There may come a time when you need to withdraw a large amount of cash. Maybe you’re paying for a big-ticket item, settling a private transaction, or covering an unexpected expense. While it seems straightforward, most banks have rules about how much you can take out at once.
ATM limits usually cap daily withdrawals at $1,000 or less, and banks must report cash withdrawals over $10,000 to federal authorities. Even when you’re withdrawing your own money, you might face restrictions, delays, or extra steps.
The good news? There are ways to access the cash you need while avoiding unnecessary hassle. Whether you’re withdrawing from an ATM, visiting a bank branch, or looking for alternatives like cashier’s checks, planning ahead can make the process smoother.
Why Banks Limit Cash Withdrawals
Your daily withdrawal limit is the maximum amount of money you can withdraw from your bank account in a 24-hour period. Banks set withdrawal limits for two main reasons: managing cash flow and protecting customers.
Every bank branch keeps a limited amount of cash on hand. If too many customers withdraw large sums at once, the bank could run out before it can restock. Daily withdrawal limits help prevent that.
Limits also add a layer of security. If someone gains unauthorized access to your account, they won’t be able to drain it in one transaction. While these restrictions can be frustrating, they’re designed to keep both the bank and your money secure.
ATM Withdrawal Limits
Most banks set daily ATM withdrawal limits between $300 and $500, but some accounts allow up to $1,000. Your exact limit depends on your bank and account type. Customers with higher balances or long-standing relationships with their bank may qualify for higher limits.
ATM limits reset every 24 hours, but you can’t work around them by making multiple transactions in a single day. If your limit is $500, that’s the most you can take out, whether you withdraw it all at once or in smaller amounts.
ATM operators can also impose their own limits. If your bank allows $1,000 in ATM withdrawals but the machine you’re using has a $500 cap, you won’t be able to exceed that amount. Out-of-network ATMs may also charge extra fees.
Read more about ATM fees and how to avoid them.
Teller Withdrawal Limits
When you need more cash than an ATM allows, visiting a teller is the best option. Unlike ATMs, banks don’t impose universal teller withdrawal limits, but they may have internal policies that require additional steps for large transactions.
Some banks ask for advance notice if you need to withdraw a significant amount, especially if it’s over $10,000. They may also ask for identification or a reason for the withdrawal. This is to comply with federal reporting laws and prevent fraud.
If you’re unsure about your bank’s policies, it’s best to call ahead. That way, you won’t run into delays when you need access to your money.
Savings Account Withdrawal Limits
If you’re withdrawing cash from a savings account, you might run into additional restrictions. Many banks limit the number of withdrawals you can make from a savings account each month—often capping it at six transactions.
This limit used to be part of Regulation D, a federal rule that restricted excessive withdrawals from savings accounts. While the rule was lifted in 2020, many banks still enforce their own limits to encourage customers to use savings accounts for long-term deposits rather than frequent transactions.
If you exceed your bank’s limit, you might face fees, or your bank may convert your savings account into a checking account. To avoid issues, check with your bank about their specific withdrawal policies. If you need frequent access to cash, using a checking account is a better option.
How to Withdraw Large Amounts of Cash
Withdrawing large amounts of cash from your bank or credit union will require a visit to your local branch.
The maximum amount you can withdraw from an ATM is usually capped at $1,000 for most banks, so you’ll need to speak to the teller and request a cash withdrawal.
Your bank may have a daily cash withdrawal limit, so keep in mind that large cash withdrawals may take more time. Here’s what the process looks like:
- Complete a cash withdrawal slip and hand it to the teller.
- Provide a government-issued ID and your Social Security number.
- Provide additional information if necessary.
Large Withdrawals are Reported to the IRS
Banks are required by federal law to report cash withdrawals over $10,000 to the Financial Crimes Enforcement Network (FinCEN) through a Currency Transaction Report (CTR). This is done to track potential money laundering, fraud, or other illegal financial activity.
If you request a large withdrawal, a bank teller may ask for additional details, such as the purpose of the transaction. While you have the right to withdraw as much of your money as you want, providing vague or evasive answers could lead to a Suspicious Activity Report (SAR) being filed. Banks are trained to flag unusual transactions, including structured withdrawals—for example, withdrawing $5,000 on two separate days to avoid the $10,000 reporting threshold.
Most banks require advance notice for large cash withdrawals. If you need a substantial sum, expect a waiting period of several business days before you receive the full amount.
Using a Cashier’s Check Instead
If you need to move a large amount of money but don’t want to carry cash, a cashier’s check is a safer alternative. These checks are issued directly by the bank, ensuring that funds are available and reducing the risk of loss or theft.
Banks typically charge a small fee for cashier’s checks, and you’ll need to visit a branch to request one. However, for high-value transactions, they provide a secure and widely accepted way to transfer money without the risks of carrying large amounts of cash.
Safely Carrying Large Amounts of Cash
There’s no need to be paranoid when carrying large amounts of cash, but there are still steps you can take to stay safe. Here are some tips to help avoid making yourself a target for potential thieves.
Plan Your Trip
One thing you can do to help minimize threat when carrying a large withdrawal is to plan things out. It helps to visit a bank branch in an area that you’re familiar with. Also do your best to avoid making your withdrawal in hours of darkness, or at particularly busy times.
You might also benefit from asking a friend or family member to accompany you.
Check Your Surroundings
If using an ATM, always check your surroundings before stepping up to the machine. It’s important to be focused and aware of your surroundings. If exiting the bank itself with a large amount of money, try to avoid large crowds.
A common tactic thieves use is to distract potential victims by engaging them in conversation. If a stranger tries to stop you on your way, it’s best to keep walking.
Be Discreet and Secure
When withdrawing a large amount of money, do your best to keep things discreet. Keep that cash separate from any other cash or cards you’ll need to display publicly to make a purchase, if necessary.
You’ll also want to think about what you’re going to carry the money in. It might be a good idea to avoid holding the cash in a simple envelope, as thieves will have a keen eye for that. If you have a secure pocket inside a bag, or an internal pocket in your coat, that could be safer.
Frequently Asked Questions
How much cash can you pull out of a bank at once?
There are specific limits set for both ATM withdrawals and debit card purchases. However, if you are making a formal withdrawal at your bank with a cashier, you can choose to withdraw as much of your own money as you wish.
Just keep in mind that any withdrawal request over $10,000 will trigger an IRS report, and large withdrawals may take your bank several days to process.
Can I withdraw $20,000 from my bank?
Yes, you can withdraw $20,0000 from your bank account, as long as you have it. But depending on the nature of your account and your relationship with your bank, you’re likely to have to wait a few business days to receive that amount in cash.
Your bank may also have specific policies triggered by a large withdrawal like that, so you may have to answer further questions in order for the withdrawal to be approved.
How much cash can you withdraw without getting reported to the IRS?
Withdrawal requests of $10,000 or more must be reported to the IRS for safety reasons. Banks also look for staggered withdrawals, so even two withdrawals of $5,000 over a few days may trigger a safety protocol.
Why would my bank ask me questions about withdrawing cash?
The Bank Secrecy Act obligates all banks to report any withdrawals of $10,000 or more to the IRS. To meet that obligation, a bank teller may have to ask a customer certain questions on the IRS form.
If a teller asks you questions about a large withdrawal, they’re simply doing their job. As long as you can provide clear answers, you won’t have any problem with your withdrawal.
