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ATM Transactions: Frequently Asked Questions
Automated teller machines make cash and account access convenient, but they come with fees and security risks. Here are answers to common questions.
What can I do at an ATM?
Most ATMs let you withdraw cash, check balances, deposit cash or checks, and transfer money between accounts. Availability of deposited funds can vary by bank and amount.
What fees might I be charged?
If you use a machine outside your bank's network, you may pay a fee to your own bank and another to the machine's owner. The ATM should show any surcharge before you complete the transaction. Using your bank's machines or those in its network is usually free. Some banks reimburse out-of-network fees on certain accounts.
How can I protect myself from fraud?
- Cover the keypad when you enter your PIN.
- Check the card reader and keypad for anything that looks loose or added on, since thieves attach skimming devices.
- Prefer machines inside bank branches or in well-lit, busy places.
- Never share your PIN, and do not write it on your card.
- Take your receipt and monitor your account regularly.
What if the machine does not give me the cash but debits my account?
Keep the receipt and contact your bank immediately. Report the machine's location and the time. Banks generally investigate and correct such errors, but you should report promptly and follow up in writing.
What are my rights if my card is lost or used without permission?
Federal rules protect consumers, but your liability for unauthorized debit card transactions depends on how quickly you report the loss. Reporting within a couple of days limits your exposure far more than waiting. Check the rules at consumerfinance.gov and contact your bank right away.
Are there withdrawal limits?
Yes. Banks set daily limits on how much cash you can withdraw and sometimes on deposits. If you need more, ask your bank about raising the limit or using a teller.
Should I track ATM withdrawals for tax purposes?
Cash withdrawals do not by themselves document an expense. For business spending, keep receipts or note the purpose so that expenses can be supported. Cash without a record is difficult to deduct. Ask about bookkeeping help if you are unsure how to track it.
Questions about your accounts or cash records? Contact us for guidance.
This article is general information, not tax, legal or investment advice for your specific situation.