Your Guide To Daily ATM Withdrawal Limits and Debit Purchase Limits
All banks and credit unions place limits on the amount of money that a person can withdraw from their account at a time.
Why Do ATM Withdrawal Limits Exist?
Consumers with money deposited in a bank and credit union face limits on ATM withdrawals and debit card purchases as a way of protecting the financial institution and the consumer.
If a debit card and PIN are stolen, daily ATM withdrawal and debit card purchase limits ensure that an account isn’t wiped clean by fraudsters. Financial institutions also want to ensure they have enough cash on hand to meet the demands of cash withdrawals for other customers on the same day.
Good To Know
If you have a large amount of money in a bank account and want to make a withdrawal, plan ahead. You may need to give your financial institution advance notice so they can order additional cash for your request. Alternately, you may accept a cashier’s check or money wire for the balance in your account.
What Is Your ATM Withdrawal Limit?
ATM limits vary for each bank or credit union. Daily limits range from $300 to $5,000 per day depending on your account type and agreement with your financial institution.
Can I Withdraw $5,000 From an ATM?
In most cases, the answer is no. On average, an ATM is used for 300 transactions per month, or around 10 times per day. Allowing withdrawals of $5,000 from an ATM would mean refilling the machine more frequently and requiring a bank branch to have more cash on hand.
Alternatives to using an ATM to access $5,000 in a single transaction include:
- Going into a bank branch
- Using a debit card to make a purchase
- Transferring via an Automated Clearing House to another account
- Requesting to wire money for a payment
What Is Your Debit Card Purchase Limit?
Purchase limits on a debit card are usually higher and may be up to the entire balance in your bank account at a given time. Debit card limits vary greatly based on rules set by the bank or credit union.
Consumers who need a temporary increase for a one-time large purchase should call their financial institution. Banks and credit unions often lift limits for a short time and on a case-by-case basis.
Factors that affect a person’s withdrawal and purchase limits include:
- Type of account
- Length of time as a customer
- Average daily balance
- History of overdrafting or exceeding your account limit
- Credit score and credit history
Daily ATM Withdrawal and Debit Card Purchase Limits at Major Banks and Credit Unions
Here’s what you need to know about the limits at various banks and credit unions around the country. Numbers in the chart are accurate as of Feb. 10, 2022.
|Bank or Credit Union||Daily ATM Withdrawal Limit||Daily Debit Card Purchase Limit|
|Bank of America||$1,000||$5,000|
|Capital One Bank||$1,000||$5,000|
|Chase Bank||Depends on the account type and a case-by-case basis||Depends on the account type and a case-by-case basis|
|Citi Bank||$1,500 to $2,000, depending on the account type||$5,000 to $10,000 depending on the account type|
|Navy Federal Credit Union||$1,000||$3,000 to $5,000, depending on the account type|
|State Employees Credit Union||$1,005||$4,000|
Consumers who reach the daily ATM withdrawal limits and still need more cash can use a PIN-based purchase at a retailer. Many retailers offer up to $100 cash back with a purchase.
Credit Card Cash Advance
Another way to access more cash after reaching a withdrawal limit is to utilize the cash advance option on a credit card. Consumers should be wary of using this feature too often because of high interest rates on cash back. Be prepared to pay back the cash advance quickly to avoid overpaying in interest and fees.
Write a Check
Although consumers use checks less and less, it’s still possible to use one to access cash in a bank account. Depending on the financial institution, you may be able to cash a personal check this way to access more money in a pinch.
Withdraw Money From A Savings Account
Consumers with extra money in savings may access those funds via a transfer to the account owner’s primary checking account. Alternately, you can transfer money directly from a savings account to make a payment via ACH. Keep in mind that Federal Regulation D limits the number of transactions on a savings account each month to six, so this is not a long-term solution.
It’s important to weigh the pros and cons of accessing extra cash past a daily limit. Can a purchase wait until the next day? Is there another way to pay for a product or service other than cash?
How To Increase Your Withdrawal and Purchase Limits
Some banks and credit unions are willing to work with customers by increasing limits permanently. That depends greatly on policies, procedures and a consumer’s relationship with the financial institution.
Tips for maintaining a good standing with a bank include maintaining a higher average daily balance and not incurring an overdraft on the account. Don’t let an account balance get close to $0 regularly. Higher balances show that a consumer knows how to manage money and not exceed spending limits.
Even if accounts do get close to $0, consumers should at least ensure the balance doesn’t go negative. Consistently surpassing the amount of money in an account is irresponsible. It indicates that the consumer cannot manage money properly.
ATM withdrawal and debit card purchase limits are in place for a reason. Consumers that consistently meet and exceed these limits may want to talk to their financial institution or rethink the way they structure their spending.
Sean Dennison contributed to the reporting for this article.
Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.