Guide To ATM Withdrawal Limits: Everything To Know About Caps And Ways to Boost Your Limits (2024)

If you need cash in a pinch, a convenient way to tap into your existing stash is by taking money out of an ATM. But even if you could use the funds, you can’t exactly pull out as much as you’d like. Banks and credit unions set daily caps on ATM withdrawals.

Wondering how much you can take out on a given day? This guide covers ATM withdrawal limits, the “why” behind these limits and ways you can boost your daily cap.

What Is an ATM Withdrawal Limit?

Banks and credit unions set withdrawal limits at ATMs, which is the amount of cash you can take out of your account per transaction and per day. The withdrawal limits can vary and hover between $300 to $5,000 daily, with the majority falling within $500 and $3,000 daily.

These caps can also be based on the individual and depend on factors such as the type of account and your age. For instance, you might have a lower withdrawal limit if you’re a new account holder or are 18 and under.

You might also find different ATM withdrawal limits at individual ATMs. Financial institutions might also have higher withdrawal limits at in-network ATMs than out-of-network ones. When it comes to out-of-network ATMs, you’ll want to mind any fees that impact how much cash you can take out in a transaction or day.

You can find information on these caps in the documents handed to you when you open an account. You can also locate this info on your bank’s mobile banking app or website. You might see a range of withdrawal limits. In this case, you can reach out to your bank.

Why Do Banks Have ATM Withdrawal Limits?

Banks and credit unions largely set ATM withdrawal limits for security purposes. Should your debit or credit card get into the wrong hands, your bank account won’t be drained unknowingly. Another reason is that the financial institution might need to set caps to make sure they have enough cash reserves to accommodate ATM withdrawals from their account holders or members.

What is the Daily ATM Withdrawal Limit?

The daily ATM withdrawal limit is the most you can take out daily. If you pull money out of an ATM several times in one day, the daily withdrawal limit is capped based on the total amount you pulled from the grand sum of your ATM visits.

This limit resets the next day. So if a bank’s daily ATM withdrawal limit is $1,000, you can visit ATMs as often as you like as long as you only take out $1,000 or less in a given day. Then you can take out another $1,000 the following day. But depending on the bank, the amount is reset within 24 hours versus a calendar day.

Daily ATM withdrawal limits differ from an in-network ATM versus an out-of-network ATM. For instance, while a bank might have an ATM withdrawal limit of $1,000 if it partners with an out-of-network family of ATMs, that network might have a different limit.

ATM Withdrawal Limits at Major Banks

Here’s a look at the withdrawal limits for some of the most popular banks.

How to Avoid ATM Withdrawal Limits

Sometimes, you need more cash than an ATM is willing to dispense. To avoid ATM withdrawal limits, try the following:

• Call your bank: You may be able to get the ATM limit lifted temporarily or on an ongoing basis.
• Visit a bank branch: An in-person transaction may allow you to avoid cash withdrawal limits. Call ahead to ensure the bank has your cash on hand.
• Withdraw from a different bank: If you have time to plan, you might want to transfer funds to a different bank account you hold. Then use your ATM card for that bank to withdraw money. Just remember that the process takes a few days.

Ask for cash back at checkout: You can use your debit card to pay for groceries and then request cash back using your PIN. But you’ll still encounter limits on how much cash you can get back at checkout.

How to Increase Your ATM Withdrawal Limit

While banks and credit unions set ATM withdrawal limits per transaction and per day, there are ways you can increase your limits. After all, there are situations and instances when you’ll need to access your cash quickly. Let’s take a look at a few tactics:

• Set a different withdrawal limit: Some banks and credit unions might offer you the option to set your daily ATM withdrawal limits. You can usually do this by logging into your dashboard or your bank’s mobile app. While you might be able to scoop up a higher daily amount, caps still apply.

• Request a new ATM withdrawal limit: You can also try contacting the bank directly and speaking with a representative. This might require a bit of persuasion, so come prepared with a good reason why you might want to increase your ATM withdrawal limit. Perhaps you’re going on vacation or need to cover a big-ticket expense with cash. If such a request is granted, it might be a temporary increase.

• Make a checking withdrawal in person: If your bank or credit union has brick-and-mortar locations, you can enter a bank and draw money from a teller. This could be a good idea if you’ve hit your daily limit and need more cash.

• Make withdrawals from your savings account: If you’re tapped out on making ATM withdrawals from your checking account, you might be able to kick over to pulling funds out of your savings account. This depends on the bank, as some count your savings and checking withdrawals from the same daily limit.
• Write a check to yourself. While this is a runabout way of pulling cash out of your accounts, it can be another way to withdraw a higher amount than the specified maximums. You can cash the check at an ATM without it hitting up against your daily withdrawal caps.

Newsweek writer Lora Shinn contributed to this post.