary by retailer.
Increase Your Maximum ATM Withdrawal Limit Online or by Phone
Some banks let you increase your ATM withdrawal maximum online. As a Bank of America account holder, you can sign in to online banking and manually set your spending maximum withdrawal amount.
Otherwise, you can call your financial institution and request a higher limit on your ATM withdrawals. TD Bank and Ally Bank both boast 24/7 live customer service, which can be helpful when you need cash outside of normal business hours.
Visit Your Bank
Unless you bank with an exclusively online bank, you have the option of visiting a branch to withdraw money. If you need a sum that exceeds ATM withdrawal limits, visiting a teller during bank hours might be the surest way to get the cash you need. Because it’s your money, the only limit to how much you can withdraw in person is how much you have in your account. Bring the proper ID to the bank, which usually requires a picture ID such as a driver’s license or passport. You can also find out from a bank representative at what time you’re eligible to withdraw the maximum amount from an ATM again. If you’re a Wells Fargo customer, for example, you can inquire at what time the Wells Fargo ATM withdrawal limit is reset — the answer could vary depending on your account type and location.
Having cash on hand can be helpful — especially if your bank sets low daily withdrawal limits. For money for a last-minute purchase or funds to deal with an emergency, being prepared ahead of time is better than scrambling for money at the last minute. Extra cash should be part of everyone’s disaster preparedness kit, according to the Center for Disease Control and Prevention. That said, it’s good to know where and how you can get those extra dollars when the ATM denies you.
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