ATM Withdrawal Limits Explained: Tips To Get More Money (2024)

ATM Withdrawal Limits Explained: Tips To Get More Money (1)

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ATMs are a convenient option for basic banking after hours and when you’re out of town, but they do have some limitations. All banks and credit unions place limits on the amount of money that a person can withdraw from their account at one time. Knowing how much you can take out each day is important so you can avoid inconvenient situations and effectively manage your money. Here’s what you need to know about limits on ATM withdrawals and debit card purchases.

What Is Your ATM Withdrawal Limit?

Daily and monthly limits for ATM withdrawal limits vary based on several factors, including the bank and account type. For example, Regions Bank caps ATM withdrawals at $808 per day, while Citi® will let you take out up to $1,500 per day. Capital One has a $2,000 limit per month. Navy Federal uses a tiered system that determines how much customers can withdraw each day.

Consult your bank for specific limits, especially if you plan to use your ATM card while traveling overseas, as these limits can have an impact on international withdrawals. You have to consider the exchange rate when withdrawing cash in another country. Your daily limit still applies, but what you’re able to take out in local currency may be more or less than what you’re used to at home because of the varying exchange rates.

Can You Withdraw $5,000 From an ATM?

It’s not unheard of, but in most cases, the answer is no. ATM machines typically hold around $20,000 at a time — but some bigger machines may have as much as $800,000 if they dispense larger bills like $50 and $100. Allowing withdrawals of $5,000 from an ATM means four people could completely empty the machine, leaving nothing left for other customers.

Alternatives to using an ATM to access $5,000 in a single transaction or over the course of a day include:

  • Going into a bank branch or drive-thru
  • Using a debit card to make a purchase and getting cash back
  • Taking money out of a different account
  • Cashing out a certificate of deposit, although you might pay a penalty

Why Do ATM Withdrawal Limits Exist?

Banks and ATM owners limit ATM withdrawals as part of their security measures to protect customers, the financial institution and the ATM. If someone steals your debit card and PIN, the daily ATM withdrawal and debit card purchase limits ensure that the thieves cannot wipe out your account in a single transaction.

These limits also help financial institutions ensure they have enough cash on hand to meet the demands of cash withdrawals for other customers on the same day. Each ATM can hold a set amount of money, and allowing larger withdrawals empties the machine quicker. This means the ATM owner must refill it more frequently and may need to deal with frustrated customers.

Good To Know

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

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 the entire balance in your checking account. Like ATM limits, debit card limits vary greatly based on rules set by the bank or credit union.

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

  • Type of account
  • Length of time as a customer
  • Type of transaction (PIN or signature)
  • Account balance

Advice

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.

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.

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ATM Withdrawal Limits Explained: Tips To Get More Money (5)
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ATM Withdrawal Limits Explained: Tips To Get More Money (7)
Bank or Credit UnionDaily ATM Withdrawal LimitDaily Debit Card Purchase Limit
Ally Bank$500 in first 90 days, then up to $1,000$2,000 in first 90 days, then $5,000
Bank of America, Member FDICVariesVaries
Capital One$200 per day; $2,000 per month$5,000 — includes ATM withdrawals
ChaseDepends on the account type and a case-by-case basisDepends on the account type and a case-by-case basis
Citi$1,500$5,000
Navy Federal Credit Union$1,000$3,000 to $5,000, depending on the account type
Regions Bank$808$5,000
State Employees’ Credit Union$200 to $1,000, depending on the account type$1,000 to $4,000, depending on the account type
Truist Bank$500 to $2,500, depending on the account$3,000

How To Get Cash If You’ve Reached Your ATM Withdrawal Limit

If you still need more cash after you’ve reached your ATM withdrawal limit, you may still have options. Here’s a look at more ways to get cash.

ATM Withdrawal Limits Explained: Tips To Get More Money (8)

Get Cash at Checkout

In the event you reach your daily ATM withdrawal limit and still need more cash, you can make a PIN-based debit card purchase at a retailer. You may be able to get as much as $120 per transaction, depending on your bank’s and store’s cash-back policies.

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. Be careful using this feature too often because of high interest rates on cash advances. 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 to access more money in a pinch.

Withdraw Money From a Savings Account

If you have extra money in savings, you may be able to withdraw funds from that account at an ATM. This is possible if your savings account came with an ATM card or is linked to your debit card. Keep in mind that many banks limit the number of withdrawals from a savings account.

Takeaway

It’s important to weigh the pros and cons of accessing extra cash past a daily limit. Before making any moves, consider whether 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 Limits for Withdrawals and Purchases

Some banks and credit unions are willing to work with customers, so knowing how to increase limits for withdrawals is helpful. Whether this is an option for you depends on your bank’s policies and procedures and your relationship with the financial institution. In some cases, they will remove or increase the daily limit for a specific purchase, or they may agree to raise it permanently. You’ll need to speak with a representative from the bank about the process.

Tips To Manage Withdrawals

ATMs make it easy to access cash when you need it, but the convenience can be costly if you have to pay fees for overdrawing your account or using an ATM with a surcharge. Keep in mind the following tips to manage your withdrawals and protect your money.

  • Check the documents you received when you opened your account to find out your daily and monthly withdrawal limits for each account.
  • Avoid overdrafts by keeping track of your spending so you know how much you have available in your account when you make a withdrawal.
  • Keep in mind pending transactions and automatic payments that have not yet been deducted before you make a withdrawal.
  • Learn how to avoid fees for using ATMs by using in-network machines.

Final Take

ATM withdrawal and debit card purchase limits are in place for a reason. They protect you and your bank from excessive withdrawals that can drain a bank account and the cash reserves in the machine. If you find yourself hitting, or even exceeding, your limits, you may want to talk to your financial institution to request higher limits — or rethink the way you structure your spending.

FAQ

  • How do I write a check for cash withdrawal?
    • To write a check for cash withdrawal, write your name on the line following the words "Pay to the order of." Then, fill out 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 are able to cash it at your bank.
  • Can I withdraw cash 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 a withdrawal fee and a higher rate of interest will likely apply.
  • Which bank has the highest ATM withdrawal limit?
    • Some of the highest ATM withdrawal limits are offered by Capital One and Truist. However, regardless of the bank, ATM withdrawal limits can vary based on the type of account you have and your banking relationship.

Cynthia Measom, Sean Dennison, Allison Hache and Daria Uhlig contributed to the reporting for this article.

Information is accurate as of July 4, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

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ATM Withdrawal Limits Explained: Tips To Get More Money (2024)
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