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How much money do ATMs hold? You’ve possibly thought about this someday in your life. Or have you probably even researched it without getting the desired answer to feed your curiosity?
However, you might not know this if you didn’t read this article. So, don’t just fold your arms and relax. You may not have gotten a suitable answer, however, do not be discouraged.
In this article, you will find out how much money an ATM usually holds and other interesting details you should know.
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Table of contents
- Why do Banks Have ATM Withdrawal Limits?
- How Much Money Does an ATM Hold?
- How Much Can you Withdraw from an ATM Each Day?
- How Much Cash Can You Withdraw From a Bank in a Day?
- Daily ATM Withdrawal Limits at Top Banks
- How to Increase ATM Withdrawal Limits
- Bottom Line
Why do Banks Have ATM Withdrawal Limits?
For security purposes, banks can set ATM withdrawal limits. ATMs can hold as much cash as the bank can disburse to its customers at any time. The bank sets a maximum ATM withdrawal limit for each customer to control cash outflow.
Then again, banks can set ATM withdrawal limits for security purposes—to protect customers’ accounts. For example, if your debit card was stolen or someone found your PIN. In this case, if there are no withdrawal limits, such a person could drain all the money in your account.
While ATM withdrawal limits can be seemingly annoying, it helps protect your money.
How much money does an average ATM hold? I know you’ve been hanging on to read the answer to this question. So, your question about how much money an ATM usually holds will be answered here.
The regular ATM holds up to $200,000. However, how much money an ATM can hold varies depending on some factors. Factors such as the machine’s frequency, network connection, location, and time of the day can affect how much money an ATM can hold.
Bank ATMs can hold up to $200,000 at once. But retail-based ATMs differ in the value of notes they can hold. ATM cash notes are held in boxes known as “cassettes.” Each cassette holds one denomination.
In the US, ATMs usually dispense money in two denominations: $20 and $50. So, in a nutshell, the majority of ATMs in the US dispense money in these two denominations.
A typical ATM has four cassettes—two for $20 bills and two for $50 bills. Each cassette can hold up to 2,000 notes. Hence, an ATM can hold up to 4,000 $20 and 4,000 $50 bills.
Hence, an ATM that holds 4,000 notes of $20 and 4,000 notes of $50 is expected to have nothing less than $280,000. However, this differs according to ATMs.
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Still, on how much money an ATM holds, let’s look at how much a gas station ATM can hold.
Typically, a gas station ATM holds less than a bank ATM. You may wonder why it is so. It is because bigger transactions are carried out in the bank than in the gas station.
Although, how much an ATM (gas station) holds differs by station and customer base. But a gas station’s average ATM could hold between $50,000 to $80,000.
In addition, a restaurant owner or retail store will probably load their ATM with $2,000 to $5,000 (in $20 bills).
How Much Can you Withdraw from an ATM Each Day?
Usually, ATM maximum withdrawal limits depend on individual banks; every bank and credit union has its limits and policies. However, the general ATM withdrawal limit is between $300 and $1,000 daily.
Also, this depends on your bank or credit union; there’s no established daily ATM cash withdrawal limit. And personally, your ATM withdrawal limit could also be determined by your account type and banking history.
For instance, if you are a new customer to a bank and have just opened a basic checking account, your ATM withdrawal limit will likely be lower than that of someone who has had a premium checking account with the same bank for 10 years.
In addition, ATM cash withdrawal limits for specialty accounts like student checking or second chance checking could also differ.
Aside from the daily ATM withdrawal limit established by individual banks and credit unions, a few ATMs can have limits on the amount of money they can dispense for each withdrawal. Daily ATM withdrawal limits could differ from daily purchase limits.
For instance, your bank’s maximum ATM withdrawal limit could be $500; however, you might be able to make purchases up to $5,000 daily with your debit card.
Financial institutions may have different limits for ATM withdrawals and purchases. Or they may establish a third limit on the total amount of money that can leave your account through purchases and withdrawals daily.
The bank’s cash withdrawal policy determines the amount of money you can withdraw from a bank in one day. Depending on your bank, you may be able to withdraw $5,000, $10,000, or even $20,000 in a single day. Or it could even be lesser than these amounts.
Keep in mind that huge cash deposits and withdrawals are tracked by the federal government. Hence, every bank must report cash transactions/withdrawals of up to $10,000 or more in cash equivalents (like money orders or cashier’s checks).
This rule applies to lump-sum deposits or withdrawals and similar payments within 24 hours. The IRS needs these reports to discover likely fraudulent activity. This doesn’t mean you should not withdraw $10,000 cash to purchase a car or any large purchase (if necessary). However, remember that these transactions will be reported to the IRS.
The maximum or minimum amount of money you can withdraw from your checking account daily varies by bank. Bank ATM withdrawal limit for community or regional banks can differ from big banks. The daily ATM withdrawal limits for Brick-and-mortar banks can differ from that of online banks.
The table below displays the daily ATM withdrawal limits of top banks, online banks, and brick-and-mortar banks. Note that there could be exceptions to the limits displayed in this table, depending on your banking relationship and account type.
|Bank of America
|Charles Schwab Bank
|Fifth Third Bank
|Morgan Stanley Bank
|Depends on the customer’s relationship
|It depends on the customer’s relationship
|Wells Fargo Bank
|It depends on customer relationships.
Note that the ATM withdrawal limits mentioned above are only applicable to checking accounts at these banks. However, the ATM withdrawal limits for a money market account or savings account at the same bank may differ. It is important that you know the bank’s monthly withdrawal limits for savings accounts.
Before now, you were limited to six monthly withdrawals from a savings account by Federal Regulation D.
But the rule was indefinitely suspended due to the coronavirus pandemic. Nonetheless, various banks establish limits on how many withdrawals you can make (from a savings account) every month and debit card transactions (excluding ATM withdrawals).
If your bank establishes such limits, you should know how to avoid surpassing them. Withdrawing more than the established limit can give rise to a high fee per transaction.
Have you been thinking of a way to increase your ATM withdrawal limits? It’s not as difficult as you may think. All you have to do is call and request an increase. Your credit union or bank might consider increasing your ATM cash withdrawal limits—permanently or temporarily.
Any of the following factors will determine whether the bank agrees:
- How long have you been a customer
- Your account type at the bank
- Account history
- Whether you are requesting a permanent or temporary increase
For example, suppose your reason for requesting an increased withdrawal limit is for a vacation or a large purchase. In that case, your bank may consider you and temporarily increase your ATM withdrawal limits.
As soon as this temporary period elapses, your maximum ATM withdrawal limit will return to its previous state. On the other hand, if you need a permanent increase in your ATM withdrawal limit, be ready to make a case regarding why the bank should accept it.
Don’t forget that these limits were made to secure your account. Therefore, if your withdrawal limit was increased, you should watch your debit card closely. Otherwise, someone else can access more of your money if your card gets lost or stolen.
Having fed your curiosity about how much money an ATM can hold, I suppose you wouldn’t be asking such a question anymore. And with the knowledge you’ve gained from this article, you should be able to have better banking experiences henceforth.
ATM withdrawal limits can be seemingly annoying. However, these limits are for the safety of your account. And if, for any reason, you would like your ATM withdrawal limit to be increased, contact your bank and make your request.
Remember that there are other factors (which we have discussed above) that the bank will have to consider before knowing whether or not to consider your request.
Your ATM withdrawal limit should be in your online or mobile banking app. So, log in to find out. But if you didn’t see it there, contact your bank and ask how much you can withdraw at the ATM per day and per transaction.
Yes, you can. You can withdraw money from your available credit limit with a credit card cash advance. Your cash advance limit is likely to be less than your purchase limit. Taking cash advances from a credit card can result in a cash advance fee and a higher APR for that transaction.
You can get this done by making it out to cash, filling in the amount, and signing it. Then take it to the bank and let the teller cash it (just like you would cash any other check).
Yes. ATMs have GPS tracking devices.
Careless ATMs let you access your account or withdraw from it without using a physical card. These ATMs would rather use text message verification or a banking app (on your phone). Therefore, if someone gets hold of your phone, the person could make a cardless withdrawal from your account.