What You Need to Know
When you open an account with a new bank, one of the first things you want to know is your ATM withdrawal limits. Knowing how much you can spend with your debit card is also important.
Understanding how your withdrawal limits work will make it much easier to manage your money, and it can help you avoid some embarrassment, too. After all, no one wants to discover that they’ve exceeded their debit card limit when standing at the checkout line, trying to pay for a cart full of groceries.
In this article, I’ll share the daily ATM withdrawal and debit card purchase limits from several major banks, explain the factors involved in setting limits, and how to get them raised or lowered.
Table of Contents
- How Are Daily ATM Limits Set?
- What Are Daily ATM Withdrawal Limits at My Bank?
- What Are Daily Debit Card Purchase Limits at My Bank?
- ATM Withdrawal/Debit Purchase Limits at Popular Banks
- Can I Avoid Daily ATM Withdrawal Limits and Debit Card Purchase Limits?
- Can I Raise My Daily ATM Withdrawal Limit?
- Final Thoughts on ATM Withdrawal Limits
How Are Daily ATM Limits Set?
Daily ATM withdrawal limits are set by the bank that owns the debit card. Although most banks’ debit card limits are similar, each bank gets to establish its limits.
Where Can I Find My Daily ATM Withdrawal Limit?
Most banks list their standard ATM withdrawal limit in one of two places:
- In the FAQ section on the bank website
- On your profile
They will also disclose your limits to you when issuing your debit card. However, note that many banks do not publish ATM withdrawal limit numbers. You’ll have to call your bank or stop in to find your ATM limit if you can’t find it on the bank website.
What Are Daily ATM Withdrawal Limits at My Bank?
As mentioned, each bank differs in its daily default ATM withdrawal limits. 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 much lower limits.
Daily ATM withdrawal limits are set to protect you as the customer from fraud or theft. That being said, if you are a customer in good standing, your bank officer may choose to raise your daily ATM upon request.
What Are Daily Debit Card Purchase Limits at My Bank?
As with daily ATM withdrawal limits, banks also establish daily debit card purchase limits. Again, this is to protect your bank account from fraud or theft.
Banks and credit unions vary greatly on the amount they set as a daily debit card purchase limit. However, it’s not uncommon to see daily debit card purchase limits of $2,500 or more.
Note that your purchase limit might be lower when you first open your account at a bank. Some banks establish lower limits, then raise those limits after a customer has acted in good standing after a specified time, such as 90 days.
ATM Withdrawal/Debit Purchase Limits at Popular Banks
Here are the daily default ATM withdrawal and debit card purchase limits at some of the largest banks in America. 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|
|Ally Bank||$1,010 ($500 for the first 90 days)||$5,000 ($500 for the first 90 days)|
|Bank of America||Up to $1,000||$5,000|
|Capital One||$600-$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|
|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 increased)||Up to $10,000, depending on your account|
|Wells Fargo||$300-$1,500, depending on your account||Up to $10,000, depending on your account|
As you can see, daily limits for ATM withdrawals and debit card purchases vary depending on the bank. Some people choose where they bank depending on the limits a bank offers them.
Can I Avoid Daily ATM Withdrawal Limits and Debit Card Purchase Limits?
Every bank will put some type of limit on your daily ATM withdrawals and your debit card purchase withdrawals.
As discussed elsewhere in this article, these limits are in place to protect your money from fraud and theft. Not limiting withdrawal amounts puts your money – and the bank – at great risk. In fact, you might be surprised at the world’s identity theft and fraud statistics numbers.
There may, however, be another solution if you don’t care for the limits the bank puts on your ATM and debit card purchase transactions.
How Are Daily ATM Withdrawal Limits and Daily Debit Card Purchase Limits Decided?
Some banks have standard limits for every client. Other banks may determine limits based on factors such as:
- The type of account you have
- The length of time you’ve been 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 learn how they set their limits.
Can I Raise My Daily ATM Withdrawal Limit?
Most banks will allow you to raise your daily ATM and debit card limits; however, each bank will have maximum limits you cannot exceed.
Remember that you can also request that your ATM limits be lowered.
You may want to lower your limits if you’re trying hard to stick to a budget, or are concerned about potential fraud on your account.
Talk to a customer service rep at your bank for more information on raising or lowering your daily ATM withdrawal or debit card purchase limits.
Note: Know that many banks allow you to temporarily raise your ATM withdrawal and debit card purchase limits.
This comes in handy when you need to cover a large purchase, go on vacation, or have another reason to spend more than you normally do.
If you request a temporary increase in your ATM withdrawal and/or debit card purchase limits, 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 the daily debit card purchase limits are is important for both convenience reasons and security reasons.
Search the chart above to find out standard limits for major banks, or reach out directly to your bank to inquire as to your personal limits, to raise your limits, or to lower your limits.
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