Key insights:
- You can access the money in your bank account in several ways, including ATMs, bank branches, online transfers and debit card cash back
- ATM withdrawals are convenient, but limits and potential fees may apply
- It’s possible to withdraw funds from a savings account, but withdrawal limits and bank rules may apply
There are multiple ways to withdraw money from the bank. You can typically withdraw cash from a bank account at an ATM or branch of that bank, or you can directly transfer money using online banking services and tools.
Withdraw money from an ATM
If you have a checking account or a savings account that offers debit or ATM cards, you can typically make withdrawals at an ATM. Just insert your debit or ATM card and verify your identity with your PIN.
Depending on the bank, you may encounter limits when withdrawing cash from an ATM. Banks may set daily withdrawal limits to help prevent fraud and theft, and individual ATMs may have lower limits set at the discretion of the ATM owner.
Using an ATM associated with your bank is typically the best way to avoid ATM fees. Using out-of-network ATMs may result in getting charged a fee from your bank, the ATM owner or both. Some banks may reimburse out-of-network ATM fees.
Do you need a debit card to withdraw money from an ATM?
You typically need a debit or ATM card to withdraw money from an ATM. However, some ATMs now offer cardless withdrawal options, usually by connecting to either a bank’s mobile app or the digital wallet of your choice to authenticate the transaction.
Withdraw money in person from the bank
You can also withdraw cash in person at your local bank branch.
Money can typically be withdrawn directly with the help of a bank teller. You will need to provide proof of identity, such as your debit card and PIN, or a government-issued ID. Once the teller has verified your identity, you can choose the amount you want withdrawn and they’ll hand it directly to you.
Cash back when you pay with a debit card
Some banks allow you to withdraw small amounts of cash back when shopping at certain vendors. For example, if you’re shopping at a grocery store, you might see the option to withdraw cash back when you pay. This cash back amount will be charged to your checking account as a purchase, and you will receive the cash immediately.
Can you withdraw money from a savings account?
Yes, there are different ways you can withdraw money from your savings account. You can withdraw money by transferring funds to your checking account and then using your usual withdrawal method. You may also be able to withdraw cash directly from your savings account at an ATM with your debit card or an ATM card.
Even though you can take money out of your savings account, keep your savings goals in mind when doing so. You’ve put a lot of hard work into building your savings, so it’s worth taking a moment to consider how a withdrawal fits into your larger goals.
Can you withdraw cash from an online-only bank account?
If you have a bank account that you can only access online, and the bank doesn’t have a local branch, there are still several ways to withdraw your funds.
Some online-only banks may have a network of ATMs through a partnership, which may allow you to withdraw cash at certain ATMs without paying a fee.
Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products
