People save money in banks and other financial institutes so that they can use the funds whenever they need them. However, different banks have their own withdrawal limits and it can question your ability of how much money you can access from your bank account at once. There are quite a few ways you can withdraw money from a bank account, like ATM withdrawal, check withdrawal, debit card purchase, etc. How much you can withdraw from your bank account depends on each bank’s withdrawal policy.
So, keep reading this article if you want to find out the withdrawal limits of different USA banks!
What is Bank Withdrawal Limit?
The bank withdrawal limit refers to the amount of money you can withdraw from your bank account. You can withdraw money from your bank account in quite a few ways and each bank has different withdrawal limits for each method. Therefore, you should contact your bank branch to find out all the details about the withdrawal limits.
One key reason for each bank’s withdrawal limit is to prevent fraudulent activity. For example, each ATM contains lots of money. Now if someone gets access to your ATM card then he/she will be able to withdraw all the money from your account using the ATM card. But, due to the ATM withdrawal limits, the fraud won’t be able to withdraw too much money from your account.
How much Money Can you Withdraw from a Bank Account?
If you are using a check to withdraw money from your bank account then you can withdraw as much money as you can as long as your account has the required balance. You can withdraw $10,000 or more from your bank account using the check. However, if you withdraw at least $10,000 from your bank account then the bank will inform the US Federal Government about the transaction. The Federal Government reporting requirements are from the Bank Secrecy Act (BSA). According to this Act, it is mandatory for banks and other financial institutes to report to the Federal Government if the transaction is $10,000 or above.
The main purpose of this reporting is to help the government monitor financial transactions and identify any illegal activities like money laundering, purchases of illegal goods, or terrorism. So, when there is a transaction of $10,000 or above the bank authority report under the BSA and provides all the information regarding that transaction to the Financial Crimes Enforcement Unit (FinCen).
The Financial Crimes Enforcement Unit is a bureau within the U.S. Treasury Department. Then the FinCen investigate the transaction report and if they find anything suspicious then they to further investigation. Moreover, they keep the transaction record and build a centralized database of this type of banking activity so that they can use the data to identify criminal activity.
What is ATM Withdrawal Limit?
The ATM withdrawal limit is a type of limit that prevents you from withdrawing any amount of money from the ATM using your debit card. Every bank puts an ATM withdrawal limit so that debit card users will be able to withdraw a certain amount from the ATM. Depending on the bank the ATM withdrawal limit could range from $300 – $1000.
For example, if your bank’s ATM withdrawal limit is $500 then you can withdraw a maximum of $500 from the ATM per day. Sometimes the ATM withdrawal limit depends on what type of bank account you have. You can contact the bank authority to find out the ATM withdrawal limits.
Daily ATM Withdrawal Limits of Different USA Banks
| Name of the Bank | Daily Withdrawal Limit |
| Ally Bank | $1,000 |
| Bank of America | $1,000 |
| BB&T | $500 – $1,500 |
| Capital One | $600 – $1,000 |
| Charles Schwab Bank | $1,000 |
| Chase Bank | $500 – $3,000 |
| Citi Bank | $1,000 – $2,000 |
| Citizens Bank | $500 – $1,000 |
| Fifth Third Bank | $810 |
| HSBC | $500 – $1,000 |
| KeyBank | $300 – $1,500 |
| Morgan Stanley Bank | $1,500-$5,000 |
| PNC Bank | $500 – $2,000 |
| State Street Trust & Bank Co. | $300 |
| SunTrust Bank | $505 |
| TD Bank | $750 – $1,000 |
| US Bank | $500 |
| Wells Fargo Bank | $300 |
| BMO Harris | $520 |
| Union Bank | $500 |
What is Daily Debit Purchase Limit?
Every debit card has a daily purchase limit and it prevents you from spending a large amount of money with your debit card. The purchase limit of a debit card is higher than the daily ATM withdrawal limit and if you have a checking account then you can spend the entire balance in your account with the debit card.
The daily debit purchase limit also varies from bank to bank therefore, you should contact the bank to find out the daily debit purchase limit of your debit card.
Daily Debit Purchase Limits of Different USA Banks
| Name of the Bank | Daily Debit Purchase Limits |
| Bank of America | $5,000 |
| BB&T | $3,000 – $6,000 |
| Capital One | $2,500 |
| Chase Bank | $400 – $3,000 |
| Citibank | $5,000 – $10,000 |
| HSBC | $3,000 |
| Huntington National Bank | $400 |
| M&T Bank | $2,500 |
| PNC Bank | $100 – $9,500 |
| Regions Bank | $5,000 |
| Santander | $5,000 – $11,500 |
| SunTrust | $3,000 – $30,000 |
| U.S. Bank | $10,000 |
| Wells Fargo | $600 – $10,000 |
| Ally Bank | $500 in first 90 days, then $5,000 |
| Navy Federal Credit Union | $3,000 to $5,000, depending on the account type |
| State Employees Credit Union | $4,000 |
FAQs about How Much Cash Can you Withdraw from a Bank
Can I Withdraw $5,000 From an ATM?
The answer to this question depends on the bank where your account is. However, in most cases, you won’t be able to withdraw $5,000 from an ATM. But you can contact the bank authority and ask them whether there is an alternative way of withdrawing $5,000 From an ATM.
What factors determine the ATM withdrawal limits?
There are quite a few factors that determine the ATM withdrawal limits:
- Type of your bank account
- The age of your bank account
- Average daily balance
- History of over-drafting
- Credit history
- Credit score
What USA banks allow you to withdraw $1,000 in one day from an ATM?
There are quite a few USA banks available that allow their customers to withdraw $1,000 from an ATM in one day. Below is the list of banks –
- Capital One Bank
- Chase Bank
- Citi Bank
- BMO Harris
- HSBC Bank
- Charles Schwab Bank
- Bank of America
- Ally Bank
Can I withdraw $20,000 from the bank of America?
Yes, it is possible to withdraw $20,000 from the bank of America. But you have to visit the bank physically and use the cheque to withdraw that amount of money. Moreover, your bank account must have a sufficient balance.
How much cash can I withdraw from a bank before a red flag?
You can withdraw below $10,000 from a bank before a red flag. If your withdrawal amount is $10,000 or above then it will trigger the federal government reporting requirements!
How much can I withdraw from the US bank teller?
No law specifies the amount of money that you can withdraw from a US bank teller. In fact, you can withdraw any amount of money from a US bank teller as long as your bank account has the funds, but you should keep in mind that if your withdrawal amount is $10,000 or more then the bank will report your transaction to the federal government. The federal government will investigate your transaction for any suspicious activities.
References:
https://www.forbes.com/advisor/banking/atm-withdrawal-limits/
https://www.gobankingrates.com/banking/checking-account/atm-withdrawal-limits/
Last Updated on August 7, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
