Does your debit card have a daily spending limit? Most likely, yes. A debit card spending maximum is set by the individual bank or credit union that issues the debit card. Some debit cards have spending capped at $1,000, $2,000, or $3,000 daily.
Try to spend more than the maximum allowed, and your debit card will be declined even if you have enough money in your checking account. Very embarrassing. There are, however, some steps you can take to deal with debit card spending limits.
Why worry about debit card spending limits?
It’s not every day we need to spend more than $1,000 on a debit card. But it happens. Especially if you do not have or wish to use a credit card for major purchases, you may find yourself needing to pay a big car repair bill, book a vacation, or make another large purchase that will cost more than your debit card spending limit.
Ask your bank or credit union what your debit card limits are
Before you can deal with a debit card spending limit, you need to know what it is. A few banks publish this information on their Web sites; many do not. So you’ll need to call up your bank or credit union or ask a teller the next time you’re in. Be sure to determine both your ATM cash withdrawal daily limit and you debit card spending limit. They’re different.
Typically, your cash withdrawal limit will be lower. Many banks set ATM withdrawal limits at $500 in a twenty-four hour period. Sometimes it’s $1,000. Typically, your ATM spending limit will be higher. Also ask your bank if ATM transactions count towards your daily spending limit. (If so, and you have a $1,000 total spending limit, when you withdraw $200 from an ATM, you could not then make a $900 purchase on your card).
Ask to change your debit card spending limits
Most banks will increase or debit card limits if you ask. This increase can be either permanent or temporary. If you ask for a spending limit increase, however, be sure to find out when the increase will take effect. Sometimes it’s instantaneous, other times it may take 24 or 48 hours, so if you go to make a big purchase right after hanging up with the bank, the transaction may still not go through.
Have you run up against debit card spending limits? How did it happen?
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According to this story, BofA accounts have a daily limit:
http://consumerist.com/360064/bank-of-america-wont-let-you-access-your-money
Wow, I just finished reading that. Thanks for sharing. That makes me so glad to use a small credit union and not BofA. I can deal with crap customer service when it comes to airlines, cable companies, even credit cards, but when it’s YOUR money in THEIR bank and they treat you like that it’s almost criminal.
If you don’t have time for the story, it basically says “Everyone in the United States that uses Bank of America has a daily spending limit [on debit cards] of 5000.00 no matter what.”
And it sounds like it’s a BIG pain in the ass to make an exception.
I actually ran into this problem a few years ago when I bought a big screen television. I had the funds available but my debit card wouldn’t allow the transaction because it went over my daily spending limit. The debit card was through my local regional bank. After this happened, I proceeded to open an account at a national bank and have never had this problem again.
i ran into a debit card spending limit with capital one. needed to pay rent, could only pull out 400 or so. verbally wrestled with the less than reasonable customer support agents who repeatedly told me they could not increase the limit. i persisted and someone finally temporarily upped it for the day. as for the immediacy, the person had to tell me to “ok, try it now” about 5 times before it actually ended up going through.
i wonder how many times the woman behind the glass has seen the watched the same situation occur.
Daily limits are a BIG pain in the A$$!! How is someone gonna tell u how much of ur money u can spend??!! RIDICULOUS!! It’s like being on a Elementary school field trip where they tell u when to pay for things and when not to. ABSURD!!
The spending limit is there in case the card is lost, stolen or compromised. It prevents a thief from emptying your checking account in one day. This is why I have a credit card AND a debit card. I use the credit card for large purchases and pay it off each month so as not to pay finance charges.
The banks do have a point. If your card is stolen and your account is emptied out, you are only liable for $50. However, the bank is liable for the rest. They are trying to protect themselves and you really can’t blame them since debit and credit cards are stolen so often. It is your money but it is their money if your card is compromised. I am not really defending them, I just simply want people to know that they do have a reason for what they are doing.