Avoiding ATM Withdrawal Limits at Major Banks - MagnifyMoney

ATM Withdrawal Limits at Major Banks and How to Avoid Them

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Every major bank in the United States has an ATM withdrawal limit — a cap on the amount of cash you can withdraw each day. The limits vary depending on which bank you use and what type of account you have. The ATM withdrawal limit at some banks can be as high as $5,000, while others will only let you withdraw $300 per day.

If you need to exceed your bank’s limit, there are ways around it. Here’s a look at some major banks’ ATM withdrawal limits, as well as how you can avoid them.

Why do banks have ATM withdrawal limits?

Banks have ATM withdrawal limits for two main reasons: controlling cash flow and your personal security. Banks and credit unions only keep a certain amount of cash on hand, and if every customer could withdraw an unlimited amount of cash each day, that would create problems. Banks also cap ATM withdrawals to help protect your account — if someone steals your debit card and tries to withdraw all of your money, they’ll eventually hit that limit.

ATMs make it easy for you to withdraw cash from your checking or savings accounts. However, if you should ever need a large amount of cash, it can be helpful to know your bank or credit union’s ATM withdrawal limit.

How much are ATM withdrawal limits at the largest U.S. banks?

ATM withdrawal limits can vary by bank, account, location and even customer-to-customer. Some banks allow you to withdraw as much as $3,000 in one day, while others limit the amount to just a few hundred dollars.

Below, we outline the ATM withdrawal limits at some of the largest banks in the U.S.:

ATM Withdrawal Limits at Largest U.S. Banks*

BankDaily ATM withdrawal limit
Chase Bank$500 to $3,000
Bank of America$1,000
Wells Fargo Bank$300
Citibank$1,000 to $2,000
U.S. BankVaries by account
Truist$500 to $2,500
PNC Bank$100 to $1,500
TD Bank$1,250 to $1,500
Capital One$5,000

*Source: DepositAccounts.com

How do I increase my withdrawal limit?

There are several ways to increase your ATM withdrawal limit. Your daily limit is usually set according to what type of checking account you have. If you move from a basic package to a more elaborate one, your ATM withdrawal limit could increase. Take Truist (formerly SunTrust), for example:

  • Truist customers who have an Essential Checking account have their daily cash withdrawal capped at $500.
  • However, if you opt for the next tier account — Truist’s Advantage Checking — your cash withdrawal cap is bumped up to $1,000 per day.

In most cases, if you want to increase your ATM withdrawal limit, you’ll have to contact your bank and make a request. Before calling customer service, gather proof of identity, such as your account number(s), passwords and even your driver’s license.

When processing your request, your bank will take several things into consideration. Items that could impact your approval include your account history, how much cash you typically keep in your accounts and whether you’re asking for a permanent or temporary increase. Remember that part of the reason banks cap your cash withdrawals is due to security concerns, so you should be prepared to make a case for why you are requesting the increase.

How to avoid ATM withdrawal limits

If your bank denies your request to increase your ATM withdrawal limit, don’t panic — you still have options. You could ask for cash back when making a purchase, visit a local bank branch and withdraw cash or even cash a check. Before taking any of these routes, be sure to read and understand the fine print that comes along with them.

Ask for cash back

When you purchase something at a store, you can ask for cash back. The key when taking this route is to be aware of the limitations. While this cash back will not usually count toward your daily ATM withdrawal limit, it typically does count toward your debit card purchase limit.

The other drawback to this strategy is that retailers may cap the amount of cash back given per transaction — so if you need a larger amount of cash, you might be better off taking a different course of action.

Withdraw cash at a branch

If you’ve hit your ATM withdrawal limit, try visiting your local bank. You can withdraw cash directly from your local bank or credit union and it won’t count toward your limit. The main downside of this strategy is tied to your bank’s location — if you don’t live near a branch (or you primarily bank online), you’re likely out of luck.

Withdraw cash from savings

Another workaround is to transfer cash from your savings account to your linked checking account. You would then withdraw the cash from your checking account.

While these transactions won’t count toward your limit, the total number of times you can perform these actions is capped. Federal law limits savings account transactions — transfers and withdrawals — to six per month. After that, you’ll be hit with fees.

Cash a check

A final option for avoiding ATM withdrawal limits is to cash a check. You can fill out the check to “cash” and take it to your local bank to receive the funds. You can even cash a check without a bank account, though this can come with some obstacles.