"But not for its own customers.
One bank is worried that people have been emptying out its ATMs of cash a little too quickly.
In an effort to keep closer tabs on criminal activity, J.P. Morgan Chase & Co. just put a ceiling of $1,000 per day for non-customer ATM withdrawals. Apparently, the bank has grown concerned that people who recently discovered the machines issued $100 bills have been withdrawing tens of thousands of dollars at a time."
http://time.com/money/4282153/chase-bank-atm-1000-withdrawal-limit/
Personally I think this bank is getting way too big for their britches and they need to be knocked off their pedestal.
@gdale6 wrote:"But not for its own customers.
One bank is worried that people have been emptying out its ATMs of cash a little too quickly.
In an effort to keep closer tabs on criminal activity, J.P. Morgan Chase & Co. just put a ceiling of $1,000 per day for non-customer ATM withdrawals. Apparently, the bank has grown concerned that people who recently discovered the machines issued $100 bills have been withdrawing tens of thousands of dollars at a time."
http://time.com/money/4282153/chase-bank-atm-1000-withdrawal-limit/
Personally I think this bank is getting way too big for their britches and they need to be knocked off their pedestal.
This seems to be a solution in search of a problem. 
I can't imagine that there are literally lines of folks - specifically, non-Chase customers - queued up at Chase ATMs simply to make withdrawals in $100 bills. If anything, petty criminals would generally prefer smaller bills, since they are easier to get rid of. When I read about drug busts that have taken place, there is usually a picture of a table with all the stuff that was seized... and there are almost always more $20s than $100 bills.
'Big Time' criminals who would be concerned with the physical 'heft' of stacks $20s will most likely not be using an ATM, anyway.
I'll be the first to admit that I'm not likely to be bothered by this anytime soon, but it just seems like they are looking for ways to make things more complex than needed. It's almost as if the folks figuring this stuff out don't have enough to do, and are looking for things to change (or "update") to justity their jobs.
But I digress...
@gdale6 wrote:"But not for its own customers.
One bank is worried that people have been emptying out its ATMs of cash a little too quickly.
In an effort to keep closer tabs on criminal activity, J.P. Morgan Chase & Co. just put a ceiling of $1,000 per day for non-customer ATM withdrawals. Apparently, the bank has grown concerned that people who recently discovered the machines issued $100 bills have been withdrawing tens of thousands of dollars at a time."
http://time.com/money/4282153/chase-bank-atm-1000-withdrawal-limit/
Personally I think this bank is getting way too big for their britches and they need to be knocked off their pedestal.
I always thought 1000 is the limit. Citi doesnt let you take out more than 1K from ATM in 24 hours.
@darwin_wins wrote:
@gdale6 wrote:"But not for its own customers.
One bank is worried that people have been emptying out its ATMs of cash a little too quickly.
In an effort to keep closer tabs on criminal activity, J.P. Morgan Chase & Co. just put a ceiling of $1,000 per day for non-customer ATM withdrawals. Apparently, the bank has grown concerned that people who recently discovered the machines issued $100 bills have been withdrawing tens of thousands of dollars at a time."
http://time.com/money/4282153/chase-bank-atm-1000-withdrawal-limit/
Personally I think this bank is getting way too big for their britches and they need to be knocked off their pedestal.
I always thought 1000 is the limit. Citi doesnt let you take out more than 1K from ATM in 24 hours.
I know with both USAA and Wells Fargo it's adjustable.
Wells Fargo's default daily limit is $310 (the extra $10 is to allow for a fee). I requested mine to be changed to $650 via secure message, the next day they had changed it to $660 (again, to accommodate a fee).
With USAA it's even more nuanced... you can change your limit yourself using the app; you can change the ATM withdrawal limit, the purchase with PIN limit, and the purchase w/o PIN limit. The change is effective for two days then it goes back to the default, and you can only change one of the three at a time. I think I remember reading that if you want a permanent change you can talk to customer service, but it's not too many people who will be withdrawing thousands of dollars at ATMs all the time.
While Chase being concerned about this is truly bizarre, at least I know it will never impact me... LOL. If I had 'thousands' of dollars in my account, I would be satisfied to let it just sit there, and if I ever did need a large withdrawal, I would simply get a teller to do it for me. With USAA having only one branch (in Texas), you can just have the daily limit for a teller cash advance raised and get the money like that... or go for the most elegant solution - use an ATM that doesn't belong to Chase. 
@UncleB wrote:
@darwin_wins wrote:
@gdale6 wrote:"But not for its own customers.
One bank is worried that people have been emptying out its ATMs of cash a little too quickly.
In an effort to keep closer tabs on criminal activity, J.P. Morgan Chase & Co. just put a ceiling of $1,000 per day for non-customer ATM withdrawals. Apparently, the bank has grown concerned that people who recently discovered the machines issued $100 bills have been withdrawing tens of thousands of dollars at a time."
http://time.com/money/4282153/chase-bank-atm-1000-withdrawal-limit/
Personally I think this bank is getting way too big for their britches and they need to be knocked off their pedestal.
I always thought 1000 is the limit. Citi doesnt let you take out more than 1K from ATM in 24 hours.
I know with both USAA and Wells Fargo it's adjustable.
Wells Fargo's default daily limit is $310 (the extra $10 is to allow for a fee). I requested mine to be changed to $650 via secure message, the next day they had changed it to $660 (again, to accommodate a fee).
With USAA it's even more nuanced... you can change your limit yourself using the app; you can change the ATM withdrawal limit, the purchase with PIN limit, and the purchase w/o PIN limit. The change is effective for two days then it goes back to the default, and you can only change one of the three at a time. I think I remember reading that if you want a permanent change you can talk to customer service, but it's not too many people who will be withdrawing thousands of dollars at ATMs all the time.
While Chase being concerned about this is truly bizarre, at least I know it will never impact me... LOL. If I had 'thousands' of dollars in my account, I would be satisfied to let it just sit there, and if I ever did need a large withdrawal, I would simply get a teller to do it for me. With USAA having only one branch (in Texas), you can just have the daily limit for a teller cash advance raised and get the money like that... or go for the most elegant solution - use an ATM that doesn't belong to Chase.
I'm with BofA and Schwab and have considered trying to get the POS transaction limits set to $0. It seems to require a phone call if they even allow it though. On the other hand there are a fair number of smaller businesses here with card minimums, so a debit card would still come in handy for those.
@Anonymous wrote:Way better than my pos bank .... We are only allowed to withdraw $300 per day from ATMs. $500 per week. lol
At many banks the limit can be changed at a customer's request, but you have to proactively ask about it (they usually don't volunteer to change the limits unless you approach them first).
If your limit is holding you back it might be worth a shot!