When it comes to withdrawing money from an ATM, you are limited to the conditions of the bank and the type of account. In fact, all banks, and Wells Fargo is no exception, impose these limits, for both practical and security reasons. And believe it or not, these limits prevent thieves from withdrawing and spending all the money in your account. Also, banks can only have a limited amount of cash available to distribute at their ATMs.
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- 1 Daily limit for Wells Fargo ATM withdrawals and debit card purchases
- 2 Why are there limits on the maximum amount I can withdraw from Wells Fargo ATMs?
- 3 Different accounts have different limits
- 4 And what can I do to withdraw more money from my Wells Fargo account?
- 5 In conclusion
- 6 Tips for responsible banking
Daily limit for Wells Fargo ATM withdrawals and debit card purchases
Wells Fargo ATM daily withdrawal limits range from a few hundred dollars to even thousands.
The most basic checking accounts tend to have lower limits than, say, a premium or elite checking account. Student accounts also have lower limits, in order to help their owners better manage their money.
In this vein, keep in mind that these limits apply to checking accounts, so you can withdraw money without limit from a savings account. But nevertheless, For these accounts, federal law limits to six withdrawals (or transfers) per billing cycle..
Now, in the table below we show the daily limits for withdrawing at ATMs and for purchases with Wells Fargo debit cards. If you are a client of another bank, or you are not sure of the limits of your account, We recommend that you contact your bank or consult the documents of your financial product.
|Bank||Daily withdrawal limit at ATMs||Daily purchase limit with debit cards|
|Wells fargo||$ 300||$ 1,500|
It is important to mention that when you open an account at Wells Fargo, as well as at any other bank, these limits may not be applied. Therefore, Before becoming a Wells Fargo customer, we recommend that you speak with a bank representative about the limits of the account you are interested in having..
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Why are there limits on the maximum amount I can withdraw from Wells Fargo ATMs?
Banks generally impose restrictions on their customers on the money they can withdraw from their ATMs for two reasons: cash availability and security.
When you deposit a paycheck into your checking account, the bank doesn’t store that money in a vault and waits for you to withdraw it. Instead, banks put money to work for the institution, adding it to other people’s deposits to lend money to individuals and businesses.
Note: The bank lends the money you deposit, but it will be protected as long as you are using an account insured by the Federal Deposit Insurance Corporation. This means that if for any reason the bank is forced to close, your capital will be insured up to $ 250,000 maximum.
Now, even if the bank had your money on hand, it would be impossible to know which ATM to keep with cash to meet your needs. Are you going to use the ATM at your local bank branch or the one at the corner store? In this sense, Withdrawal limits help ensure that funds available at ATMs do not run out quickly and that everyone has access to cash.
Banks, and Wells Fargo is no exception, also limit ATM withdrawals in case someone gets hold of your Debit/ ATM and PIN and empty your card. Federal law protects you from losing more than $ 50 to this type of theft, but to qualify for protection you must report the incident to authorities within two business days..
If a card that you rarely use is stolen, and you don’t notice it for a long time, it could be difficult to get your money back. As we can see, withdrawal limits help reduce the speed with which a criminal could empty your account.
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Different accounts have different limits
Most people can access their checking and savings accounts through an ATM, but banks impose different limits on the two types of accounts.
While checking accounts have a limit on the amount of money that can be withdrawn, savings accounts have a limit on the number of withdrawal transactions that can be made in a month.
That is to say, you can withdraw more money from an ATM through your Wells Fargo savings account, but you cannot make more than six withdrawals per month. This is one federal law, so the limit applies to all savings accounts of all banks.
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And what can I do to withdraw more money from my Wells Fargo account?
You can’t get rid of ATM withdrawal limits entirely, but there are certain things you can do to get more money than the withdrawal limits.
Make a cash advance
You can bypass the withdrawal limit by going to a Wells Fargo ATM and instead of using your Debit, you use a credit card and make a cash advance. It is not mandatory that you go to a Wells Fargo ATM, as anyone can serve you, however you should be aware that it is not uncommon for fees to be charged for this service. What’s more, this method of obtaining cash is costly, as issuers start charging interest immediately, and at a higher rate than for other transactions.
Get a cash back at a store
Grocery stores, gas stations, and similar establishments often allow customers to get cash if they make a purchase. However, debit cards often have daily limits for these types of transactions. Therefore, don’t be surprised if you try to get a large amount of money and the transaction is declined.
Talk to a Wells Fargo representative to increase the limit
To avoid getting into a difficult situation in the future, you can ask your bank to increase the ATM withdrawal limit. Of course, this depends on the maximum that the institution allows and on your position as a client.
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As we’ve seen, Wells Fargo ATM withdrawal limits are there for you and the bank to protect you, but that doesn’t mean they aren’t occasionally inconvenient. For those who need money on a regular basis, it is a good idea to find out the bank’s ATM daily withdrawal limits and plan the transaction in advance. And if you feel that these conditions negatively impact your financial life, switch to a bank that meets your needs or speak with a Wells Fargo representative to have your withdrawal limit increased..
Tips for responsible banking
- As long as you have a bank account, you should be aware of the fees that come with the account. This includes monthly fees, overdraft fees, minimum balance fees, and more. Knowing this information will help you avoid any unnecessary costs.
- You should also avoid overdrafts at all costs. Not sure what an overdraft is? Well, this is when you make a purchase that you cannot fully cover with the funds in your account. In this case, the bank will charge you a fee, although there are some checking accounts that come with low overdraft fees. In addition, it is also possible to set overdraft protection on your account. To learn more about Wells Fargo overdraft protection services, visit this link.