How to Take Out Money From an ATM
Master the simple steps to securely withdraw cash from an ATM. This guide covers essential preparations, the withdrawal process, and understanding transaction details.
Automated Teller Machines (ATMs) offer a convenient way to obtain physical cash and manage finances. Found in various locations, these self-service terminals provide immediate access to funds outside of traditional banking hours. Understanding how to use an ATM ensures a smooth and secure transaction.
Essential Preparations
Before using an ATM, ensure you have your debit or credit card and Personal Identification Number (PIN). Keeping your PIN confidential and never sharing it is a fundamental security practice.
Locating an ATM is straightforward due to widespread availability. Many financial institutions offer mobile apps with ATM locators to find in-network machines and avoid fees. ATMs display network logos (e.g., Plus, Cirrus, Star, NYCE) indicating accepted cards. Choose well-lit, visible locations, especially at night, and be aware of your surroundings. If your card is lost or PIN forgotten, contact your bank immediately for replacement or reset.
Executing a Cash Withdrawal
To withdraw cash, insert your debit or credit card into the designated slot. Most machines require the card’s chip to be inserted face-up and inward, though some offer contactless “tap” functionality. The ATM will then prompt you to enter your Personal Identification Number.
When entering your PIN, shield the keypad with your free hand to prevent unauthorized viewing. After successful PIN entry, the ATM will display a main menu. From this menu, select the “Withdrawal” option.
Select the account (e.g., “Checking” or “Savings”) from which to withdraw funds. Then, enter the desired cash amount.
ATMs offer pre-set or custom withdrawal amounts. Consider the machine’s dispensing limits and your bank’s daily withdrawal limits. Review the transaction summary to verify the amount and account before finalizing.
Once confirmed, the ATM dispenses cash. After collecting cash, retrieve your card. Collect your transaction receipt for your records.
Understanding Transaction Details
After completing a cash withdrawal, be aware of certain financial details. Financial institutions impose daily withdrawal limits, typically ranging from $300 to $2,500, though $500 to $1,000 is common. These limits are a security measure to protect your funds and may vary by account type or banking history.
ATM transactions may involve fees, particularly when using an ATM outside of your bank’s network. The average out-of-network fee is approximately $4.77, comprising a fee from your bank (around $1.58) and a surcharge from the ATM owner (about $3.19). The ATM screen will display any applicable fees and require your acceptance before the transaction proceeds.
You can choose a paper or digital receipt. A receipt is beneficial for record-keeping, helping you reconcile your account and track expenditures.
After the transaction, secure your cash, card, and receipt. Place cash safely in your wallet, return your card to its secure location, and store the receipt to prevent loss or theft.