You’re on your way to your nephew’s birthday party, and you forgot to get him a gift. So you figure you’ll just mosey over to the ATM, withdraw cash and put it in a card. Unfortunately, you’ve reached your ATM withdrawal limit — but fortunately, you’ve also saved money.
ATM limits are a reality for all bank customers. And not only do ATM withdrawal limits exist, but so do purchase limits. To clarify, a daily ATM withdrawal limit is the maximum amount of money you can take out from an ATM. A daily purchase limit is the maximum amount of spending allowed by your bank when you make purchases with your debit card. ATM withdrawal limits can range from $500 to $3000 depending on the bank and account type, while daily purchase limits can range from $2000 to $25,000.
The reason banks implement these restrictions is twofold: ATMs can hold only so much cash anyway, and keeping less in the machines mitigates potential theft. The latter point also applies to purchase limits, which can help mitigate financial losses in the event that your account is hijacked.
- Daily ATM Withdrawal and Debit Purchase Limits at Major Banks
- Banks With High ATM Withdrawal Limits
- Banks With Lower ATM Withdrawal Limits
- How To Get Cash If You’ve Reached Your ATM Withdrawal Limit
- How To Increase Your ATM Withdrawal and Debit Purchase Limits
When it’s time to compare your options before you open a new bank account, knowing the limitations banks impose is key to finding an account that suits your financial needs. At the largest banks in the U.S., most daily withdrawal and purchase limits are in the thousands, which is handy to know in case of emergencies, but you’ll have to check with your bank to see if you can withdraw your whole limit in a single transaction.
Daily ATM withdrawal limits also distinguish checking and savings accounts. The Federal Reserve’s Regulation D limits you to six convenience withdrawals from your savings account each month, but there’s no limit on the amount you can withdraw. With an ATM card or a debit card linked to your checking account, you don’t have to worry about how many withdrawals you make, but you do need to know your daily limit. And because banks also impose daily debit purchase limits, you’ll need to keep track of debit purchases as well.
ATM limits at many banks are in the hundreds, but larger banks usually let you withdraw $1,000 or more. Here’s your guide to the daily limits set by some of the biggest banks in the U.S.:
|Daily ATM Withdrawal and Debit Purchase Limits at Major Banks|
|Bank||ATM Withdrawal Limit||Debit Purchase Limit|
|Bank of America||$1,000||$5,000|
|U.S. Bank||$1,000||Depends on account|
|Wells Fargo||$2,100||Depends on account|
This chart illustrates what you can expect banking at some of America’s biggest financial institutions, but it doesn’t tell the whole story.
Most of the bank representatives GOBankingRates interviewed noted that ATM and purchase limits depend on the type of account you have. PNC Bank, for example, boosts your ATM withdrawal limit from $500 to $1,500 if you open a Performance Select checking account. The Chase ATM withdrawal limit jumps from as low as $300 to $3,000 depending on the type of card you have and whether you use a Chase or non-Chase ATM. Payment history and available funds also help determine ATM and purchase limits.
Nontraditional banks offer customers some interesting options — or lack thereof. Goldman Sachs, for example, is one of the biggest financial institutions around, but its consumer banking division, Marcus, has no ATMs or debit cards. On the other hand, Morgan Stanley offers customers a debit card. The card’s limits can depend on the ATM you use it at, though the bank imposes a daily ATM withdrawal limit that could be as high as $5,000.
Even the age of an account can limit how much you’re able to withdraw. U.S. Bank only allows you $200 for the first 90 days.
Pay Less: How To Find No-Fee ATMs Near You
Capital One boasts the highest daily ATM withdrawal limit among the major banks listed above — an impressive $5,000. Most of the other major banks listed still offer comfortable wiggle room with a limit of at least $1,000. Wells Fargo’s ATM withdrawal limit isn’t the highest among those banks, but $2,100 is still considered high.
Here are some other banks that offer high daily ATM withdrawal limits:
|Banks With High ATM Withdrawal Limits|
|Bank||ATM Withdrawal Limit|
|Santander Bank||Up to $2,500|
|SunTrust||Up to $2,500|
|TCF Bank||Up to $1,020|
Find Out: Santander Bank Review
Whereas a high ATM limit offers flexibility, a lower limit can be good for those interested in practicing financial discipline. Here are some other banks that offer lower ATM withdrawal limits.
|Banks With Low ATM Withdrawal Limits|
|Bank||ATM Withdrawal Limit|
|Bank of the West||$500|
|Citizens Bank||Depends on account; $500 for certain accounts|
|City National Bank||$400|
|First Midwest Bank||$500|
Note that some of these banks use a tiered limit system. Citizens Bank, for example, allows you to withdraw up to $1,000 when you switch to its Platinum checking account.
Withdrawing thousands in cash should set most people up for the day, but if you still need extra coins, there are ways to bypass the ATM withdrawal limit.
This is probably the easiest and most accessible way to get cash from your checking account if you’ve hit the ATM limit. You can generally rely on big-name chains such as Walgreens or CVS for this option. Walmart, for example, offers up to $100 cash back with your card purchase. With this option, you won’t need to drain your account balance, either. A purchase as small as a can of soda affords you the cash-back option.
Although cash back is a fairly common option for retailers, be sure to check whether the store of your choice offers it.
Use a Credit Card for a Cash Advance
Using your credit card to get cash is not recommended. You’ll need to pay it back like any credit purchase, with the added negative of possibly having high interest tacked onto the transaction. You can secure a cash advance via a bank withdrawal or an ATM, or you can use cash advance convenience checks. This is not a vehicle for procuring unlimited funds — many banks have limits on cash advances. And most cash advances carry fees that might make the advances more expensive than they’re worth.
Savings Account Withdrawal
You can withdraw money from your savings account up to six times a month, even if the account isn’t connected to your ATM card. Just fill out a withdrawal slip and bring it to the teller. You will need some form of ID to verify your account.
Cash a Check
Cashing a check is an easy way to get money from your checking account. Make the check out to “Cash,” sign the back, and present it to the teller. You’ll have to show ID and have enough funds available to cover the check.
Increase Your Withdrawal Limit
Requesting that your limit be increased is another easy way to get more cash at the ATM. Some banks are willing to increase your ATM and purchase limits based on your account’s standing.
Most banks determine your ATM withdrawal and debit purchase limits based on a number of factors. A favorable account history and the type of account both factor into the decision.
For the most part, getting an increased limit is as easy as calling your bank. You may also visit in person, and in some cases, you can adjust the limits through online or mobile banking. Increasing your limit online will require you to log in to your account.
You can also increase your limits by switching accounts. Many of the banks listed above have tiered systems where you can upgrade your checking account to unlock a higher ATM limit. Inquire with a representative on the prerequisites for doing so.
More From GOBankingRates
- ATM Fees: How Much Does My Bank Charge?
- Here’s How Long It Takes for a Check To Clear at Your Bank
- 10 Banks With No-Fee ATMs
- Chime ATM: What ATMs Can I Use With Chime?
Information is accurate as of Sept. 27, 2019.