ATMs make it easy to access cash funds from a bank account without having to line up inside your bank. However, in return for the convenience, you’ll be subject to both fees and withdrawal limits.
All banks, credit unions, and other financial institutions place a daily withdrawal limit on your bank account. Here’s all you need to know about how cash ATM withdrawal limits work.
Why do banks have ATM withdrawal limits?
ATM withdrawal limits exist for two reasons. First, banks use them as a way to help manage cash flow and stabilize liquidity on any given day. Plus, an ATM can only hold so much cash. So banks can help prevent an ATM from running empty by imposing daily withdrawal limits.
Secondly, banks impose ATM withdrawal limits to help to protect checking accounts and savings accounts from potentially fraudulent activity. If your card and PIN were to be compromised, daily ATM withdrawal limits will prevent your accounts from being cleaned out.
So while it might be frustrating that you don’t have easy access to all of your money, you might one day be thankful for the daily limits on large cash withdrawals.
What is my ATM withdrawal limit?
Your ATM withdrawal limit will vary depending on your financial institution and account type. In general daily ATM withdrawals are capped at anywhere between $300 and $1,000.
In most cases, your ATM withdrawal limit will be different from your daily purchase limit. And depending on your bank and account type, there may also be a third limit on the combined amount of combined ATM withdrawals and purchases per day.
You can check with your bank to see what exactly your ATM limit is.
If you’re a new customer at a bank with a basic checking account, your daily ATM withdrawal limit might be lower compared to long term customers. Plus if you’ve got a specialized checking account, such as a second chance or student checking account, your limits will also vary from the norm.
How much money can you withdraw from an ATM at a time?
Some banks and accounts can have restrictions on the amount of cash available per withdrawal, in addition to your overall daily limit. The amount of money you can withdraw from an ATM per transaction will vary depending on your account.
While these limits might seem arbitrary and inconvenient, remember that they’re designed partly to protect your funds from fraud.
The primary factor that will determine how much cash you can withdraw from an ATM is the bank you’re with. The big traditional banks will have a different maximum amount for withdrawal compared to small, community banks and credit unions. Brick-and-mortar banks also tend to carry different limits compared to online banks.
The list below shows how the daily ATM withdrawal limits compare at some top banks and financial institutions in the country. However, there can always be exceptions based on your account type and your banking relationship.
- Ally Bank: $1,000
- Bank of America: $1,000
- BB&T: $500 – $1,500
- BMO Harris: $1,000
- Capital One Bank: $1,000
- Charles Schwab: $1,000
- Chase: $500 – $3,000
- Citi Bank: $1,500 – $2,000
- HSBC: $500 – $1,000
- Huntington Bank: $400
- Morgan Stanley Bank: $1,500 – $5,000
- Navy Federal Credit Union: $1,000
- PNC Bank: $500 – $1,500
- Regions Bank: $800
- TD Bank: $750 – $1,000
- U.S. Bank: $500
- Wells Fargo: $300
Remember that these limits apply to checking accounts, not savings accounts. With savings or money market accounts, you will likely be subject to different ATM withdrawal limits. It’s also a good idea to be aware of your banks monthly withdrawal limits for savings accounts.
In the event that you hit your daily limit and still need more quick cash, don’t despair. There are some ways you might be able to access more cash. Here are some ideas:
- Ask for cash back with a checkout purchase
- Withdraw money from a savings account
- Withdraw more cash from a bank teller at your local branch
- Cash a check
- Cash advance
If you need some quick cash in addition to your daily limit, in-store cash back could be the solution.
However, there are potential limitations. First, cash back on a purchase in-store might still count toward either your daily purchase limit or your daily ATM limit. The only way to know for sure is to find out the full policy of your bank in regard to purchase limits and point-of-sale cash withdrawal transactions.
Secondly, your success here will also depend on a store’s cash-back limit. Most stores limit cash-back transactions from $20 to $60. However, some stores will have an upper limit of $100 depending on your card and account.
Another way to get around your daily ATM withdrawal limit is to withdraw money from a savings account instead. Withdrawing money from your savings is obviously not ideal, but it may be an option worth considering depending on your circumstances.
Keep in mind that savings withdrawals are generally strictly limited to just a small number of transactions per month.
If you’ve exceeded your daily limit for ATM withdrawals, you can always try to withdraw more cash with a teller in your local branch. This isn’t as convenient as an ATM withdrawal, and might require you to provide more information depending on the amount you need, but it is probably the easiest alternative.
Another way around ATM withdrawal limits is to cash a check. In such cases, you can simply write the check out to “cash,” sign it and bring it to your bank.
As ever, make sure you’re aware of any limits imposed by your bank when it comes to cashing checks. There can be limits on the amount of cash you can withdraw via check per day, and it could even count as part of your overall withdrawal limit. Check with your bank to see if this could work for you.
If you have a credit card, a cash advance is one way you can access funds beyond an ATM withdrawal limit. It’s important to remember that a cash advance can be an expensive way to access money. There are usually fees as well as higher interest rates for cash advances.
On top of that, a cash advance doesn’t come with any interest free grace period. This means you’ll be charged interest from the day you take out the advance. A cash advance is essentially a high interest loan from your bank, and it’s not a good idea to take one out unless you’re certain you can pay it back quickly.
A debit card cash advance differs from a credit card cash advance. Primarily the difference is a credit card cash advance will add to the debt you owe on your card, while a debit card cash advance comes from money you already have in your bank account.
A debit card cash advance is a fantastic alternative when you need to get cash amounts that exceed your ATM limit. A debit card cash advance will have a much higher upper limit than an ATM.
It is possible to increase your daily ATM withdrawal limits. The easiest way to do this is to speak to your bank and ask for an increase. Your bank or credit union may be willing to raise your ATM cash withdrawal limits either temporarily or permanently.
Your chances of getting a limit increase will depend on factors such as:
- Length of time as a customer
- Types of accounts you hold
- Your account history and typical balance
- Short or long term limit increase
Short term increases on your ATM limits aren’t uncommon. Many banks are willing to increase the amount of money you can withdraw if you’re going on vacation, for example.
Permanent increases are harder to secure. If you’re considering asking for a permanent increase in your daily ATM withdrawal limit, you’ll need to make a convincing case for yourself.
If you’re in an emergency and you need cash beyond the amount that you can withdraw from an ATM, call your bank. You may be able to secure a higher limit temporarily in the event of an emergency.
Alternatively, you can consider any of the other options listed above, such as a cash advance or withdrawing from your bank in-person.
Daily ATM Withdrawal Limits FAQs
Typically, you can simply log into your online or mobile banking app and find your ATM limits. If the information isn’t available there, you can always call your bank to ask how much money you’re able to withdraw via ATM transactions per day.
Among the highest ATM limits currently are Morgan Stanley Bank, Citi Bank, PNC Bank and Chase.
If you’ve got the funds and necessity for large cash withdrawals via ATM, then these banks are among the best options.
In comparison to daily ATM withdrawals, the amount of cash you can withdraw from your bank altogether will be much higher. While an ATM is of course the most convenient, you might need to visit your bank branch and provide the necessary information for larger withdrawals.
The exact limit you can withdraw in cash from your bank per day depends on its withdrawal policy. These limits can be anywhere from $5,000 to even $20,000 depending on your bank and account type.
While they are perfectly legal, it’s worth noting that large cash withdrawals will usually come under the notice of the IRS.
In most cases, you won’t be able to withdraw that much from an ATM. Such a significant ATM transaction will have to be explicitly approved by your bank. So unless you’ve got an extremely good relationship with your bank, that just won’t be possible.
In any case, there are plenty of alternative ways to access that much cash besides using an ATM. For example, you could:
- Withdraw formally at a bank branch
- Use a debit card to make the purchase
- Transfer funds to another account via ACH
Yes. This is known as a cash advance, but it isn’t exactly the same as withdrawing money from a checking account.
While a credit card cash advance allows you to withdraw cash from your available credit limit, it’s more akin to a short term personal loan directly from your bank. Plus a cash advance won’t necessarily cover your intended purchase.
If you’re intending to make a large purchase, you can plan ahead and divide your cash withdrawals over the course of a few days. Find out how much your limit is and plan accordingly, wherever possible.
ATM cash deposits are not possible with all banks, so be sure to check first with your branch.
Where it’s possible, depositing cash at an ATM is a simple process. Just as you would when taking cash out, you’ll insert your debit card and type in your PIN.
Simply go through the menu options to make a cash deposit, and enter the exact amount you want to deposit. Some banks allow you to insert cash directly into a deposit slot on the ATM, while others will require you to use a deposit envelope.
Follow the instructions as shown on the screen and then confirm your transaction.
While they are generally unpopular, daily ATM withdrawal limits exist for your protection. Plus banks have to ensure they’ll have enough cash for other customers on any given day.
The good news is there are several ways around those daily limits, if you need to access more of your cash in a hurry. Plus you can always reach out to your financial institution and ask for a limit increase if you’re regularly coming up against them.