How Much Money Can You Take Out of an ATM?
The amount of money people can take out of an ATM depends on the card issuer. Because each bank places its own limits, some cap the amount at $500, while others cap at $1,000. Cardholders who have reached their daily limit can wait 24 hours and get additional money from the ATM.
Banks limit the amount of money any one person can remove from their account as a security measure. With identity theft and fraud on the rise, banks limit their exposure by placing a cap on daily withdrawals. Many banks lift the daily limits if their customers ask in advance. To temporarily lift the cap on ATM withdrawals, one must contact their bank before attempting a withdrawal.
Another option some people use to avoid caps on their ATM cards is transferring funds. Because many banks allow customers to transfer funds to other financial institutions, one can always transfer and withdraw the rest of the money they need. Of course, this only works if transfers happen in real time. Prepaid cards are capable of transferring funds in real time, allowing customers who bank with them to withdraw additional funds.
Banking customers always have the option of going into their local branch and withdrawing money. Visiting a branch means eliminates the cap on withdrawals.
