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8 Things To Know About A Chase Debit Card’s Balance Limit

8 Things To Know About A Chase Debit Card’s Balance Limit

Chase Debit Card Balance Limit

The Chase debit spending limit on a debit card differs from that on ATM withdrawals.

If you want to know about the spending limit on your debit card, contact your branch for more details. And instead of receiving high charges when you pass the limit, there are ways of increasing the debit card limit temporarily or permanently. 

Chase debit spending limit 

The daily debt purchase limit and your ATM withdrawal will typically range from $300 to $2500, based on the bank you use and your account type.

Since banks only store a fraction of the cash deposits, they impose daily limits on how much money customers can withdraw through ATMs and how much cash they can spend through debit cards. Let’s now take a deep dive into the Chase debit spending limit.

What is the Chase debit spending limit?

The daily limit of Chase debit card purchases is $3,000. On the other hand, ATM withdrawals have a limit of $1000 and $500 on ATMs from other banks. 

You must have money in your checking account to purchase using a debit card. Lack of money will result in transaction failure or an overdraft.

Since the in-bank ATM limit is separate, you can withdraw money from the Chase in-branch ATM and the out-of-branch ATM within a given day.

In-branch ATM withdrawals after business hours are not counted as in-branch withdrawals. Once the bank branch closes, the withdrawals count as other chase ATM withdrawals.

It is also important to remember that limits do not apply to each account. In case you have several Chase checking accounts, each debit card’s total limits are shared.

For instance, you cannot make a $3000 purchase and then make a $3000 withdrawal on the other card. Similarly, the withdrawal limits from non-Chase ATMs and other Chase ATMs are shared across your cards.

A debit card is ideal for anyone looking to pay a large purchase in increments but considers the limits. 

How do I check my Chase debit card limit?

The best way to check your credit card limit is by calling the number on the back side of your debit card. 

If you find yourself in a situation where you need to withdraw more money, you can call the branch and request a temporary increase on the limit of your ATM withdrawal.

If you visit a Chase branch during business hours, you can get higher limits for your ATM withdrawal.

The Chase debit card withdrawal limit resets every 24 hours at midnight EST (Eastern Standard Time). If you’d like, you can plan your withdrawals where you can withdraw $1000 or $500 on consecutive days. 

Can you go past a Chase debit card balance limit?

Yes, this is common for individuals who do not track their expenses. 

Once this happens, you will attract an average of $35 charge for every transaction you make. In addition, you will be charged 20% annual interest on the balance overdrawn.

For example, $50 could balloon to about $96 a year.

Although most people try to be cautious with their expenses, a good number of people are guilty of spending more than their budgeted amount.

According to a Pew Health Group study conducted in 2011, it was discovered that financial institutions charged customers approximately $38.5 billion in charges on overdrafts.

Would you be able to increase a debit card limit?

Yes, there are two different ways you can increase your withdrawal limit. The first way is to get a temporary increase that could allow you more money for the expense. It is not difficult to get a temporary increase.

The only thing you need to do is provide a specific reason as to why you need the increase. The second way is getting a permanent increase, which can be tougher.

This option is possible if you keep your bank account balance at a certain amount

You can also get higher limits if you sign up for a Chase Private Client account or Chase Sapphire banking account.

For example, you can withdraw up to $2000 or $3000 from a Chase Private Client account, depending on the location.

In addition, you could get a $7500 daily purchase limit or higher, or you can get a Premium Platinum debit with a $3000 limit at ATMs.

What does a negative chase debit card balance limit mean?

If your bank account balance is below zero, you have a negative credit card balance. What that means is that you owe the credit card company money instead of them owing you. 

Typically, this happens when you spend more than the outstanding bank balance or when you have a credit returned to your bank account.

Final thoughts 

If you plan to make a large debit card purchase, it is important to know the daily limit of your bank.

Once you know whether the transaction will be restricted or not, contact your bank and discuss your pending purchase.

The officials at your bank branch will help you increase the debit card limit if given a good reason, either on a permanent or a temporary basis.

It is important to only temporarily raise the limit because it can protect your finances when theft or fraud occurs.