Understanding Bank of America’s cash withdrawal limits is crucial for avoiding extra fees and managing your finances wisely. The withdrawal amount depends on factors like your card and account type.
Withdrawing cash from Bank of America ATMs is typically free, but using non-Bank of America ATMs in the U.S. may come with a small fee. The good news is that you can easily reset Bank of America ATM cash limits. Let’s explore more details about BOA cash withdrawal limits.
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What is the Bank of America Cash Withdrawal Limit?
Bank of America cash withdrawal limit refers to the maximum amount of cash you can withdraw from ATMs without incurring additional charges. Similar to Chase Bank cash withdrawal limits, the bank has specific limits on cash withdrawals that vary based on the method of withdrawal and the type of account held.
- The standard daily ATM withdrawal limit for Bank of America checking and savings accounts is USD 1,000.
- Each ATM transaction can dispense a maximum of 60 bills, which means if you attempt to withdraw more than USD 1,000, you will need to make multiple transactions
When you withdraw cash at a Bank of America ATM, you can choose the bill denominations. Most ATMs offer USD 10s, USD 20s, or USD 100s, though there may be exceptions.
If multiple denominations are available, you can choose all bills of the same type, such as all USD 10s. Alternatively, you can make a custom selection or let the ATM choose for you.
How to Check Bank of America Cash Withdrawal Limit?
To check your Bank of America ATM withdrawal limits, refer to the cardholder agreement, log into online or mobile banking, or visit a Bank of America branch for assistance. These options make it easy for you to keep track of your limits and manage your cash withdrawal needs effectively.
Cardholder Agreement
Your ATM withdrawal limits are typically outlined in the cardholder agreement that you received when you opened your account. This document provides specific details regarding your account type and associated limits.
Online Banking
You can easily access your withdrawal limits by logging into your Bank of America online banking account. Once logged in, navigate to the account information section where you can view your specific withdrawal limits.
Mobile Banking App
If you prefer using a mobile device, the Bank of America app also allows you to check your limits. Simply log into the app and look for the relevant information under your account settings.
In-Person Assistance
If you need more personalized help, visiting a local Bank of America branch is an option. A customer service representative can provide you with detailed information about your cash
withdrawal limits and assist with any questions you may have.
Customer Service Call
Alternatively, you can call Bank of America’s customer service for assistance. The representatives can guide you through the process of checking your limits and answer any inquiries regarding your account.
Also Read: Check out the Best Banks in the USA for International Students. Learn about the types, features, benefits, and more.
How to Increase or Decrease the Bank of America Cash Withdrawal Limit?
If you need to adjust your daily cash withdrawal limit at Bank of America, you have several convenient options. Whether you prefer using the mobile app, online banking, or speaking with a representative, modifying your ATM withdrawal limit is quick and simple. Here’s how you can increase or decrease your Bank of America cash withdrawal limit:
Mobile Banking App
- Log in to the app.
- Select the Menu, then choose Manage Debit/Credit Card.
- Ensure your debit card is unlocked and then set your desired withdrawal limit.
Online Banking
- Log in to Online Banking.
- Go to the Information & Services tab for your account.
- Select ‘Set daily purchase and ATM withdrawal limits’ in the Manage card settings section.
Customer Service
- Contact Bank of America customer service for assistance in adjusting your withdrawal limit.
Financial Centre
- Visit a Bank of America financial centre to make changes to your ATM withdrawal limit in person.
Bank of America Cash Withdrawals Charges
Bank of America cash withdrawals are free for customers along with other services like transfers, deposits, and balance enquiry.
However, if you choose to use a non-Bank of America ATM for cash withdrawal in the United States or internationally, fees may apply. These fees typically include an ATM operator fee and a non-Bank of America ATM fee for each withdrawal or transfer.
An additional 3% of the international transaction fee applies to the converted withdrawal amount. However, using zero Forex markup credit cards can help you avoid these charges.
Here are the fees for cash withdrawals via non-Bank of America ATM-
| Location | Fees |
| Within the US | USD 2.50 + any fees as charged by the ATM operator |
| Outside the US | USD 5 per transaction + any fees as charged by the ATM operator |
Additional Information
- Preferred Rewards Platinum clients can avoid the non-Bank of America ATM fee and get one refund per statement cycle for any ATM operator fees within the US.
- Platinum Honors, Diamond, and Diamond Honors clients also avoid the non-Bank of America ATM fee and receive a refund for any operator fees within the US.
- Preferred Rewards Diamond and Diamond Honors members can avoid both the non-Bank of America ATM fee and the international transaction fee when withdrawing from non-Bank of America ATMs outside the US.
Also Read: This blog gives you the benefits that the Bank of America student credit card offers to international students. Read to know them all!
Factors Affecting Bank of America Cash Withdrawal Limits
Several factors influence the Bank of America cash withdrawal limits, particularly when withdrawing from ATMs and teller counters. These factors include account type, card type, fund availability in the account, etc.
Understanding these factors can help customers navigate their banking needs more effectively. Check out the details of the factors affecting the ATM cash withdrawal limit of Bank of America-
Account Type
Different account types at Bank of America come with varying withdrawal limits. For instance, standard checking accounts typically have a daily ATM withdrawal limit of USD 1,000, while Bank of America international student accounts or premium and business accounts may allow for different limits.
Customers with basic accounts may face lower limits compared to those with more advanced account types, reflecting the bank’s policy to manage risk and customer access to funds effectively.
Available Funds
The amount of cash that can be withdrawn is directly tied to the available balance in the customer’s account. If an account holder attempts to withdraw more than their available funds, the transaction will be declined.
This rule applies not only to ATM withdrawals but also to over-the-counter transactions at bank branches.
Cash Availability at Branches
When withdrawing cash at a Bank of America branch, the physical cash available can limit the amount that can be withdrawn. Branches typically keep a limited amount of cash on hand for security reasons.
For large withdrawals, customers may need to provide advance notice so that the bank can prepare the necessary funds, which could take up to a week if large denominations are required
ATM Limitations
Each ATM has its dispensing limitations, often capping withdrawals at 60 bills per transaction or a maximum dollar amount.
This means that even if a customer has sufficient funds, they may need to make multiple transactions if they wish to withdraw more than the ATM’s limit allows.
Withdrawal Requirements
To make a withdrawal at a teller counter, customers must fill out a withdrawal slip and present valid identification (e.g., driver’s license or passport). This requirement adds a layer of security and ensures that only authorized individuals can access funds from an account.
This was all about the Bank of America cash withdrawal limits. While ATM withdrawals are capped at USD 1,000 per day, over-the-counter withdrawals do not have a fixed limit but depend on your account balance and the branch’s cash availability.
Understanding how to check limits, reset them, and know the charges is important to manage your finances carefully.
FAQs
The standard ATM withdrawal limit is USD 1,000 per day for checking and savings accounts. You may need to make multiple transactions for amounts over this limit.
No. The standard daily ATM withdrawal limit for Bank of America is USD 1,000. You cannot cross the cash withdrawal limits as set by the bank.
You can check your limits via the cardholder agreement, online banking, mobile app, or by visiting a Bank of America branch.
You can adjust your limit through the mobile app, online banking, customer service, or at a Bank of America financial centre.
Yes, you’ll pay USD 2.50 for U.S. ATMs and USD 5 for international ATMs, plus any additional operator fees.
Bank of America ATMs allow you to choose what bill types you would like for your withdrawal. Most ATMs offer USD 10s, USD 20s, or USD 100s.
You can withdraw up to 60 bills per transaction, depending on the ATM’s limitations.
There’s a USD 5 fee plus any operator charges, along with a 3% international transaction fee.
You can, but you may need to make multiple withdrawals, as the limit is set at USD 1,000 per day for most accounts.
You may need to provide advance notice for large withdrawals, especially if large denominations are required.
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