The highest sum you are permitted to withdraw from a Bank of America account at an ATM varies depending on the type of account, the balance, and whether or not you’ve ever adjusted the withdrawal restrictions.
The default value will still affect your account type if you have never modified it.
The standard ATM withdrawal cap for a checking account with Bank of America is $1,000 per day.
Similarly, the weekly and monthly withdrawals can be calculated by multiplying the daily limit with the days in a week and year.
Different limits apply to other account types. For more information about your withdrawal limit, examine your internet banking profile or visit a nearby branch.
Further, you won’t be allowed to make any more ATM withdrawals once you’ve reached your account’s Bank of America withdrawal cap.
These restrictions are a sensible precaution to guarantee that all ATM customers can obtain cash when they would require it.
For logistical and safety concerns, banks only maintain a small portion of their overall deposits in cash.
Banks establish ATM withdrawal limitations to ensure that as many individuals as possible have access to cash and to prevent a small number of people from accidentally/intentionally withdrawing all the money and disrupting other transactions.
The daily withdrawal cap won’t reset to zero until 24 hours have passed since the last withdrawal. Once that happens, you can withdraw any sum of money you want up to the daily withdrawal cap once more.
An important thing that needs to be noted here is that the Bank of America withdrawal limit mentioned above does not apply to anyone using a card issued by any other bank.
In this case, the withdrawal limit will be set by the other bank, not the Bank of America if you use a credit card or debit card issued by a different bank to make a cash withdrawal.
You can use the ATM of BOA to withdraw any funds using a card issued by any other bank, but there is a cost for using the BOA ATM if you own a card from any other bank.
Maximum Amount of Cash Acceptable for Deposit at a Bank of America ATM
Check, ATM, or in-branch cash deposits are just a few ways to make deposits into your Bank of America account. Every approach functions a little bit differently.
Each deposit method has a different maximum amount. There is no limit for deposits if you visit a Bank of America branch.
However, due to the amount of cash that an ATM’s hardware may physically process at one time, these machines do have some limits per transaction.
The second thing that users need to know is how soon the deposited funds will become accessible. The cash deposits made at a branch will be credited to your account immediately.
The funds for check deposits might not fully or partially clear for several days. However, the following working day is when most check deposits become accessible.
The money will be available immediately if you deposit cash using an ATM during regular business hours. If you deposit cash on a holiday, the funds won’t be available until the following working day in your account.
Now, the question arises if you can change the limit for the withdrawal/deposit in the bank.
How to Raise ATM Withdrawal and Deposit Caps for Bank of America?
You can raise the withdrawal cap of your Bank of America in a few different ways.
You should remember that you won’t be able to boost it to any arbitrary high quantity; every bank has a cap on how much cash it will quickly disperse to a single consumer.
Here are the methods for changing your daily ATM withdrawal cap:
To raise your ATM withdrawal cap, the Bank of America mobile app or online banking account can be used; it gives an option to increase the limit.
By visiting the teller at the Bank of America branch, you can get assistance in raising your ATM withdrawal cap when you come in person,
Or you can upgrade to an account type with a larger default limit for a significant rise in the withdrawal limit. However, these enhancements are limited and even unavailable in certain cases.
There is no need to raise the official maximum amount that can be deposited personally at a Bank of America location because there is typically no such cap.
You can deposit more money if you use the same ATM for many transactions. You are permitted to make an unlimited number of distinct deposit transactions.
However, your Bank of America withdrawal limit restricts you from taking more than a specific amount of money out of your account, which resets every day.
You can increase this limit if it is too low by going into a branch or utilizing internet banking. (This enhancement is limited)
Even if you’ve used up all of your permitted withdrawals, you can still collect cash by visiting a branch of Bank of America or using the rewards program at a partner retailer.
Why withdrawal/deposit are important factors for opening a bank account.
So, if you plan to open new savings or checking account, one factor to consider is the amount that may be withdrawn or deposited at an ATM.
Further, if you frequently deposit or withdraw sizable sums of money, be sure that you can do so in a method/threshold that meets your demand.
It will help you manage your finances if you know the maximum amount of cash you can take from an ATM using your bank checking or savings account and what to do if you require more.
But you might not be certain of the amount of money you can receive at one time or the length of the waiting period.
One of the important factors for choosing the bank for opening a bank account is the withdrawal/deposit limit at the ATM. People are reluctant to visit the branch daily and want to execute financing operations via ATM.
The withdrawal limit for different banks and different bank accounts is different. However, generally, $1,000 is daily limit. The monthly, weekly, and yearly limit can be obtained by multiplying the daily limit by the number of days in months, weeks, and years.
Further, it’s important to note that you can use a bank of America ATM even if you have a bank account in a different bank. The limits and other factors are dependent on the bank that issued a card.
These withdrawal limits are to protect the public in general. It helps ensure all the customers can access certain limited cash via ATM.
However, if unlimited cash withdrawal is allowed, it would be seriously challenging for the bank to manage ATM operations. In addition, there are no such limits for the deposit at the bank if you visit any of the Bank of America branches.
Frequently asked questions
Is bank of America a good bank?
Bank of America enjoys a higher reputation in the area of retail banking. BOA has received the top ranking for the year 2021. Further, they have an extensive network of ATMs and bank branches. It helps them to serve a large population with their quality services.
How many types of accounts are offered by BOA?
BOA offers the following types of accounts.
- Safety balance banking account (checking account)
- Advantage plus banking (checking account)
- Advantage savings (Savings account)
What are the requirements for opening a Bank of America account?
Following are the main requirements for an opening account at the bank of America.
- Choose a suitable account type, including safety balance, advantage plus banking, and advantage saving banking.
- Gather all essential information/documents, including social security number, home address, email address, funding method etc.
- Fill out an application form and ensure appropriate attachments.