Is there any daily limit using Debit Card?

Question

I just opened my first bank account.

I was told that I have a $500.00 withdraw limit using ATM machines. But is there a limit to use my debit card. Like for instance I have $5000.00 in my checking account, I can only spend $500.00 a day? even for purchases?

Answer 1

That depends on the bank. In the US the limit varies by bank. Some banks even have different daily limit for a pin transaction and a signature transaction. Most banks can temporally or permanently raise that limit if need be. Some banks have a low daily limit of $500 or below. They mainly do that so if you notice the card be fraudulent used you can cancel it before you lose the money or actual before they lose the money. To find out your daily limits call your bank.

Answer 2

That's the ATM limit per day. Your Debit Card should work like a credit card for anything else. I've purchased $2,000+ before using a Debit. However, I'm seeing more and more merchants refuse to pay the bank fees involved with debit card sales and they have a sign in the windows they won't honor such a card.

Answer 3

Well,

You have $5,000.00 in your account and spend $5,000.00 using your DEBIT card in the same day? Of course you can do this, the money is in your checking account and you are using a debit card.

There is no limit using Debit Card. The only limit is with ATM, which is $500.00 a day.

Answer 4

I can't say about WaMu but I have a Wells Fargo and my daily ATM withdrawal limit is $600 and using it to make purchases is supposedly $1,200 but I've gone over that without any problems or extra fees. I guess it just depends how much is in your account and being that yours is new it may have a restriction on it. Just call them or go into a branch and ask.

Answer 5

Yep. You have to go by those rules for about 6 months, then ask them to change it. Or get a better bank.

It becomes a real hassle when traveling. For example, you may have to rent a car, pay for your room and make an ATM withdrawl in the same day, and you could go over your limit.

P.S. "ATM machines" is redundant. ATM's is how you say it.

Answer 6

Each bank has it's own limits. I recommend asking your bank what your SPENDING limit is. My bank sets it at $2.500 a day unless I get preauthorization. It is often just easier to write a check for large dollar purchases so that you make sure it goes through.

Answer 7

Not a limit for purchases, as long as you have enough money in the bank to cover the purchases.

Answer 8

talk to your bank they have all that information on file...It varies per customer.

Answer 9

I don't think so..