ATM cards offer a quick and simple option when you need access to cash or to pay for purchases. It’s important to remember that each bank has its own limits for ATM withdrawal and debit purchases. Here’s a quick overview of ATM withdrawal and debit purchase limits that can help you in 2020.
Average Daily ATM Withdrawal and Debt Purchase Limits by Bank
You’ll be able to access a specific daily amount from an ATM — it’ll vary depending on your bank. Are you curious about your maximum daily withdrawal from an ATM and the most you can spend on a daily basis using your ATM card? Check out our chart.
|Bank||ATM Withdrawal Limit||Debit Purchase Limit|
|Credit Karma Savings*||Maximum daily activity $10,000*||Maximum daily activity $10,000|
|Bank of America||$700||$1,000|
|Chase Access Debit Card||$300||$1,000|
|Capital One||$1,000||$5,000 (including ATM withdrawals)|
|Citibank Regular Checking||$1,000||$5,000|
|HSBC||$500 per card||$500 per card|
*Credit Karma’s savings account offers the highest daily withdrawal limits however all withdrawals have to happen online. As of now Credit Karma’s savings account does not come with an ATM card. You may withdraw up to $10,000 per day from your savings account to another banking account.
How to Increase ATM Withdrawal Limits
You may be wondering what happens if your cash needs exceed your maximum withdrawal amount from an ATM. It can be frustrating not to be able to access the cash you need through an ATM.
Did you know you can increase your withdrawal limit from an ATM? Here’s each major bank’s process for increasing your maximum ATM withdrawal limit:
- Bank of America customers can increase the withdrawal amount in 3 easy steps:
- Sign onto the website.
- Go to the Information and Services tab for your account.
- Select the “Activate Your Card and Set Spending Limits” tab. This may also be done by phone or in person at a Bank of America branch.
- Capital One invites customers to call (888) 464-0727 to discuss an increase in your daily cash withdrawal limit.
- Chase Bank requires customers to call (800) 935-9935 for a temporary increase in your daily ATM withdrawal limit. This request will be considered but is not guaranteed.
- Charles Schwab customers interested in increasing the daily ATM withdrawal limits should telephone customer service at (888) 403-9000.
- With a Citibank regular checking card, you may need to upgrade in order to increase your daily ATM withdrawal limit. Contact customer service using the phone number on the back of your ATM card.
- If you are an HSBC client who needs to increase the amount you can withdraw from an ATM on a daily basis, you can chat live with a customer agent or call (800) 975-4722 to speak with customer service on the phone. You can also Tweet HSBC at @HSBC_US — but never share personal financial information on Twitter.
- PNC Bank invites customers seeking ATM withdrawal limit increases to call (888) PNC-BANK, send a secure message through the website or visit one of its in-person locations. Like HSBC, PNC encourages customers to tweet @PNCBANK_HELP, but keep in mind that personal financial information should not be shared on Twitter.
- TD Bank offers temporary ATM withdrawal limit increases upon customer request. Call TD Bank at (888) 751-9000 or send a secure message through the website.
- U.S. Bank’s daily ATM withdrawal limit depends on the type of account you have. Check your specific account online or call the bank at (800) 872-2657.
How to Increase Debit Purchase Limits
There are a few things you might want to consider before you increase your debit purchase limits on your ATM checking card:
- Am I spending more than I can afford? Just because you have money in your account does not mean you need to — or should — spend it. It may be better to stash extra funds in a savings account like Credit Karma’s Savings so you have money available for a rainy day.
- Should I use a credit card for this purchase instead? If you have a credit card that allows you to accumulate miles or points, you may leave money on the table when you don’t use it. Just be sure to maintain positive spending habits as you use your card.
- How much do you need to spend? If the amount of money you have in your checking account exceeds the amount you need to spend, increasing your debit purchase amounts will not help you. Consider using a credit card or reconsider your spending habits.
If you still want to increase your debit purchase limits, call the customer service numbers as indicated above and discuss this possibility with a support agent. Keep in mind that:
- Your bank may offer you either a temporary or permanent debit card purchase limit increase. It may be tempting to go for the latter but think about the fact that an increased purchase limit may also increase your exposure to criminal activity. A temporary increase may be a better option.
- Your bank may also offer higher-limit cards, an upgrade you may consider if you plan to make larger transactions on a regular basis. Many of these cards also have fraud protection to limit exposure to fraud or theft as mentioned above.
Alternatives to Withdrawing Cash from an ATM
ATM machines offer their own brand of convenience but they also offer challenges as well. For instance, finding an ATM for your specific bank may present a challenge depending on where you are. For example, let’s say you’re traveling and you take money out of another bank’s ATM. You may face fees both from the host bank and your own institution. There are a few alternatives to pulling cash from an ATM machine:
- Keep a greater amount of cash on you. This has its advantages and disadvantages. It’s great to be able to have cash when you need it, especially because nearly all vendors other than “cashless” businesses accept it, but you also run the risk of theft.
- Many businesses offer a cash-back option when you use your ATM or debit card to pay for goods or services. This can be a more convenient way to access cash and you most likely won’t encounter a fee, though some businesses do slap a surcharge on these transactions. Make sure you know whether you’ll pay extra for the convenience factor as it may prove not worth it.
Choose the Right Option for You
Determine whether increasing your limits is the best move. After all, that money may be put to better use in a Credit Karma savings account. Remember, putting money away for a rainy day can save you from a monsoon down the road and can help launch your 2020.