While developed societies are striving to incorporate cashless solutions, there is no denying that there are times when you may need money in your wallet. Having cash on hand is crucial, precisely when the idea of cashless has not been completely incorporated in society. Generally, one doesn’t usually want to use their credit card to buy quick items like a pack of gum and or snacks at a convenience store.
Inasmuch as this is true, ATMs are the best solutions to turn to in situations where you need cash. Of course, people rarely want to visit banks for their cash needs; they instead commute to nearby ATM to withdraw cash. However, like a regular card user, you understand that you can only withdraw a specific amount of cash and not more than that. In other words, every bank allows its customers to withdraw a limited amount of cash from an ATM. Here is what you need to know:
Why there are Withdrawal Limits?
It is no secret that ATMs carry a bulk of cash; however, the amount is limited. In other words, banks keep a specific fraction of their deposits in cash, which is one of the major reasons for withdrawal limits.
Other than this, these financial institutions limit ATM transactions in case a criminal steals your bank card, determines the PIN code, and then attempts to rob the entire amount present in your bank account. It is essential to mention here that banks never recover the money withdrawn using a stolen card.
Which Type of Accounts Have Limits on Cash Withdrawal?
While most customers can access their saving and checking accounts through a portable cash machine, banks have applied withdrawal limits on checking accounts. So, it means that you can withdraw a more significant amount of cash from an ATM if you are using your saving account.
However, keep in mind that saving accounts are subjected to a federally-mandated limit of 6 withdrawal transactions in a month. Besides this, other accounts, including the student accounts, tend to have lesser restrictions; this will allow students to manage their expenditures and spending.
What are the Maximum Withdrawal Limits for a Day?
Depending on what option you opt for while opening a bank account, your ATM card will be subjected to the withdrawal limits mentioned by your bank. If you often require large amounts of cash, make sure to open your account in a bank that offers maximum withdrawals for a day through ATM.
For instance, Wells Fargo Bank allows $300 cash withdrawals daily limit. Moreover, Bank of America enables up to $1,000 cash withdrawal per day. On the other hand, Citibank allows its customers to withdraw up to $2,000 daily from an ATM.
How to Get More Money?
If you want to withdraw more than your cash withdrawal limit, then you may need to visit your bank. However, if you do not wish to commute to your bank, then a cash advance is the most convenient option for you. Instead of using your debit card for cash withdrawal, use your credit card to withdraw money from an ATM.
Well, cash advances allow you to withdraw cash from an ATM through your credit card; the withdrawn amount will be deducted from your credit line. Although you will not need to visit a bank, they will charge a fee for the cash advance facility.
Other than this, you can request cash back at a gas station or grocery store. Do not forget that debit cards usually have daily limits for in-store transactions. Therefore, if you try to receive a large amount of cash at a grocery store, or attempt to make a large purchase, you may find your card subject to a spending limit.
The Bottom Line
It is worth noticing for people in a business that ATMs have become ubiquitous; investing in ATM business will help you improve your brand reputation since you would be providing the customers with maximum convenience and easy-to-access cash solutions. So, if you are looking for a dependable and integral ATM solution, none is better than installing MOBILEMONEY’s portable cash machines at your business place.