Are you searching for ATM Withdrawal Limit Bank of America? If so, This article have been written to take care of everything.
Although it’s unlikely, it’s not impossible. You might hit the Bank of America ATM withdrawal limit someday.
ATMs usually have daily, weekly, or monthly withdrawal limits that various bank imposes on its users. In some cases, however, ATM withdrawal limits are imposed by the government as legislation.
You might be wondering, why will a bank, or the government even want to impose a limit to how much of your money you can withdraw?
Look no further, old sport; this article is here to answer all questions you have about ATM withdrawal limits, generally, and that of the Bank of America in particular.
What is an ATM withdrawal limit?
It’s a simple grammar, right?
“ATM withdrawal limit.” It’s the highest amount of cash you can withdraw from an Automated Teller Machine within a particular period.
It is in place for every bank in the United States, and it varies according to the bank.
However, the limits are pretty steep, and it is highly unlikely that you’re ever going to hit that limit. That said, it is worth knowing before you’ll want to proceed with that urgent contract that requires you to pay in cash.
Why is There a limit on Bank of America ATM withdrawals?
Banks are for saving money right?
Why then will I keep my money in the bank, and still be disallowed to get my money back?
This is a question most people ask, without constructively thinking about the potential advantages of having the bank impose an ATM withdrawal limit on their accounts.
In this section, I’ll save you the thinking stress, and walk you through the reasons why the Bank of America limits your daily ATM withdrawals.
- Account security
You have lots of money in your bank account, maybe all your money is there. Imagine if a stranger gets access to your ATM card, and your credentials; your money is doomed already, right?
Not totally. All thanks to the ATM withdrawal limits, someone with access to your ATM credentials can’t just withdraw everything you have in your account, leaving you with null.
If you take time to imagine this situation happening, you’ll wish your ATM withdrawal limit is much higher than what it is.
Bank of America has thought for you, and they’ve also implemented withdrawal limits on your account by default.
You are welcome.
- Availability of cash
One of the sole purposes of banks is to keep the money for their customers, right?
True, but a bank can only have so much cash handy at any given time. This handy cash is what they offer to customers that need cash, via an ATM.
Without any limits on the amount each individual can withdraw, there will be a disparity in the distribution of funds to customers.
Very rich people could withdraw the entire cash in the bank, and others are left with none. Having a predefined limit helps to eliminate the possibility of this incident occurring, which appears to be an excellent idea.
What is the ATM withdrawal limit for Bank of America?
The Bank of America allows you to withdraw up to $1,000 from any supported ATM using your card on any given day. However, the daily limit for debit purchases is stepped higher at $5,000.
This is 2021, and businesses have gone digital. The fact that you can pay for almost anything without having to handle cash makes the daily withdrawal limit look manageable.
Unless you’re buying the new Toyota Corolla Sedan with cash, you’re unlikely to ever hit an ATM withdrawal limit anytime soon.
What if you’re actually planning to get a Corolla?
How can you get the Bank of America to increase your ATM withdrawal limit to make the buying process easier?
We’ve got you covered in the next section.
How to increase your Bank of America ATM withdrawal limit
Bank of America doesn’t allow you to withdraw upwards of a grand, but are there any workarounds?
Are you really stuck to a thousand dollars of cash daily?
No, you’re not. In this section, you’ll learn how to increase Bank of America’s ATM withdrawal limits, so you can reliably buy your Corolla from your cash.
- Call the bank
Placing a phone call across to a representative of the Bank of America can help you in getting your limits increased.
While this might help, there are no hard rules that enforce the Bank of America to raise your limits when you place a call through. There are some factors that the bank will observe when determining if you are worth the raise.
Some factors that might influence the Bank of America to increase your withdrawal limits may include:
- How long you’ve had an account with the bank. Older accounts might have an advantage over newly created accounts in this aspect.
- Your previous withdrawals. You might not be considered for higher withdrawal limits if you’re barely scratching the surface on your current withdrawals.
Note that banks, including the Bank of America, will require you to verify your identity to ensure you’re not trying to raise the withdrawal limits for malicious purposes.
- Other workarounds
If you can’t get the Bank of America to increase your daily withdrawal limits, you can go to any of the bank’s branches to withdraw cash, regardless of your ATM withdrawal limit. Just be prepared to answer the police if your cumulative withdrawals get too high.
The Bank of America allows you to withdraw cash from an ATM, but not to buy a Corolla. In fact, you can’t withdraw upwards of a thousand dollars.
If you need so much cash that withdrawing from an ATM won’t do, you might want to consider one of the other options in this article.
Hope you have known ATM Withdrawal Limit Bank of America? Thanks for reading, please share with family and friends.