What is the withdrawal limit at the Bank of America?

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I have a debit account at Bank of America and I want to withdraw $20,000 in cash. Will they allow me to do this without any issues?

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ATM withdrawal limits vary by bank and the ATM network. Bank of America, for example, advertises a $1,000 maximum daily withdrawal limit, or a maximum of 60 bills, for most accounts. Allpoint ATMs, on the other hand, don’t impose a specific withdrawal limit per day.

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Bank of America may limit cash withdrawals to ensure security.

Contact them beforehand or visit a branch with proper identification for such a large withdrawal.

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Good point! Bank policies and ATM networks dictate withdrawal limits…

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The maximum daily withdrawal amount using an ATM is $1,000 and cannot exceed 60 bills in one transaction.

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Withdrawing a large sum of money, like $20,000, from Bank of America (BOA) might trigger some security measures or limitations on your account. Here’s what to expect:

Availability of Funds:

  • The first step is ensuring you have sufficient funds in your account to cover the withdrawal. A $20,000 withdrawal might exceed your current balance or daily withdrawal limits.

Bank Security Measures:

  • Large cash withdrawals can be a red flag for banks due to concerns about fraudulent activity or financial crime. BOA might put a hold on your account or contact you to verify the withdrawal. This is a security measure to protect your account.

Daily Withdrawal Limits:

  • Bank of America, like most banks, has daily withdrawal limits on debit cards to prevent fraud and manage cash availability. These limits might be significantly lower than $20,000.

Here’s how you can approach this situation:

  1. Contact Bank of America:
  • Call BOA customer service beforehand and explain your need for a large cash withdrawal. They can advise you on the process, any limitations you might face, and potential alternatives.
  1. Schedule an Appointment:
  • You might need to schedule an appointment in person with a bank representative to discuss and potentially withdraw such a large amount.
  1. Cashier’s Check:
  • Consider getting a cashier’s check for $20,000 instead of cash. Cashier’s checks are safer and easier to handle for large amounts.
  1. Wire Transfer:
  • If you need to transfer the money elsewhere, explore a wire transfer, which might be more efficient and secure for such a large sum.

Alternatives to Large Cash Withdrawals:

  1. Bank Transfers:
  • For large transactions, bank transfers are often the preferred method. They are faster, more secure, and leave a clear audit trail.
  1. Cashier’s Checks:
  • As mentioned earlier, cashier’s checks are a safer alternative to carrying such a large amount of cash.
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Hi, Bank of America’s ATM withdrawal limit typically ranges from $500 to $1,000 per day, depending on the type of account and location. Higher limits may apply for certain account types or customer statuses.