Debit Card Limits

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Debit cards can help simplify business transactions. With features similar to a credit card, debit cardholders can quickly make phone, Internet or face-to-face purchases. However, there are limitations to debit card spending that can be frustrating. Debit card spending limits vary by bank but follow the same general guidelines.

Bank Account

  • Debit cards are used to access the cash in your bank account. Generally, the amount you deposit in your bank account is the amount you have access to through your debit card. FDIC-insured banks protect deposits up to $250,000 but rarely do they limit the amount you can deposit into your bank account. If you deposit $100,000, then, theoretically, you have access to $100,000 through your debit card.

Daily Spending Limits

  • Some banks limit the dollar amount of your debit or check card purchases each day. This helps to protect consumers in the event of identity theft or fraud. If you attempt to spend more than your bank card's set spending limit, your card will be declined, regardless of whether adequate funds are available. "Some debit cards have spending capped at $1,000, $2,000, or $3,000 daily," explains David Weliver of MoneyUnder30.com. Many banks issue a disclosure statement in the mail when you first receive your debit card. This outlines how much you are able to spend each day with your debit card.

ATM Withdrawal Limits

  • ATMs typically have daily withdrawal limits. These limits vary per customer. Usually, premium bank accounts have a higher withdrawal limit if one exists at all. These accounts typically require a high minimum daily balance. Withdrawal limits, however, are not permanent. You can call your bank to request a higher limit. Account holders with a history of positive transactions or high balances have a greater chance of negotiating a new withdrawal limit.

Exceptions

  • Visit your local bank branch to circumvent debit card limits. Bank tellers can use your debit card to extract unlimited amounts from your account. Calling a bank representative is also another way to get access to larger or unlimited funds in your account. Even if you do not qualify to permanently raise your spending or withdrawal limit, you may be able to temporarily raise your debit card limits.

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