There is no standard or shared limit for how much money can be taken out from an ATM daily; different banks set separate limits for customers depending on the type of account, and ATM networks have their own restrictions on how much a user can withdrawal at a time. On average, most banks limit withdrawals from ATM machines to $500, with some extending the cap to $1,000 and reducing it to as low as $300, as reported by the Boston Globe.Continue Reading
A major reason that a bank limits the amount of cash that can be taken out of an ATM is to prevent cash machine related crime. If thieves steal a client's debit card or force the client to take out money for them, the limit stops the criminals from liquidating an account.
Banks also give customers the option to set a card and accounts limit by adjusting the card's settings through an online portal, safely and securely giving clients an option to budget and safeguard withdrawals, as explained by Bank of America.
In addition to the limits set by the bank, the ATM has a preset limit determined by individual machine owners, much in the same way that the machine's owner sets the fee for using it. ATMs also have limits on how many bills can be dispensed at a time, on average about 40, as highlighted by Tom's Guide.Learn more about Banks