One benefit of a debit card is that you can use the funds in your checking account without carrying cash. However, you might need cash for certain purchases. There are two basic ways you can get cash with a debit card -- either at an automatic teller machine or in a retail store that allows cash back on debit card purchases.
You can withdraw cash from an ATM machine owned by your bank or owned by another operator. While you can usually withdraw money from your bank's ATM without paying a fee, you might have to pay a fee if you withdraw from a machine owned by another bank. Most banks have daily withdrawal limits on cash withdrawals. To make a withdrawal, you insert your card into the machine and enter your personal identification code, or PIN number. You can only withdraw cash from the available funds in your account.
Cash Back Transactions
The other option to get cash with your debit card is a cash back transaction through a retail store. Most retailers let you add cash back on top of your purchase amount since the money is paid directly from a bank account. Stores often place limits on the amount you can get back to avoid quickly depleting their own cash for making change.
- Wells Fargo: ATM and Debit Card Questions
- Federal Trade Commission: Using Debit Cards
- Federal Deposit Insurance Corporation. "Learning Bank - How Banks Work." Accessed April 7, 2020.
- Federal Deposit Insurance Corporation. "Deposit Insurance FAQs." Accessed April 7, 2020.
- Federal Trade Commission. "Lost or Stolen Credit, ATM, and Debit Cards." Accessed April 7, 2020.
- Board of Governors of the Federal Reserve System. "Regulation D Reserve Requirements," Page 3. Accessed April 7, 2020.
- Bank of America. "ATM & ATM Fee FAQs." Accessed April 7, 2020.
- Citibank. "Client Manual Consumer Accounts," Page 22. Accessed April 7, 2020.
Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. He has been a college marketing professor since 2004. Kokemuller has additional professional experience in marketing, retail and small business. He holds a Master of Business Administration from Iowa State University.