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  #1  
Old 29-03-2007, 01:22 PM
Zapatista Zapatista is offline
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Default Daily ATM Withdrawal Limits

Hello all,

Can someone please answer a very simple question. Why do banks set strict limits on daily ATM withdrawls?

I have no overdraft yet my bank sets a limit on how much I can withdraw daily from ATM's.

This makes no sense to me. Surely if I have the money in my account then I should be able to withdraw it.

I asked them if I could increase it without upgrading to their most costly current account- Their response was "No"

Zapa.
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  #2  
Old 29-03-2007, 01:28 PM
DrMoriarty DrMoriarty is offline
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Default Re: Daily ATM Withdrawl Limits

Their logic is probably that it's for your protection. If someone put a gun to your head while you were using an ATM in a quiet location late at night and demanded all your money, the most you'd be able to give them would be €500 or whatever your daily limit is.

Also, these machines only store so much cash, especially since people mostly want their cash in small denominations. If everyone went withdraw(l)ing thousands at a time, they'd run out pretty frequently, which inconveniences everyone and creates a 'negative customer experience' from the bank's point of view.

Surely if you want to make a substantial cash withdrawal you'll know in advance, and be able to take it out €500 at a time, or visit a branch during business hours?
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  #3  
Old 29-03-2007, 01:34 PM
Gulliver Gulliver is offline
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Default Re: Daily ATM Withdrawl Limits

There are limits on both the card and the machine. In fact, your limit at any time is the lower of these.

My bank (BOI) increased it for me when I wanted it
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  #4  
Old 29-03-2007, 01:34 PM
runner runner is offline
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Default Re: Daily ATM Withdrawl Limits

600 euro is the daily limit - as DrM says, its mainly for security reasons. had the same issue today myself, but knew the limit was there from previous experience abroad.
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  #5  
Old 29-03-2007, 01:49 PM
MugsGame MugsGame is offline
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Default Re: Daily ATM Withdrawl Limits

Typically it's a calendar day limit rather than a 24 hour period limit. The best way to maximise your withdrawal amount is to do two withdrawals, one shortly before midnight and one shortly after (I expect things to change to a 24 hour limit, to reduce the impact of card cloning).
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  #6  
Old 29-03-2007, 02:46 PM
bacchus bacchus is offline
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Default Re: Daily ATM Withdrawl Limits

I don't get your maximization idea.. The same daily limit still applies.
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  #7  
Old 29-03-2007, 02:53 PM
Purple Purple is offline
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Default Re: Daily ATM Withdrawl Limits

My max is €1000
I must be special
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  #8  
Old 29-03-2007, 03:03 PM
DrMoriarty DrMoriarty is offline
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Default Re: Daily ATM Withdrawl Limits

Quote:
Originally Posted by bacchus View Post
I don't get your maximization idea.. The same daily limit still applies.
Yes, but if Purple was feeling extra special he could take out €2,000 in two minutes by doing it at 11:59pm and 12:01am.

Eh, which ATM do you normally use, Purple?
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  #9  
Old 29-03-2007, 03:18 PM
bacchus bacchus is offline
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Default Re: Daily ATM Withdrawl Limits

Quote:
Originally Posted by Gulliver View Post
There are limits on both the card and the machine. In fact, your limit at any time is the lower of these.
My bank (BOI) increased it for me when I wanted it
Your post prompted me to check the limits with Ulster Bank ....

I was told that cash withdrawal daily limit is €750 per account rather than per card. So, if one has 2 cards for same account, e.g. joint account with his and her card, daily limit is still €750 and not €1500.
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  #10  
Old 29-03-2007, 04:00 PM
Purple Purple is offline
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Default Re: Daily ATM Withdrawl Limits

Quote:
Originally Posted by DrMoriarty View Post
Yes, but if Purple was feeling extra special he could take out €2,000 in two minutes by doing it at 11:59pm and 12:01am.

Eh, which ATM do you normally use, Purple?
I tried that one night, the taking out the €2’000 in one go bit, and a guy tried to mug me so you’re not the first to think of that Dr. M.
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  #11  
Old 29-03-2007, 04:33 PM
ClubMan ClubMan is offline
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Default Re: Daily ATM Withdrawal Limits

There are also daily limits on most or all online and telephone banking system transfers too. For example PTSB have a daily limit of €3K for online and phone banking but the limits are independent so if, for example, you wanted to transfer €6K out of your PTSB account then you could do it in two blocks of €3K on the one day. Other banks may have similar policies.
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  #12  
Old 01-04-2007, 03:31 PM
Zapatista Zapatista is offline
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Default Re: Daily ATM Withdrawal Limits

Quote:
Originally Posted by ClubMan View Post
There are also daily limits on most or all online and telephone banking system transfers too. For example PTSB have a daily limit of €3K for online and phone banking but the limits are independent so if, for example, you wanted to transfer €3K out of your PTSB account then you could do it in two blocks of €3K on the one day. Other banks may have similar policies.
Do you mean if you wanted to transfer 6K?

It all seems a bit pointless to be honest. I know this is a crazy thought but if it's my money I should be able to do what I please with it.

Zapa.
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  #13  
Old 01-04-2007, 04:06 PM
GeneralZod GeneralZod is offline
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Default Re: Daily ATM Withdrawal Limits

There's no limit on what can be taken out with a direct debit so the perverse situation exists where a third party has greater access to the funds in the principal's account.
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  #14  
Old 02-04-2007, 09:37 AM
ClubMan ClubMan is offline
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Default Re: Daily ATM Withdrawal Limits

Quote:
Originally Posted by Zapatista View Post
Do you mean if you wanted to transfer 6K?

It all seems a bit pointless to be honest. I know this is a crazy thought but if it's my money I should be able to do what I please with it.

Zapa.
Sorry - yes ... €6K in 2 x €3K chunks. The limits are there for security reasons but the DD situation outlined above does point to a bit of a conundrum!
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