Because financial institutions only keep a fraction of their bank deposits on hand in cash, all banks impose daily limits on how much money their customers can withdraw from checking accounts through ATMs, as well as how much money they can spend using debit cards. There are no monetary limits for withdrawals from savings accounts, but federal law does limit the number of withdrawals to six each month.
Average Limits for ATM Withdrawals and Daily Debit Purchases by Bank
The following table lists a range of ATM withdrawal limits and daily debit purchase limits for different checking accounts at some of the largest banks in the US:
|Daily ATM Withdrawal Limit||Daily Debit Purchase Limit|
|Bank of America||$1,000||$5,000|
|Huntington National Bank||$400||$400|
The type of account you hold with your financial service provider will often affect your ATM withdrawal limit as well as your daily debit card spending limit. For instance, student accounts tend to have lower limits and premium accounts enjoy higher limits. Occasionally, banks institute different limits on daily debit purchases depending on how the transaction is tendered. The most common distinction is between pin purchases, completed using pin numbers, and non-pin purchases, which you sign for. These are some of the the examples that we found for the banks listed above:
BB&T: Elite @Work Checking, Elite Gold, Private Vantage Checking, Wealth Vantage Checking, and Asset Management Account have increased ATM withdrawal limits and Daily Debit Purchase Limits of $1,500 and $6,000 respectively.
Chase: The High School Checking account cuts off at $400 for daily ATM withdrawals and $400 for daily debit card spending.
Citibank: Citigold Account holders are entitled to $2,000 in daily ATM withdrawals and $10,000 in daily debit purchases.
HSBC: HSBC Premier customers can enjoy a higher ATM withdrawal limit of $1,000.
PNC: The PNC Foundation Checking Account is designed for individuals who normally do not qualify for standard checking accounts. Therefore, it has a cap of $100 for both daily ATM withdrawals and Daily Debit Purchases. PNC’s Standard Checking Account, one of the best checking accounts, has a $500 ATM withdrawal limits and a $2,000 and $5,000 Daily Debit Purchase Limit for pin and non pin transactions respectively. Interest Checking, Performance Checking, and Performance Select Checking accounts have $1,500 daily ATM withdrawal limits and $2,000 and $7,500 pin and non pin daily debit purchase limits.
Santander: Student Value Checking Account holders have a $1,000 Daily ATM Withdrawal Limit and $5,000 Daily Debit Purchase Limit. Basic Checking and Simply Right Checking have a $9,000 Daily Debit Purchase Limit while Premier Plus Checking account holders have a $11,500 Daily Debit Purchase Limit.
SunTrust: Essential Checking and Balanced Banking Accounts have $500 ATM Withdrawal Limits and $3,000 Debit Purchase Limits. Select Checking Account holders have respective $1,000 and $5,000 limits while Signature Advantage Checking members enjoy $2,500 and $30,000 limits.
How to Get Around ATM Withdrawal Limits and Get More Cash
If you need more physical cash, there are other ways to raise your ATM withdrawal limits aside from upgrading the account type you hold with a bank. Most banks are flexible with raising these limits for accounts held by long time customers. Furthermore, many banks are also willing to temporarily raise ATM withdrawal limits for short-term periods. This is especially true if you notify your bank about special circumstances such as being on vacation. These increases may not be significant, but it's still worthwhile contacting your local banker and seeing what kind of rates they are willing to negotiate with you. If you use an ATM outside of your bank's network, keep in mind that you could be charged ATM withdrawal fees.
Another method to obtain more cash is by utilizing the cash back feature on your debit card. But it is important to keep in mind that the cash charged through cashback will simply fall under your daily debit purchase limit.
Finally, you can always simply go into your bank in person and withdraw however much cash you need, regardless of your account’s ATM withdrawal limits. However, be aware that 1970 Bank Secrecy Act, written to target potentially fraudulent activity, requires banks to report all aggregate daily cash withdrawals that exceed $10,000. Repeated daily transactions that fall just under the $10,000 mark will be reported as well.
Increasing your Daily Debit Purchase Limit
As with ATM withdrawal limits, banks may also be willing to adjust your daily debit purchase limit if you contact them directly on an individual case by case basis. These may also be temporary or permanent limit adjustments for your account. If you intend to make a one-time extremely expensive debit card purchase, it is important to notify your bank in advance. This way they will not mark the transaction as potentially fraudulent activity, especially if you do not tend to make big ticket purchases, and they will also release the funds to allow the sale to go through.
Withdrawals from Savings Accounts
While both checking accounts and savings accounts have no limits for in person withdrawals, savings accounts offer unlimited ATM withdrawals as well. However, Federal Regulation D imposes monthly activity limits on savings accounts. These limits can range anywhere from 2-7 transactions and they restrict the number of preauthorized or automatic withdrawals as well as the internal and external transfers that can be performed. Many savings accounts also have excessive activity or excessive withdrawal fees that are typically around $10 - $15 dollars so be sure to limit the activity levels on your savings account to prevent accidentally incurring these fees.