Do you bank with Chase?
Confuse about their savings withdrawal limit?
This article has all you need to know about Chase Savings Withdrawal Limits For All Transaction Type. Don’t miss the read.
Chase Bank is one of the larger banks in the United States, and they have hundreds of ATM joints.
While this might indicate accessibility, there is no fluidity in the amount of money you can withdraw from a Chase ATM, especially if you’re holding a savings account.
there is a limit to how much money you can withdraw per day using a Chase Bank ATM. These fees are referred to as the Chase Savings Withdrawal limit.
Before going to the bank with your debit card, it is always a smart move to know how much you can collect from your ATM, and how to get around these limits. This article has got you covered buddy.
What Are Chase Bank Savings Withdrawal Limits?
If you’ve not tried withdrawing an enormous amount of money from an ATM at once, you may still think you can withdraw any amount from an ATM.
From a neutral standpoint, that point seems fair. But if we review it, there can be nothing more unfair than not placing account holders on withdrawal limits.
Fingers aren’t equal, they say. While you mightn’t need more than $500 every day, Bill Gates will be willing to withdraw north of a million bucks.
If your bank has given Bill Gates all he wanted, lots of people will go cashless for some time. Withdrawal limits came to curb this.
Your savings withdrawal limit is the maximum amount of money you can withdraw from the account in one day. This figure varies across banks but stays in a well-defined range.
Withdrawal limits are not only for Chase Bank accounts, and they go beyond savings accounts.
Why Do Chase Saving withdrawal limits exist
Even if your bank has enough money to pay you everything in your savings account, they won’t do that if you can’t withdraw everything in six tries, no thanks to the Federal Reserve Board Regulation D.
The Regulation D is what prevents your bank from letting you access your savings more than six times in a month. If you go over this limit, you might have to pay a fine. Your bank might even turn your account into a checking account to keep up with your usage pattern.
For Chase Bank, when you’ve reached the limits, you will be charged a $5 fine for making another transaction.
Chase Savings Withdrawal Limits
If you think checking accounts have annoying withdrawal limits, wait until you see the withdrawal limits for savings accounts.
Not only do you get restrictions for how much money you can withdraw per day, you also get restrictions for how many times you can withdraw in a month.
Well, Chase Bank is known to give one of the generous withdrawal limits, and their savings accounts follow this tradition religiously.
If you use Chase Bank, you should expect your withdrawal limit to be around $1,000, if you’re holding an ordinary account. this amount can go up to $3,000 if you’re using an in-branch ATM.
While this limit applies to both savings and checking accounts, savings accounts add an extra layer of limits to the already infuriating $1,000 daily maximum; six monthly withdrawals.
Yes, the point is that you cannot withdraw more than six times every month if you hold a Chase Savings account.
The in-store purchase limit is usually higher, maxing out at $3,000, but trust me, you don’t want to swipe the card for your savings account at a store!
If you’ll always need cash so badly, you might as well go for another account type. If you only need cash urgently, then sure, it’s your money. There are hacks that might help you get more than your withdrawal limit from Chase Bank.
How to Get Around Chase Savings Withdrawal Limits
While Chase Bank takes it upon themselves to dictate how much of your money you can actually withdraw, it doesn’t have to be this way.
Using some unofficial hacks, you can get around the withdrawal limits on your savings accounts, and you’ll never find yourself wanting cash so badly anymore.
Here you go.
- Consider a checking account
If you find yourself needing cash so frequently, a savings account mightn’t be for you anyways. A savings account is for keeping your money to earn interest. If you’re not comfortable with that, you should try a checking account.
Chase offers checking accounts with numerous benefits to holders. The most important one is that you get to withdraw as much as $3,000 per day, without any monthly transaction restrictions.
If you’re not okay with that, you might consider getting some higher deals, which will surely suffice, unless you’re buying Chase bank.
- Ask for an increase
If you need to raise your limits temporarily, you can contact Chase Bank support, and they might help you raise the limits.
However, holding a savings account might be one hindrance, as your money shouldn’t be always available for you. The bank is using your money for businesses, and making it available to you doesn’t sound alright.
- Use an in-branch ATM
Any Chase Bank ATM will let you withdraw up to $1,000 per day, but only in-branch machines will let you withdraw up to $3,000.
Given that there are more than 4,700 Chase Bank branches across the United States, finding a branch shouldn’t be that hard. You can use locator.chase.com to find the nearest Chase Bank branch.
- Get a checking account
You can own more than one bank account; that’s not illegal. You should consider getting a checking account to supplement your savings account.
You can then separate the money for bills and other daily transactions from the money in your savings account. This way, you don’t care whatever the withdrawal limits are; you know your bank has got you covered.
Savings accounts are somewhat limiting, even when it’s with Chase Bank. While Chase Bank is known mostly for its generous withdrawal limits for checking accounts, Regulation D won’t allow it to offer similar treatment for savings accounts.
If you’ll like to get more than Chase Bank can give, you can try some of our suggestions above.