In today’s scenario, everybody’s become aware of their doings and therefore they seek best for their benefits. Earlier when people were less conscious about financial charges, today the picture seems different – as more and more engagement of people to know about all the things. At the time, the use of ATMs for withdrawing and debit cards is common to be found with anyone. Due to the advancement of technology and changing trends people have engaged themselves in such acts. This depicts any nation’s growth and development. In the same way, it becomes necessary to be aware of your expenses in terms of fees/charges. This is why we have come up with the ‘Find Your Daily ATM withdrawal limits and debit purchase limits’ blog.
All the banks or ATMs have set a limit to withdraw money. This is a line drawn to maintain a balance and it also provides safety to users from fraud.
To understand it more clearly, let’s understand:
Why Do ATM Withdrawal Limits Exist?
The main purpose of putting limits on ATM withdrawals is to protect financial institutions and users.
This happens in this way: if a user is allowed to withdraw as much money as he wishes to, there are higher chances of money shortage which will hamper the facility for others who need money.
In other words, to run a huge financial company it’s necessary to have some rules and regulations in terms of limits so that it could work chaos-free. At the same time, it’s for everyone, so that no one suffers.
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What Is Your ATM Withdrawal Limit?
The limit of withdrawal is a subjective choice of each bank and credit union, for instance. It is they who decide or decided on the basis of their policies how much is to allow for withdrawing for each user.
Generally, the limit ranges between $300 -$3000 per day; however, it’s more depending on the kind of account and the financial company you are using.
ATM withdrawal limit is set for users’ benefits which helps in protecting their account from anything bad.
Can I Withdraw $5,000 From an ATM?
Taking out $5,000 from an ATM could be difficult and in most cases, it’s a complete no. The reason for this is clear: withdrawing such a big amount will hamper the continuity of ATMs as they would need to be filled frequently with cash.
However, a few alternatives might be beneficial for accomplishing the task.
- Go and get $5,000 from a bank branch.
- If purchasing, use a debit card and pay it.
- Choosing ACH for money transfer.
What Is Your Debit Card Purchase Limit?
If compared with ATM withdrawal, you can spend more on debit cards: for purchases, paying bills/payments, etc. This is usually because of the frequent usage of debit cards, nowadays.
But again, the amount that you can spend will largely depend on the company you are using the card and also the credit union.
Credit Card Cash Advance
If you have reached your limits but still want to withdraw money, you better be choosing the Cash Advance feature on the credit card. By using Cash Advance, you can exceed the limit of your withdrawal. But, you should be well aware of the repayment of this amount on time, otherwise, you’ll be overpaying interests and fees.
Writing a Check
Writing a check might seem old however it works well for transferring big chunks. This could be done with so much ease. All you needed is to write a check in the name of the receiver and he’ll money off from the bank.
How To Increase Your Withdrawal and Purchase Limits
Increasing your withdrawal and purchasing limits is totally dependent upon the policies your banking partner follows. However, you from your end can make a few things that will certainly be helpful in increasing the limits of your withdrawal and purchasing.
This could be maintaining your account with a decent amount and avoiding overdrafts. By doing so, you will get benefits in terms of limit extension.
Takeaways!
The purpose of this post is to make you aware of ATM withdrawal limits and debit purchase limits. This is needed when you use debit cards and ATMs frequently.
To have knowledge of fees and limits, you could help yourself in saving a big chunk that you would have lost if didn’t know.
Every bank works on its way and therefore has different withdrawal limits along with the fees. Choose yours and have the awareness to be able to remain safe from unwanted expenses.