Prepaid Debit & Maximum ATM Withdrawal

It's possible to withdraw money from an ATM with a prepaid debit card.

Prepaid debit cards enable the holder to buy items online, shop in stores and book hotel stays. Automatic teller machine (ATM) withdrawals are allowed within certain limits, though a service fee may be charged.

Debit Cards

Adults who are trying to rebuilt their credit or who want to give a teenager limited spending power can purchase a prepaid debit card. These cards are available from banks and from commercial retailers. A designated amount of money is recorded on the card.

ATM Withdrawal

Daily ATM withdrawal amounts vary by card supplier and according to bank policies. Typically, card holders can withdraw up to $200 per day with a prepaid debit card. The card or backup bank account must have enough money available to cover the withdrawal. Holders of prepaid debit cards can ask to have the daily withdrawal limit raised.

Credit Card Function

Most prepaid debit cards can function as either a debit or a credit card. If you use the prepaid card in the credit format, you don't have to enter a PIN number. Either way a card is used, the bearer must have enough to cover the purchase on the card or in the established backup account. Some retailers do not accept debit cards, so the credit feature is advantageous.

References

• Capital One Prepaid Debit Cards
• Prepaid Debit Card Report
• Prepaid Debit Cards for Teens