By Jacqueline DeMarco ·August 08, 2024 · 6 minute read
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ATMs can be a quick, easy solution when you need a fast cash infusion, but banks typically impose a limit on how much money you can withdraw in one day. If you are planning to withdraw a certain amount of cash, it can be wise to know whether you’ll actually be able to get the money you need from the nearest ATM. The typical amount is between $500 and $1,000.
Here, you’ll learn how much money you can likely withdraw from an ATM and how to get around these ATM maximum limits.
Key Points
• ATM withdrawal limits are set by banks to manage cash availability and enhance security for consumers against potential fraud.
• Daily withdrawal limits can vary widely, typically ranging from $300 to $5,000, depending on the bank and account type.
• Premium checking accounts often have higher ATM withdrawal limits compared to standard accounts, reflecting the banking history of the customer.
• To access more cash than the ATM limit allows, individuals can consider methods such as cash back at stores, withdrawals from savings accounts, or visiting a bank teller.
• Understanding specific bank policies and planning ahead can help individuals navigate ATM withdrawal limits more effectively.
What Is an ATM Withdrawal Limit?
An ATM withdrawal limit sets a maximum amount of cash you can withdraw per day from these machines. The limits vary widely, from several hundred to several thousand dollars. Often, those with premium checking accounts may have higher limits than those with standard accounts.
The kind of ATM you’re using (in-network or out-of-network) can make a difference, too, with in-network often having higher limits.
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Why Do Banks Have ATM Withdrawal Limits?
While ATM withdrawal limits can be frustrating, they exist for two important reasons:
• Cash availability: Banks want to make sure there is enough money available for all ATM users. But ATMs can only hold so much cash, and banks only have so much cash on hand at any one given time. Say you go to an ATM on the Friday before a long holiday weekend to get some spending money and find that there is no cash left. This doesn’t happen often, but it’s a possibility. Capping the amount of money that can be withdrawn at an ATM helps ensure that customers can’t clean out ATMs or drain the bank’s cash reserves.
• Security: ATM withdrawal limits also protect consumers. If someone were to get hold of your debit card and PIN number, the ATM withdrawal maximum would prevent that fraudster from immediately draining your entire checking or savings account.
How Much Can I Withdraw From an ATM per Day?
The answer depends on the specific bank’s rules around withdrawals, with some capping at $300 and others going as high as $5,000 a day. A limit of somewhere between $500 and $1,000 is common.
In some cases, a withdrawal limit depends on a specific customer’s banking history or account type. A new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account. If you have a student or a second chance account, your max ATM withdrawal might be lower than if you had a standard checking account.
Whether you are withdrawing from checking vs. savings can also make a difference. In some cases, how savings accounts work is to have a higher cap on how much you can withdraw at any one time. In others, you will find that you can pull more cash from an ATM using your checking account.
One thing to be aware of: You may be limited to how many withdrawal transactions you can make per month from your savings account. Check your financial institution’s policies for specifics.
You may also find that how much you can withdraw will depend on the type of ATM you are using. For example, you may be able to withdraw more from an in-network machine than an independent one at a gas station.
Here’s a chart showing the range of withdrawal limits for some popular banks:
| Bank | Daily ATM Withdrawal Limit |
|---|---|
| Ally | $1,000 |
| Bank of America | Varies; typically up to $1,500 |
| Capital One | Varies; typically $200 to $5,000 |
| Chase | Varies; typically $500 to $3,000 |
| Citi | Typically $1,500 |
| PNC | Varies; often $500 and up |
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How to Work Around ATM Withdrawal Limits
If you need more cash than an ATM will allow you to withdraw, there are a few workarounds that can help as you manage your money.
Ask for Cash Back While Shopping
In some stores (like grocery stores), it’s possible to ask for cash back at checkout when making a purchase. While cash back may count toward your debit card’s daily purchase limit, it typically doesn’t count toward a daily ATM withdrawal limit.
The store will likely also have a cash back limit that applies on a per-purchase basis. That could mean you’ll need to make multiple purchases to withdraw the full amount of cash needed.
Withdraw From Savings
If you have both a checking account and savings account, you can withdraw money from a savings account when using an ATM. This can help avoid the daily checking account withdrawal limit.
There may, however, still be some limitations on ATM savings withdrawals, and this may vary with the kind of savings account you have.
Withdraw at the Window
If you bank at a brick-and-mortar location and the branch is open when you need more money, head inside. You can withdraw the amount you need by seeing a teller.
Contact Your Bank to Increase Your Limit
You may be able to negotiate a higher ATM withdrawal limit simply by contacting your bank’s customer service department and asking for a boost.
Recommended: ATM Cards vs Debit Cards: What’s the Difference?
The Takeaway
ATM withdrawal limits are there for your protection as well as the bank’s, but that doesn’t mean they aren’t inconvenient at times.
If you regularly need cash, you may want to find out your bank’s daily ATM withdrawal limits and plan ahead. Or, you can work around the maximums in place and get cash from other sources. By using a bit of smart strategy, you can make sure you have the cash you need on hand.
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FAQ
Can you withdraw $1,000 at an ATM?
The amount you can withdraw will vary based on a number of factors, including your account type (standard or premium) and the type of ATM you are using (in-network or out-of-network).
Which ATM lets you withdraw the most money?
You may find you can withdraw more cash at an in-network than out-of-network ATM.
What is the maximum amount I can withdraw from an ATM at one time?
The amount you can withdraw from an ATM may range from $300 to $5,000 a day, depending on the financial institution and your particular account. Somewhere between $500 and $1,000 is typical.
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