When you open an account with a new bank, the first thing you want to know is your ATM withdrawal limit. It is also important to know how much you can spend with your debit card.
Understanding how your withdrawal limits work will make managing your money much easier, and it may even help you avoid some embarrassment. After all, no one wants to find out they’ve exceeded their debit card limit while standing in the checkout line, trying to pay for a cart full of groceries.
In this article, I’ll share daily ATM withdrawal and debit card purchase limits from several major banks, explain the factors involved in setting limits, and how they can be increased or decreased.
Table of Contents How are the daily ATM limits determined? Where can I find my daily ATM withdrawal limit? What are the daily ATM withdrawal limits in my bank? What are the daily debit card purchase limits at my bank? ATM Withdrawal/Debit Purchase Limits in Popular Banks Can I avoid daily ATM withdrawal limits and Debit Card purchase limits? How are the daily ATM withdrawal limits and daily debit card purchase limits fixed? Can I increase my daily ATM withdrawal limit? Final Thoughts on ATM Withdrawal Limits How is the daily ATM limit determined?
The daily ATM withdrawal limit is set by the bank that holds the debit card. Although most banks have the same debit card limits, each bank has to establish its own limits.
Where can I find my daily ATM withdrawal limit?
Most banks list their standard ATM withdrawal limits in one of two places:
On your profile in the FAQ section on the Bank’s website
They will also tell you your limits at the time of issuing your debit card. Note, however, that many banks do not publish ATM withdrawal limit numbers. If you can’t find it on the bank’s website, you will need to call your bank or stop by to find out your ATM limit.
What are the daily ATM withdrawal limits in My Bank?
As mentioned, each bank varies in its daily default ATM withdrawal limit. For most banks, they fall somewhere between $300 and $1,000. And while we won’t cover them in this post, kid’s debit cards usually have very low limits.
Daily ATM withdrawal limits have been set to protect you as a customer from fraud or theft. That being said, if you are a customer of good standing, your bank official may choose to increase your daily ATM on request.
What are the daily debit card purchase limits in My Bank?
Like the daily ATM withdrawal limit, banks also set a daily debit card purchase limit. Again, this is to protect your bank account from fraud or theft.
Banks and credit unions vary greatly on the amount set as the daily debit card purchase limit. However, it is not uncommon to see daily debit card purchase limits of $2,500 or more.
Note that when you first open your account with a bank, your purchase limit may be lower. Some banks establish lower limits, then increase those limits after a customer has been in good standing for a specified amount of time, such as 90 days.
ATM Withdrawal/Debit Purchase Limits in Popular Banks
Here are the daily default ATM withdrawal and debit card purchase limits at some of America’s largest banks. While we can’t list every bank and credit union in the country, we can share what some of the most popular banks use for default limits.
Bank Name Daily ATM Withdrawal Limit Daily Debit Card Purchase Limit Associate Bank $1,010 ($500 for first 90 days) $5,000 ($500 for first 90 days) Bank of America $1,000 $5,000 Capital One $600 – up to $1,000 (depending on account type) $5,000 Chase Bank $500 and up (depending on account type/customer) $1,000 and up, depending on your account Citibank $1,000 and up (depending on account type) $5,000 and up, depending on your account $5,000 $5,000 Navy Federal Credit Union $1,000 $3,000 and up PNC Bank $500 and up $2,000 (higher for PIN transactions) US Bank $500 (standard—can be extended) Up to $10,000, depending on your account Wells Fargo $300-$1,500, up to $10,000 depending on your account depending on your account
As you can see, the daily limit for ATM withdrawals and debit card purchases varies from bank to bank. Some people choose where they bank based on the limits offered by the bank.
Can I avoid the daily ATM withdrawal limit and debit card purchase limit?
Every bank will impose some sort of limit on your daily ATM withdrawals and purchase withdrawals from your debit card.
As discussed elsewhere in this article, these limits are there to protect your money from fraud and theft. Not limiting withdrawal amounts puts your money – and the bank’s – at great risk. In fact, you might be surprised by the number of world identity theft and fraud statistics.
However, there may be another solution if you don’t care for the limits imposed by the bank on your ATM and debit card purchase transactions.
How are the daily ATM withdrawal limits and daily debit card purchase limits determined?
Some banks have standard limits for each customer. Other banks may set limits based on factors such as:
What type of account do you have Duration of banking with the institution Your credit history Your account history with the bank
or other factors. You’ll need to contact your bank directly to find out how they set their limits.
Can I increase my daily ATM withdrawal limit?
Most banks will allow you to increase your daily ATM and debit card limits; However, each bank will have maximum limits that you cannot exceed.
Remember that you can also request that your ATM limit be reduced.
If you’re trying hard to stick to a budget, or are concerned about potential fraud on your account, you may want to lower your limits.
For more information on increasing or decreasing your daily ATM withdrawal or debit card purchase limit, speak to the customer care representative of your bank.
Note: Know that many banks allow you to temporarily increase your ATM withdrawal and debit card purchase limits.
This comes in handy when you need to cover a big purchase, go on vacation, or have some other reason to spend more than you normally would.
If you request a temporary increase in your ATM withdrawal and/or debit card purchase limit, remember to reset the limit to its original amount for your protection. Even if the bank promises to do so automatically, it never hurts to check.
Final Thoughts on ATM Withdrawal Limits
Knowing what the daily ATM limits are and what the daily debit card purchase limits are is important for both convenience reasons and security reasons.
Find the chart above for standard limits for major banks, or contact your bank directly to inquire about your individual limits, to increase your limits, or to lower your limits.