Banks across Canada place ATM withdrawal limits on accounts to protect consumers (and the banks) from unauthorized access. This ensures that if a criminal somehow gets into your account, they can only take out a few hundred dollars instead of emptying it.
Individual banks have different limits for Automated Teller Machine (ATM) withdrawals. These are based on your personal account factors, which means it's important to read your account’s terms and conditions.
This article covers how to change your limit if you feel it's too low, what to do if you need to access funds above your limit, and more.
Key Takeaways
- ATM withdrawal limits are daily caps on cash withdrawals from ATMs, which can protect users and bank from unauthorized withdrawals.
- Canadian banks set varying ATM withdrawal limits, based on things like account type, transaction history, and individual circumstances.
- If you hit your daily limit, you can use alternative payment methods, visit a branch, or use cash advance or cheque-cashing services.
What are the ATM withdrawal limits at banks?
ATM withdrawal limits are typically between $300 and $1,000 per day. However, these limits are not standardized, and each financial institution usually establishes its own policies.
For example, Tangerine Bank’s limit is $1,200, and EQ Bank’s is $500.
Canadian banks set daily ATM withdrawal limits to mitigate the risks of unauthorized transactions and ensure account security.
The following factors can influence your personal ATM limit:
- Account type
- Transaction history
- Account balance
To determine your personal limit, read the conditions of your banking agreement, consult your online banking details, or contact your bank’s customer service.
How to change your ATM withdrawal limit
Depending on your bank, you may be able to temporarily or permanently change your ATM withdrawal limit. Keep in mind, though, that it’s also possible that certain banks may not offer any flexibility to change your ATM limits. This is often true of online banks.
In such cases, options do exist (more on that in a moment).
Here’s how to modify your ATM withdrawal limit:
- Utilize online banking: Some banks, such as RBC, allow customers to adjust their withdrawal limits through online banking platforms. Check whether this is an option for you to save time. Otherwise, move on to the next step.
- Contact customer service or visit a branch: Reach out to your bank's customer service through a branch, the provided helpline, or online chat. Inquire about the possibility of adjusting your withdrawal limit.
- Provide the necessary information: Regardless of how you contact your bank, be prepared to share your account details and personal identification. Some banks may request additional documentation to assess your eligibility for an increase in ATM withdrawals.
- Explain reasoning: Clearly articulate the reasons behind your request, such as travel plans or specific financial needs. Keep in mind that banks may take your transaction history and banking behaviour into account when evaluating your request.
- Evaluate your relationship with the bank: Long-standing customers with a positive banking history may find it easier to negotiate higher withdrawal limits. Highlight your loyalty and responsible financial conduct to strengthen your case.
What to do when you’ve hit your ATM withdrawal limit
If you’ve reached your daily ATM withdrawal limit, you still have options. Consider the following steps as alternatives to seeking out funds in other ways:
- Switch cards: Use another debit or credit card to withdraw funds, keeping in mind that cash advance and interest fees will likely apply to ATM withdrawals made with your credit card.
- Go to the bank: Visit a branch where a bank teller can provide you with cash without the limits associated with ATM withdrawals.
To avoid reaching your limit in the future, take a look at these tips:
- Plan ahead by estimating your cash needs in advance, especially during travel or special events, and make larger withdrawals when possible to reduce frequency.
- Leverage online banking tools to keep track of your limits and contact customer service if you need modifications.
- Think about switching to higher-limit options at different financial institutions, or open another chequing account to supplement the limit of your existing debit card.
FAQ
What is an ATM withdrawal limit?
An ATM withdrawal limit is the maximum amount you can withdraw from an Automated Teller Machine (ATM) in a single day. Each bank sets its own limits, all to help enhance security and manage financial risk.
Can I change my withdrawal limit at the ATM?
No, you cannot change your withdrawal limit at an ATM. Adjustments typically require logging into your online banking portal to update your daily limits or contacting your bank, either in person or by telephone, to request these adjustments.
What is the TD ATM withdrawal limit?
The TD ATM withdrawal limit varies by customer. Individual limit amounts are based on factors such as account type, history, and individual circumstances. In general, however, you can expect a limit between $200 and $1,000.
Does the ATM withdrawal limit reset at midnight?
ATM withdrawal limits don’t universally reset at midnight – each bank is different. For example, Simplii Financial resets daily at 6:00 am. TD doesn't state its daily refresh time, but weekly limits are reset at 4:00 am each Thursday.
Can you withdraw $2,000 from an ATM?
You can withdraw $2,000 from an ATM if it's within your personal limit. Banks typically set personal withdrawal limits based on a client's account history, how long they've been a client, and their account type.
What ATM allows you to withdraw $1,000?
If your personal ATM withdrawal limit is $1,000, you should be able to withdraw up to that amount at any ATM. However, you may be charged fees if the ATM isn't part of your bank’s network.
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