Bank of America Withdrawal Limit — How Much Can You Take Out?
Posted by Frank Gogol in Banking | Updated on June 15, 2023
Bank of America is one of the leading commercial banks in the United States. With a Bank of America account, you have access to a nationwide network of ATMs. However, you may not be sure exactly how much money you can get at a time, and how long you have to wait. If you want to learn more about your Bank of America withdrawal limit and how it works, read on.
Maximum Money that Can Be Withdrawn at a Bank of America ATM
The maximum amount of money you can withdraw from your Bank of America account at a Bank of America ATM depends on your account type, your balance, and whether you have changed the limits at any point.
If you have never changed the limit, it will still be set to the default amount for your account type.
For a Bank of America checking account, the default ATM withdrawal limit is $ 1,000 per day. Other account types have different limits. Check your online banking profile, or visit your local branch to find out what your withdrawal limit is.
Once you reach the Bank of America withdrawal limit for your account you will not be able to withdraw any more money at any ATM. These limits are a practical measure to ensure all ATM users can get cash when they need it.
Banks only keep a relatively small fraction of their total deposits in cash for practical and security reasons. To ensure as many people as possible have access to cash, banks impose ATM withdrawal limits so that a small number of people don’t end up withdrawing all the cash and inconveniencing others.
You have to wait 24 hours from the last withdrawal for the daily withdrawal limit to reset to zero. Then you will be able to withdraw any amount of money up to your daily withdrawal limit again.
Please note the above information about the Bank of America withdrawal limit applies for users of Bank of America debit cards at Bank of America ATMs.
If you are withdrawing cash from a Bank of America ATM using a different bank’s credit or debit card, then the withdrawal limit will be determined by the other bank, not by the Bank of America ATM. The ATM will allow you to withdraw whatever amount your card allows, and charge a usage fee.
Maximum Money that Can be Deposited at a Bank of America ATM
You can deposit money into your Bank of America account by various methods including check, ATM cash deposit, or in-branch cash deposit. Each method works slightly differently.
The maximum amount of money you can deposit using each method varies. A physical Bank of America branch will allow you to deposit the largest sum of money in person.
ATMs that accept deposits have a limit per transaction because of how much cash their machinery can physically process at a time.
How Quickly Will Deposited Funds Be Available?
For in-branch cash deposits, the funds will be available in your account immediately. For check deposits, the funds may take several days to partially or fully clear. For most check deposits, the money will be available the next business day.
For ATM cash deposits, the funds will be available immediately, but only if the deposit was made during business hours. If you deposit the cash on a public holiday the money will only be available in your account on the next business day.
How To Increase ATM Withdrawal and Deposit Limits
You can increase your Bank of America withdrawal and deposit limit if you need to.
There are a few different ways to increase your Bank of America withdrawal limit.
However, keep in mind you will not be allowed to increase it to any arbitrarily large number—every bank has limits on how much cash it is willing to give to a single customer at short notice.
Listed below are the ways you can adjust your daily ATM withdrawal limit:
- Online banking: You can use the Bank of America online banking portal or smartphone app to increase your ATM withdrawal limit.
- In-branch: You can visit a Bank of America branch in person and a teller will help you increase your ATM withdrawal limit.
- Upgrade account: For a substantial increase in the withdrawal limit, you can upgrade to a different account type with a higher default limit.
There is generally no official limit to the amount of money you can deposit in person at a Bank of America branch, so there is no need to increase it.
Similarly, the deposit limit at ATMs is related to the physical limitations of the machinery—the ATM can only count so many bills at a time.
You can deposit larger sums of money by doing multiple transactions at the same ATM. There is no limit on the number of separate deposit transactions you can make.
How To Get Cash If You’ve Reached Your Limits
If you’ve reached your Bank of America withdrawal limit, there are other ways you can still get access to cash.
Over the Counter Withdrawal
Once you’ve reached your ATM withdrawal limits, you can still get more cash, but you need to do it in a physical Bank of America branch.
There is no official set limit for cash withdrawal over the counter at a branch, but there may be a few practical issues that prevent you from getting more than a certain amount of money:
- Balance: your current balance, and whether you have an overdraft facility is always the ultimate limit. The bank will not allow you to withdraw more cash than you have or that it has lent you.
- Account type: some Bank of America accounts have a minimum balance that you must always keep. Failure to do so may incur a penalty,
- Cash on hand: Modern banks only keep relatively small sums of physical cash (tens of thousands of dollars) on the premises, for practical and security reasons. This means for very large withdrawals the bank will physically not have enough cash to give you. You may be required to give up to a week’s notice to make a very large cash withdrawal over the counter.
Debit Card Cashback
Another way to get cash once you have reached your daily ATM limit is to use the cashback feature on your debit card. The cashback feature allows you to get cash from the till at any participating retail store—ask the cashier if the store supports cashback.
The cashback purchase then counts as part of your daily debit card purchase limit which is separate from your ATM withdrawal limit.
This allows you to get significantly more cash after you reach your limit because the daily debit card limit is generally much higher than the ATM withdrawal limit.
However, keep in mind that if you withdraw cash up to your debit card purchase limit you will no longer be able to use your debit card to make any purchases, in-store or online until the limit resets.
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Your Bank of America withdrawal limit resets daily and prevents you from withdrawing more than a certain amount of money from your account. If this limit is too low, you can raise it using online banking or in-branch. You can still get cash when you’ve reached your withdrawal limits by withdrawing from a Bank of America branch or using the cashback feature at a participating retail store.