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When it comes to accessing money from your bank account, withdrawing cash is an easy way to do so. However, there are limits as to how much you can withdraw.
Whether you’re going all out at a massive flea market or about to embark on your next road trip, you’ll want to see what the ATM withdrawal limit is where you bank so that you’re not stuck without any cash.
Of course, there are other options if you want to withdraw more than what your account’s daily ATM withdrawal limit allows. Not to worry, as we’ll go over what you need to know about ATM withdrawal limits, and how to get around them if need be.
What Are ATM Withdrawal Limits?
Simply put, ATM withdrawal limits are what banks impose so that you’re only allowed to take out a certain amount each day from an ATM.
You may be wondering why, since it’s technically your money in the bank account. While true, these limits are imposed for both security and practical reasons.
Think about it: ATM machines can only hold so much cash. What’s more, banks only have a certain amount of cash on hand at their branches each day. Meaning, these limits are trying to be fair so that folks who want to take cash out will be able to do so.
Setting limits can help safeguard your checking or savings account, especially if someone ends up getting access to your account — like if they stole your debit card and found out your PIN number. Thieves can drain your entire account if there wasn’t a limit in place.
What Is the Daily ATM Withdrawal Limit?
Daily withdrawal limits typically range from $500 to $3,000. The withdrawal limit will vary depending on factors such as your bank, the type of account you have, and how long you’ve been a customer.
Banks are most likely the biggest factor as to how much you can withdraw each day from the ATM. There are generally larger withdrawal limits for large national banks compared to smaller community or regional banks — same goes for smaller credit unions). …
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