Securing a bank account is a safe method of keeping track of your spending or savings each month. Many account holders are assigned ATM debit cards that allow them the convenience of access to their money after the bank is closed. However, there are cash withdrawal limits on how much money you may access in a single transaction after bank hours.
If you have a savings account vs. a checking account, you are more likely to have limitations on the number of transactions you can make each month before incurring a fee. Reviewing your bank withdrawal limit per day will help you make sure you can plan ahead to get the cash you need, when you need it.
In-Person Teller Transactions
Bank tellers help you set up new accounts and extract or deposit money into your account as needed. Generally, there are no limitations on the amount of money that can be deposited or withdrawn through a bank teller. For example, you can visit the bank to close your account and withdraw all of your money in one transaction.
Branch managers may be requested to authorize certain transactions, but unless there is suspected fraud or holds on funds in your accounts, you are able to withdraw as much money as you desire.
Holds on Your Account
Bank holds occur when you make a deposit and the bank places a restriction on the withdrawal of the funds from your account. Each bank has separate criteria for holding deposits, but common reasons for bank holds include a history of negative activity on your account including repeated overdrafts, identity theft or bad checks.
The purpose of the bank’s hold on your deposit is to ensure that the funds will clear. If you attempt to withdraw the money before the bank hold clears, your transaction will be declined or your account can become overdrawn.
Automated Teller Machine Limits
To protect customers from identity theft and fraud, many banks restrict the amount of cash that can be extracted from an ATM in one transaction. Generally, limits are per 24-hour period. Each bank has a different limit for withdrawals.
Bank of America limits customers to $1,000 per transaction at ATMs and $800 using a mobile app. It also places limits on the number of bills you can ask for, and might give you a daily cash limit, depending on the type of account you have. Wells Fargo sets different limits for different account holders, and provides information at its website for customers to learn their limits.
In some cases, your bank may be willing to lift your ATM withdrawal limit depending on the type of account you own. Speak to a bank representative regarding your options for obtaining a higher withdrawal limit.
Check Card Limits
Daily spending limits also apply to check card transactions. Check cards allow you to conduct transactions using the money in your bank account. However, with daily spending limits, your transaction can be declined even if the money is available in your account.
If you own a premium account with your bank, the amount you can spend in one transaction may be unlimited. Review the disclosure statement that came with your bank account to learn that spending limits for your account type.
Lanae Carr has been an entertainment and lifestyle writer since 2002. She began as a staff writer for the entertainment section of the "Emory Wheel" and she writes for various magazines and e-newsletters related to marketing and entertainment. Carr graduated from Emory University with a bachelor's degree in film studies and English.