ATMs offer a convenient way to access money in a bank account without ever setting foot inside a bank branch. That said, ATM withdrawal limits can make getting all of the cash you need when you need it difficult.
Daily limits can apply not only to ATM cash withdrawals but also to debit card transactions, which can add a layer of complexity to managing your money.
By knowing the ATM limits for your bank, you can avoid uncomfortable situations and make informed decisions about your spending.
Why do banks have ATM withdrawal limits?
While limits on ATM withdrawals may feel like a hassle, these caps help protect your money. With no limits in place, a thief who gets hold of your ATM card and PIN could drain your bank account.
Another reason ATM limits exist is a practical one. ATMs can only hold so much money, and banks don’t want customers depleting their machines and leaving them empty for other users who need cash.
But remember that ATM withdrawal limits only apply to money you can take out at an ATM. Bank customers can bypass these limits in a few ways, such as visiting a bank branch to access the amount needed.
How banks determine withdrawal limits
Individual banks set ATM withdrawal limits. Generally, ATM cash withdrawals are restricted to $300 to $1,000 daily.
Also, some ATMs limit the cash they dispense per withdrawal. This limit protects customers from large financial losses and makes sure machines are appropriately stocked with cash.
ATM withdrawal limits at popular banks
If you’re thinking about opening a new bank account and you frequently get cash from an ATM, knowing the ATM withdrawal limit at popular banks could aid in your decision. After all, choosing a bank with a higher withdrawal limit can make it easier to get your hands on as much cash as you need when you need it.
ATM withdrawal limits vary by bank and can be affected by factors such as account type. Daily withdrawal limits at some of the most popular banks include:
| Bank | Daily ATM withdrawal limits |
|---|---|
Ally Bank | up to $1,000; new customers may be limited to $500 per day for the first 90 days |
Bank of America | unspecified; limits are based on factors such as account type, funds availability and amount the ATM can dispense, according to the bank |
Capital One | $1,000 for 360 Checking; $600 for other products |
Regions Bank | $808 |
SoFi | $1,000 |
Truist | $500 to $2,500, depending on account type |
Union Savings Bank | $510; higher limits may be available with bank approval |
How to find your bank’s ATM withdrawal limit
Confirm your bank’s ATM withdrawal limits by asking at a local branch, calling your bank, checking your bank’s website or using online banking to send a secure message.
How to increase your ATM withdrawal limit
Some banks may let you request an increase in your daily ATM withdrawal limit. Your limit could be raised on a temporary or permanent basis at the bank’s discretion.
Your bank’s decision could be based on any of the following:
- Longevity of your relationship with the bank.
- Your reason for requesting the increase.
- Technical capabilities of the bank to increase your withdrawal limit.
- The type of accounts you have with a bank.
If your bank increases your ATM withdrawal limit, you should have a backup plan if you use a variety of ATMs. That’s because you could still run into ATM-specific withdrawal limits, regardless of what your bank put in place.
How to get around daily ATM withdrawal limits
If you need more cash from an ATM than you can get in a single day, you have several workarounds you can consider.
- Withdraw the cash you need over several days: If you require $1,500 in cash and your daily ATM withdrawal limit is $500, you could take out the daily limit three days in a row. Of course, this strategy only works if you know how much cash you need and you don’t need it quickly.
- Head inside your bank branch to make a withdrawal: You can get your cash that way instead of at the ATM. However, you may want to make arrangements for large withdrawals to ensure the money is available.
- Get cash back at checkout when making a debit card purchase: Many merchants let you get cash back at the register when you make a purchase and pay with a debit card. Just note that cash back limits at the point of sale with a debit card can be relatively low, depending on where you shop.
- Withdraw cash late at night: Because ATM withdrawal limits often reset at midnight local time, you may be able to double dip if you time your transaction right. For example, you could max out your daily ATM withdrawal limit right before midnight and then again right after midnight.
- Have more than one checking account and debit card: If you frequently need a lot of cash, you may want to have multiple checking accounts and debit cards you can use. Fortunately, you can choose from many free checking accounts that come with debit cards and other perks.
- Use another payment method: Consider whether you can pay for what you need in another way. For example, you could use a credit card for a major purchase and then use cash you have in the bank to cover the bill.
ATM withdrawal limits and large purchases
While an ATM withdrawal limit caps the cash you can get from an ATM within a day, note that a debit card purchase limit is separate from this.
Daily purchase limits tend to be considerably higher than daily ATM withdrawal limits, although you’ll want to check before you use your debit card to pay for something that costs thousands of dollars. As just one example, SoFi has a $1,000 daily withdrawal limit at ATMs, yet debit card purchases can be made in amounts up to $6,000.
Most debit cards have daily purchase limits to prevent fraudulent spending. Limits could reduce your losses if your card is stolen and misused.
Frequently asked questions (FAQs)
ATM withdrawal limits may vary by financial institution, ATM and account type. Contact your bank for more information about your account’s withdrawal limits.
You cannot bypass the ATM withdrawal limit, but there are workarounds. For example, you can access more cash if you have multiple accounts and debit cards with different banks or if you’re willing to go inside a branch to make your withdrawal.
Most ATM withdrawal limits reset at midnight in the time zone where the ATM is located.
ATM withdrawal limits don’t have anything to do with your credit score.
