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Getting money from an ATM is often more convenient than getting your money from the bank. Long lines, slow tellers as well as all the paperwork needed to get money from your checking account in the bank are just some of the reasons why most people prefer ATM withdrawals. However, if you do not know how much you can withdraw from the ATM, making an ATM withdrawal can also become quite a hassle especially if you want to withdraw an amount beyond your current ATM limit.
Different Banks, Different ATM Withdrawal Limits
Knowing your ATM limit is important since ATMs differ in the limitations they place on how much you can withdraw from the ATM. For example, Bank of America has a maximum limit of $500 a day and you cannot withdraw anything larger than that until the next day. Wachovia sets different ATM limits for different accounts. For example, student accounts have a limit of $100 limit per day, while non-business accounts usually are limited to $500 withdrawals a day. For business accounts, the bank offers $1000 withdrawals in one day. Chase also offers customers a withdrawal limit of $1000 every 24 hours. Knowing your limit helps you avoid the frustration of trying to withdraw a certain amount only to be notified that it exceeds your limit. This could really be a hassle if you are in a pinch and need a certain amount quickly.
How Your Withdrawal Limit is Set
Banks set the ATM limit on your account based on a number of factors. These include bank policies, the type of account you have, how long you have been a customer of the bank, the amount of money in your account, as well as your credit history. The time of the end of the business day of the bank may also affect how much you can get from the ATM. If you want to have your limit raised, you can make a request to your bank to have the limit in your account raised to your desired amount. However, this could also be subject to what type of account you have. Business accounts are often granted larger limits compared to personal accounts.
How to Know Your ATM Withdrawal Limit
Since banks differ in their withdrawal limits it is best to ask your bank what the limit in their ATM accounts is. You can also look it up online if you have enrolled in your bank’s online program. Some banks also print the ATM limit in the ATM receipts as well as the maximum withdrawals you can make in a day.
ATMs are useful especially if you need cash right away. However, they could prove useless if you want to withdraw a certain amount per day and you discover that it is higher than your allowed withdrawal amount. To avoid hassles like these, inquire about how much can you withdraw from an ATM when you open an account. This way, you can immediately ask for a raise in your limit or you can move on to a bank that offers high withdrawal limits for ATM accounts.