ATMs have long been a staple of our financial industry, and perhaps never more so than during this past year of the coronavirus pandemic. People have needed to access cash to pay for services, keep an emergency stash at home, and purchase basic necessities. One thing that some people are discovering is that many bank ATMs have cash withdrawal limits set.
ATM Cash Withdrawal Limits
Financial institutions often impose limits on the amount of money that can be withdrawn on a daily basis. They do this for a few reasons.
One of the main reasons why banks impose limits on withdrawals is security. If a customer’s ATM card has been stolen, along with their PIN number, if there weren’t withdrawal limits installed by banks, the thief could easily drain that customer’s checking or savings account in one transaction. By implementing cash withdrawal limits, would-be thieves are deterred from attempting to completely drain a customer’s account.
Another reason why banks limit ATM withdrawal amounts is because banks have a limited number of cash that they can distribute at any given time. So ATM withdrawal limits help control the flow of cash that goes in and out of the bank.
The amount of cash that a bank will allow in a withdrawal differs from bank to bank. The average range is from $300 to a few thousand dollars per day. Additionally, ATMs might have their own limits on how much that machine will allow you to withdraw per day. To find out how much money your bank will allow you to withdraw from an ATM, contact your bank or look on their website.
Increasing Your Withdrawal Limits
While banks may have their own set limits, you may be able to increase your daily withdrawal limit with a little work on your part. If you would like to increase your daily limit, contact your bank. Your bank will likely look at how long you’ve been a customer, your account type and balance, and whether or not you are requesting the increase on a temporary or permanent basis.
While you may find bank withdrawal limits frustrating, there is solid reasoning behind them. And by working with your bank, you may be able to reach a deal about a limit that would work better for you.