Your Guide to Daily ATM Withdrawal Limits and Debit Purchase Limits

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All banks and credit unions place limits on the amount of money a person can withdraw from their account at one time. Here’s what you need to know about limits on ATM withdrawals and debit card purchases.

What is your ATM withdrawal limit?

ATM limits vary for each bank or credit union. Daily limits on cash withdrawals generally range from $300 to $1,000 per day, depending on your account type and the agreement with your financial institution.

Can I withdraw $5,000 from an ATM?

It’s not unheard of, but in most cases the answer is no. Allowing $5,000 ATM withdrawals would mean recharging 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 or over the course of a day include:

  • Go to a bank branch

  • Use a debit card to make a purchase

  • Transfer via an Automated Clearing House (ACH) transaction to another account

  • Money transfer request for a payment

Why are there ATM withdrawal limits?

Consumers whose money is deposited in a bank or credit union face limits on ATM withdrawals and debit card purchases to protect the financial institution and the consumer.

If a debit card and PIN are stolen, daily debit card purchase and withdrawal limits ensure an account is not wiped out by fraudsters. Financial institutions also want to ensure that they have enough liquidity to meet cash withdrawal requests from other customers on the same day.

Good to know

If you have a large sum of money in a bank account and want to withdraw it, plan ahead. You may need to give your financial institution advance notice so they can order additional cash for your request. Alternatively, you can accept a cashier’s check or wire transfer for your account balance.

What is your debit card purchase limit?

Purchase limits on a debit card are usually higher than ATM withdrawal limits and may even allow you to spend your entire checking account balance. Debit card limits vary widely depending on the rules set by the bank or credit union.

Factors that affect a person’s withdrawal and purchase limits include:

  • Type of account

  • Duration as a client

  • Average daily balance

  • Overdraft history or exceeding your account limit

  • Credit score and credit history

Tips

Consumers who need a temporary raise for a large, one-time purchase should call their financial institution. Banks and credit unions often waive limits for a short time and on a case-by-case basis.

Daily limits for ATM withdrawals and debit card purchases at major banks and credit unions

Here’s what you need to know about the limits of different banks and credit unions across the country.

Bank or credit union

Daily ATM withdrawal limit

Daily debit card purchase limit

Allied bank

$500 in the first 90 days, then up to $1,000

$500 in the first 90 days, then $5,000

Bank of America

Varied

$5,000

Capital one

$1,000 for a 360° verification; $600 for accounts other than 360

$5,000

Hunt

Depends on account type and on a case-by-case basis

Depends on account type and on a case-by-case basis

Citi®

$1,500 to $2,000, depending on account type

$5,000 to $10,000 depending on account type

Federal Naval Credit Union

$1,000

$3,000 to $5,000, depending on account type

NCP Bank

Depends on account type and on a case-by-case basis

Depends on account type and on a case-by-case basis

Bank of Regions

$808

$5,000

State Employees Credit Union

$1,000

$4,000

How to get money if you’ve reached your ATM withdrawal limit

Here’s an overview of the options you can consider if you’ve reached your ATM withdrawal limit and need access to more of your money.

guide on what to do if you've reached your ATM limits

guide on what to do if you’ve reached your ATM limits

Get cash at checkout

If you reach your daily ATM withdrawal limit and still need more money, you can make a debit card PIN purchase at a retailer. Many retailers allow up to $100 cash back at checkout with a purchase.

Credit card cash advance

Another way to access more money after reaching a withdrawal limit is to use the cash advance option on a credit card. Be careful if you use this feature too often due to high interest rates on cash advances. Be prepared to repay the cash advance quickly to avoid paying too much interest and fees.

write a check

Although consumers are using checks less and less, it is 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 to access more cash on the fly.

Transfer money from a savings account

If you have extra savings, you can transfer funds from your savings account to your checking account. Alternatively, you can have an ACH payment debited from your savings account.

Keep in mind that many banks limit the number of convenience transactions on a savings account to six per statement period. Some banks will impose penalties on customers who exceed the limit. In such cases, this option is best reserved for emergencies.

Carry

It’s important to weigh the pros and cons of accessing extra cash beyond a daily limit. Before you do anything, ask yourself if a purchase can wait until the next day or if there is 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 to increase limits permanently. This option depends on your bank’s policies and procedures and your relationship with the financial institution.

Maintaining a higher average daily balance and avoiding overdrafts will increase the likelihood that your bank will approve a limit increase. Keeping your accounts in good standing shows you know how to manage your money and spend within your means.

Final grip

ATM withdrawal and debit card purchase limits are in place for a reason. If you are reaching or even exceeding your limits, you may want to talk to your financial institution to ask for higher limits or rethink how you structure your spending.

FAQs

  • How do I write a check for a cash pickup?

    • To issue a cash pick-up check, write your name on the line following the words “Pay to the order of”. Then complete the rest of the check as you normally would. You can also write the word “Cash” on the payee line. However, writing the word “Cash” instead of your name will allow anyone to cash the check, which will be a problem if you lose the check or someone steals it before you can cash it. at your bank.

  • Can I withdraw money from my credit card?

    • Many credit cards allow cash advances, but they can be quite expensive. According to the Consumer Financial Protection Bureau, a credit card cash advance is considered a short-term loan, and withdrawal fees and a higher interest rate will likely apply.

  • Which bank has the highest withdrawal limit?

    • Generally, Morgan Stanley Bank has the highest ATM withdrawal limit, between $1,500 and $5,000. However, regardless of the bank, ATM withdrawal limits may vary depending on the type of account you have and your banking relationship.

Cynthia Measom, Sean Dennison and Daria Uhlig contributed reporting for this article.

Information is accurate as of November 8, 2022.

This article originally appeared on GOBankingRates.com: Your Guide to Daily ATM Withdrawal Limits and Debit Purchase Limits

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