Every individual is familiar with ATMs but have you ever tried to know more about them? Automated Teller Machine (ATM) is a service provided by banks to help customers with easy access to cash. However, certain limits need to be known before using the ATM card for each transaction. ATM Transaction Limit can restrict you from enjoying unlimited transactions using the ATM. However, you have to pay extra charges to use it for more than the limit.
You need to check details regarding the ATM use limit which can affect overall financial transactions and can charge a higher amount to you. So, understanding the ATM Withdrawal Limits can help you avoid unnecessary transactions that can affect your account balance. You need to know about the ATM rules which can limit your extra charges.
ATM Withdrawal Limits Rules
People generally like to use an ATM for cash withdrawals for their personal expenses or other usage. Each transaction costs the relevant bank which restricts them to limit the transaction for users. However, paying extra charges for each transaction over the limit can allow you to make transactions. ATM Transaction Rules can help you understand how to avoid any extra charges. So, you need to check the full information to avoid your financial loss and use your ATM optimally.
You can look for detailed rules that generally may help you to avoid any charges made by your banks. This article will explore ATM Withdrawal Limits Rules to use ATM accordingly and avoid financial loss. This article will also inform you about the money withdrawal limit and each transaction limit which can help to reduce your loss.
Understanding ATM Withdrawal Limits
Banks provide ATM services to help their customer in reaching to funds instantly. It also reduces the bank branch pressure due to crowd shifting to ATM. However, banks need to pay their operational and transaction charges to all the relevant ATMs that are used for relevant customers. So, it is essential to understand the ATM Transaction Limits to avoid any penalty or service charges.
- Banks need to pay ATM transaction charges to relevant banks that cost banks and may cause high losses.
- So, they provide a certain number of free transactions that can be carried out by the cardholder in a month.
- However, people like to use ATM more than the limit which creates financial pressure to banks for per transaction.
- Therefore, banks impose ATM Withdrawal Limits to reduce the number of transaction that increases banks’ cost of operation and transactions.
- It helps to reduce the overuse of ATMs and supports reducing financial charges made for each transaction crossing the number of free transaction limits.
ATM Withdrawal Amount Limit in a Day
Banks take care of their customer and improve their service to avoid any financial fraud that can affect customers. Therefore, they make different rules where that can help customers avoid any fraud or financial loss. ATM Withdrawal Amount Limit is one of the initiatives that allows people to get cash instantly but is limited to a certain amount to avoid any misuse or crime.
Banks impose limits on withdrawal amounts to secure customers. However, different banks have different limits which may vary from Rs. 10,000 to Rs. 50,000 based on various factors. However, you can connect with your bank to increase this limit with a valid reason. Moreover, you need to know that the Per Transaction Withdrawal Limit is also imposed by the bank which may range from Rs. 10,000 to Rs. 1,00,000 based on the type of card.
ATM Transaction Number Limit
Debit cardholders need to understand the rule that banks offer only a maximum of 5 transactions in a month free of cost. However, crossing the limit will impose certain transaction charges which can lower your bank balance and increase your financial loss. So, you always need to consider this ATM Transaction Limit by the banks to use it without paying extra charges. You may have to pay Rs. 21 for each transaction you make either financial transaction or non-financial transactions.
How to avoid ATM Transaction Extra Charges?
People need to make transactions for different purposes and limiting the number of transactions can affect the financial movement. Therefore, it is essential to understand the alternative that can help you perform your financial business without facing ATM Transaction Extra Charges. Keep reading the following points to exceed the limit and perform your business without losing money.
- Using in-network ATMs: People need to use the partnered ATM or in-network ATM to make the transaction. It lowers the transaction charges for the banks and allows getting more free transactions. However, you need to collect information about the number of free transaction limits offered by the bank for their partnered or in-networked ATM.
- Using Digital Transaction: Many people have an understanding about digital payment which can lower the use of ATMs and make your payment instantly. The use of Digital Transaction Methods like UPI can enable customers to pay their bills without using the ATM. Thus, it helps to lower the ATM use and save your free transaction limit to avoid financial loss.
- Planning for Cash Withdrawal: When you need to get more cash, you can plan your cash withdrawal. This can reduce the number of ATM use and allow providing sufficient funds as per needs. Moreover, it can also reduce the number of ATM Transaction Limit to avoid any extra transaction charges.
- Swipe Card Method: Cardholders can use the swipe service offered by banks to merchants. Many merchants offer the swipe card method for the transaction purpose which helps them to get their payment without hustle. It can also help customer to reduce their ATM Cash Withdrawal Limit and avoid the loss.
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Samarth Choudhary is a Chief Editor at keralacobank.com. He has overall editorial experience of 10 years in online media. He has completed his graduation from University of California and masters in Finance from University of Dallas in year 2010. His major interest and expertise is in Finance, Taxes, Government Aid and Schemes. His Major focus is to help users to get relevant information which are published on keralacobank.com in easy and precise form.