How Much Money Is in an ATM? All you need to know

If you have wondered how much money an ATM holds and how these machines function, we will be discussing just that in this guide.

Automated teller machines (ATMs) are electronic devices that make withdrawing cash easy for customers at banks. Since the invention of ATMs, customers can easily complete transactions without going to the branch representative or teller.

With your credit or debit card, you can withdraw cash at ATM and make payments when shopping.

In general, some ATMs are just cash dispensers, while other ATMs allow customers to make transactions such as check deposits, bill payments, and check deposits. These are the new features of ATMs since it was invented in the late 1960s.

But the question we want to provide an answer to is how much money is in an ATM. Before we elaborate on the subject, let’s look at what an ATM is.

How Much Money Is in an ATM

What Is an ATM?

An automated teller machine (ATM) is an electronic device that allows customers to complete transactions in banks. ATMs are easy to use, once you have your credit or debit card.

The automated teller machine was invented in the late 1960s in the United States. On September 2, 1969, the first automated teller machine (ATM) was introduced to the public. 

It was at Chemical Bank in Rockville, New York where the first automated teller machine dispensed cash to customers. By 1980, automated teller machines had become widely popular in the United States. These money machines were performing the task of human tellers in banks, such as money transfers between accounts and check deposits.

Since the invention of the ATM, there has been a new upgrade to the money dispensing machine. Today, ATMs can accept deposits of cash, as well as perform other important transactions.

Through ATMs, customers can transfer funds to other accounts, deposit cash, and pay bills.

Just so you know, the automated teller machine (ATM) is also called a cash machine in British English and an automated banking machine (ABM) in Canada.

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Types of Automated Teller Machines (ATMs)

Generally, there are two types of automated teller machines (ATMs). There’s the basic unit and the complex automated teller machines.

With the basic unit ATMs, you can only withdraw cash and receive updated account balances. The more complex automated teller machine allows you to deposit cash, make transfers, facilitate line of credit payments, and access account information.

For you to access the advanced features of the complex unit, you must be an account holder of the bank that owns the machine.

Analysts predict that ATMs will become more popular in the future. There are already over two million ATMs across the world and more will be installed at important locations.

In the future, automated teller machines are likely to be more advanced than what we have today in banks. Future ATMs can allow people to buy and sell Bitcoin and other cryptocurrencies through Bitcoin ATMs. These future ATMs will be able to dispense cash in exchange for crypto.

Automated Teller Machine Design Elements

An ATM holds a specific amount of money and they are designed differently, but function in a similar way. Let’s look at the main parts of an automated teller machine.

Card Reader

The card reader on an ATM is the part that reads the chip on the front of your debit or credit card or the magnetic stripe at the back of the card.

Keypad

The keypad allows customers to insert their Personal Identification Number (PIN), to complete transactions. Once you insert your card into the ATM, you will have to press the right key to complete your transaction.

Cash Dispenser

This is the part of the ATM connected to a safe at the bottom of the machine. Bills are dispensed through the cash dispenser. 

Printer

If you need a receipt after completing your transaction at the ATM, it’s printed out with details of your account information.

Screen

The screen of an ATM is the most important part that guides users. The screen allows you to simply follow easy steps to complete your transaction.

It also displays your account information like balance and amount to withdraw.

How Much Money Is in an ATM?

Automated teller machines can hold a huge amount of cash. The average size of an automated teller machine can hold up to $200,000 in its safe.

Normally, automated teller machines are designed to hold a specific amount of money and dispense cash to customers who need a few hundred bucks or more. 

ATMs are not designed to dispense huge amounts of cash, and there is a limit on the number of withdrawals in a day.

Why Do Banks Impose ATM Withdrawal Limits?

Banks deliberately impose ATM withdrawal limits because of financial security reasons.

Automated teller machines can hold a huge amount of cash. However, imposing daily limits for withdrawal on customers help the bank control the movement of cash available at that given time.

Another reason banks imposed these withdrawal limits is to secure and protect the bank accounts of customers. Let’s say there is a situation where your card was stolen by someone who knows your PIN. Without banks imposing these withdrawal limits, your bank account can be swiped clean by the perpetrator.

So these ATM withdrawal limits can save you from getting robbed of everything you have in your bank account.

ATM withdrawal limits may be annoying, but it’s the best way to protect your money in case someone steals your card.

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How Much Can You Withdraw From an ATM In a Day?

Your maximum withdrawal limit is based on the financial institution you bank with. Every bank or credit union has its policies when it comes to daily withdrawal limits.

In the United States, daily ATM cash withdrawal limits range from $300 to $1,000. ATM withdrawal limit might be different in your country based on the policies of your bank. Once you have exceeded your daily ATM withdrawal limit, you will be unable to withdraw more cash.

In general, your ATM withdrawal limit may depend on the types of accounts you own, as well as your banking history.

For instance, if you are a new customer of a bank and you opened a basic check account, your ATM withdrawal limit may be lower.

Just so you know, specialty accounts such as student checking or second checking may have different ATM cash withdrawal limits.

How Much Money Can You Withdraw From an ATM at One Go?

Automated teller machines have restrictions on the amount of cash that can be dispensed in a withdrawal. Bear in mind that the daily ATM cash withdrawal limit may be different from daily purchase limits.

For instance, your bank policy may limit your withdrawal at the ATM to $400. However, you can make purchases of up to $4,000 with your debit card just in a day.

Banks may keep ATM withdrawal and purchases limit separate or they can set the third limit on the amount of cash you can withdraw from your bank account in a day.

These limits are set up by banks for easy cash flow as well as to protect the bank accounts of customers

Daily ATM Withdrawal Limits at Top Banks in the United States

In the United States, some banks allow you to withdraw huge amounts of cash from your checking account at an ATM. 

ATM withdrawal limits are different for big financial institutions and regional community banks.

Below is the chart that shows daily ATM withdrawal limits for banks in the United States.

  • Ally Bank- $1,000
  • Bank of America- $1,000
  • BMO Harris- $1,000
  • Capital One- $1,000
  • Chase Bank- $1,000
  • Charles Schwab Bank- $1,000
  • Citi- $1,500 to $2,000
  • Citizens Bank- $500
  • Discover Bank- $510
  • Fifth Third Bank- $810
  • HSBC- $500 to $1,000
  • KeyBank- $300 to $1,000
  • Morgan Stanley Bank- $1,500 to $5,000
  • PNC Bank- $500 to $1,500
  • Regions Bank- $808
  • TD Bank- $1,250 to $1,500

How to Use an Automated Teller Machine (ATM)

Automated teller machines are electronic devices that can be found in banks. These money machines are can be inside or outside the bank. They can also be found in shopping malls, convenience stores, grocery stores, gas stations, airports, restaurants, casinos, etc.

Most ATMs used in banks are different from the ones at restaurants, casinos, grocery stores, and airports. The ATMs in banks are multifunctional, while other ATMs in grocery stores are used for only withdrawing cash.

Using an ATM is very once you have your bank debit card or credit. All you have to do is insert your card into the machine, type in your PIN and select your bank account type to complete a transaction.

Automated Teller Machines (ATM) Fees

If you make a withdrawal at an ATM owned by your bank, there will no extra charge. But when you make a withdrawal at an ATM owned by a different bank, there will be extra charges.

According to MoneyRates.com, the average overall fee to withdraw money from an out-of-network ATM in the United States is $4.55.

ATM Ownership

We all know that ATMs are owned by banks and credit unions. That does not mean an individual and businesses cannot buy or lease ATMs. They can buy or lease ATMs by themselves or through an ATM franchise.

When you withdraw cash from an ATM at a gas station, grocery store, restaurant, or convenience store, there is a charging fee and this is how these small businesses make a profit.

How Can Bank ATM Limits Be Increased In the United States?

Some banks offer increased ATM withdrawal limits once you make a request. These banks can increase temporary your ATM withdrawal limit if you need to make a purchase or want to go on vacation.

Remember, your account type determines the limit of ATM withdrawals in a day.    

How Do You Make a Deposit at an ATM?

As a customer of a bank, you can deposit cash or checks through one of the multifunctional ATMs at your bank. How can you deposit cash or check at an ATM? Well, let’s find out.

Locate any of the multifunctional ATMs at your bank, then simply insert cash or check into the ATM. Some ATMs at the bank may require that you fill out a deposit slip and place the money into an envelope before inserting the cash into the ATM.

Ensure to endorse the back of your check and write “For Deposit Only” for clarification.

Which Bank Installed the First Automated Teller Machine in the United States?

On September 2, 1969, Americans witnessed the first installation of an ATM. The first ATM in the United States was installed by Chemical Bank in Rockville Centre, New York.

Before the first installation of an ATM in the United States in 1969, Barclays already installed the first ATM in the United Kingdom.

Frequently Asked Questions

Below are frequently asked questions about how much money is in an ATM.

Can I withdraw cash from my credit card?

A credit card cash advance allows individuals to withdraw cash from their available credit limit. Taking cash advances from a credit card can incur a higher APR as well as a cash advance fee.

How do I know my ATM withdrawal limit?

You can find out your ATM withdrawal limit by logging into your online or mobile banking app. Call your bank to find out how much money you can withdraw at an ATM daily if you don’t see any limits after logging into your mobile app.

Which bank has the highest ATM withdrawal limit?

Presently, Morgan Stanley Bank has one of the highest ATM limits and you can withdraw up to $1,500 to $5,000 in a day. Bear in mind that you can only withdraw huge amounts based on your account type.

Other banks that allow you to withdraw huge amounts of money at an ATM include Bank of America, BMO Harris, Capital One, Charles Schwab Bank, Citi, HSBC, and TD Bank. 

Conclusion

Since the invention of automated teller machines in the late 1960s, withdrawing cash has been easier for customers. Banks are not the place where these money machines are found. They are also found in places where people need to make purchases.

The amount of money in an ATM can be up to $200,000 and you can only huge amount of cash based on your account type.

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