Bank Of America ATM Withdrawal Limit 2022

In this post, I’ll be telling you all you need to about the “Bank of America ATM withdrawal limit” among a list of other important info.

But before we go into the topic of the day, what is Bank Of America?

Bank of America

The Bank of America corporation (often referred to as Bank of America) is an American multinational investment and financial services holding company.

Its headquarters in in Charlotte, North Carolina.

The bank was founded in San Francisco, but changed its headquarters when Nations Bank of Charlotte acquired it in 1998.

It is the second largest banking institution in the United States after JP Morgan Chase, and the eight largest Bank in the world.

The bank’s primary financial services is wealth management, commercial banking and investment banking.

Now we know about the Bank of America, let’s go into the topic of the day.

What is the ATM withdrawal limit of Bank of America?

The Bank of America ATM withdrawal limit is $1000.

The bank allows you to withdraw this amount from any ATM using your debit card.

However, the daily limit for any debit purchase is $5000. In simpler words, if you want to order something online, or pay for something using a POS, your daily limit is set at $5000.

People also ask…..

What is an ATM withdrawal limit?

An ATM withdrawal limit is the highest amount of cash a person can withdraw from a Automated teller machine within a particular period.

Every bank in the United States has an ATM withdrawal limit set, and the limit depends on the Bank you’re using.

The limit set by the Bank are very high so it’s highly unlikely that you’ll ever hit that limit.

Why was the ATM withdrawal limit created?

Most people keep asking why?, Why would there be a limit to how I can withdraw my money.

Well there are so many reasons, on of which is:

Availability of cash

Without any limits on the amount of money each person can withdraw, there will be inequality in the distribution of funds to customers.

Rich people could withdraw the entire cash in the bank’s ATM thereby leaving the others stranded with no cash.

So  having the ATM withdrawal limit helps to eliminate the possibility of such an incident occuring.

Another reason for the creation of the ATM withdrawal limit is;

To save you from fraudsters

Now, imagine if someone got access to your debit card and PIN.

You’re meant to be in trouble right, because he)she would try to empty your bank account.

Well that’s where the ATM withdrawal limit comes in.

With the ATM withdrawal limit, the fraudster can only withdraw a particular amount before the limit kicks in, he’ll have to come back another time and by then you would have blocked your account, so the withdrawal limit would literally be your best option at not going bankrupt.