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ATM Withdrawal Limits - What You Need To Know

By Jacqueline DeMarco · April 15, 2021 · 4 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right. Read less

ATM Withdrawal Limits - What You Need To Know

Even though most money transactions are digital these days, there are times when you still need cash.

ATMs make getting cash quick and easy. But banks typically impose a limit on how much money you can withdraw in one day. Some banks also charge fees in exchange for the convenience of getting money at the nearest ATM.

Read on to learn how much you can typically withdraw from an ATM, how you can get around these limits if needed, as well as how to sidestep fees.

Why Do Banks Have ATM Withdrawal Limits?

While ATM withdrawal limits can be frustrating, they exist for two main reasons:

Cash Availability

ATMs can only hold so much cash. In addition, banks only have so much cash on hand at any one given time.

Capping the amount of money that can be withdrawn at an ATM helps ensure that customers can’t clean out ATMs or drain the bank’s cash reserves.

Security

ATM withdrawal limits also protect consumers. If someone were to get hold of your debit card and PIN number, the ATM withdrawal max would prevent that person from immediately draining your entire checking or savings account.

Withdraw limits help reduce the speed with which a criminal could steal from your account.

How Much Can I Withdraw From an ATM?

The answer depends on a specific bank’s rules around withdrawals, with some capping at $300 and others going as high as $5,000 a day. A limit of somewhere between $500 and $1,000 is common.

In some cases, a withdrawal limit depends on a specific customer’s banking history or account type. A new customer with a basic checking account may have a lower withdrawal limit than an established customer with a premium checking account.

The type of account you are withdrawing from can also make a difference. Savings accounts often have a higher cap on how much you can withdraw at any one time, but you may be limited to how many withdrawal transactions you can make per month.

It can also be helpful to keep in mind that ATM cash withdrawal limits are typically separate from daily purchase limits.

You may, for instance, be able to make $4,000 in debit card purchases in one day, but be limited to taking out $500 at the ATM.

Some banks may set a third limit–the total amount of money you can take out of your account via withdrawals and debit card purchases each day.

How To Work Around ATM Withdrawal Limits

If you need more cash than an ATM will allow you to withdraw, there are a few workarounds that can come to the rescue.

Asking For Cash Back While Shopping

In some stores (like grocery stores), it’s possible to ask for cash back at checkout when making a purchase. While cash back may count towards a daily purchase limit, it typically doesn’t count towards a daily ATM withdrawal limit.

The store will likely have a cash back limit as well that applies on a per purchase basis. That could mean you’ll need to make multiple purchases to withdraw the full amount of cash needed.

Withdrawing from Savings

It is possible to withdraw money from a savings account when using an ATM, which can help avoid the daily checking account withdrawal limit. There may, however, still be some limitations on ATM savings withdrawals.

Withdrawing at the Window

If the bank is open and you need more money than you are able to withdraw at the ATM, you can withdraw the amount you need by going up to the teller.

Fees to Look Out For When Withdrawing Money from the ATM

Many banking institutions have free ATM networks, but you may incur ATM fees if you use a machine outside of your bank’s network. This may include a fee from the bank, as well as a fee from the ATM provider.

And, these fees can add up quickly. If you were to use an out-of-network ATM your bank might charge you as much as $2.50, while the ATM provider might charge you $3. In total, you could pay $5.50 for withdrawing your money.

To avoid ATM fees every time you get cash, you may want to look for a bank that doesn’t charge out-of-network ATM fees and/or refunds fees charged by the machine provider. Some banks reimburse fees charged by an out-of-network provider up to a certain amount each month.

Another option is to choose a bank with in-network ATMs that are convenient to where you live and work. You can also reduce fees by withdrawing more money at one time and making less frequent trips to the ATM.

The Takeaway

ATM withdrawal limits are there for your protection as well as the bank’s, but that doesn’t mean they aren’t inconvenient at times.

If you regularly need cash, you may want to find out your bank’s daily ATM withdrawal limits and plan ahead.

You can also work around your bank’s limitations by getting cash back when you make purchases, withdrawing from savings, or going up to the teller during business hours to withdraw cash from your account.

When using an ATM, you may also want to keep in mind that many banks charge fees for getting cash from an ATM out of your bank’s network.

Love the convenience of the ATM, but not a fan of fees? You might want to consider signing up for SoFi Money®.

SoFi Money is a cash management account that allows you to earn, save, and spend all in one account. And, members can use more than 55,000+ ATMs worldwide without paying any fees.

Check out everything a SoFi Money cash management has to offer today.



SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC .
Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank. SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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