Comments on: Does Your Debit Card Have a Daily Spending Limit?

By: Lisa Hignutt

Lisa Hignutt — Sat, 20 Nov 2010 16:25:23 +0000

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.

By: Shawn

Shawn — Thu, 04 Nov 2010 23:34:28 +0000

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.

By: Joshua L Brown

Joshua L Brown — Fri, 22 Oct 2010 19:37:48 +0000

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!!

By: ahndk

ahndk — Wed, 30 Sep 2009 01:53:52 +0000

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.

By: Mark

Mark — Sun, 21 Dec 2008 21:05:36 +0000

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.

By: Money Under 30

Money Under 30 — Fri, 19 Dec 2008 15:14:22 +0000

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.

By: Grant

Grant — Thu, 18 Dec 2008 19:48:13 +0000

According to this story, BofA accounts have a daily limit:
http://consumerist.com/360064/bank-of-america-wont-let-you-access-your-money