For regular ol’ checking accounts, it’s usually somewhere between $300 to $500. They come with higher limits: If you’ve ever tried to take out a lot of money from your ATM, you’ve probably run into a problem: There’s a daily limit on how much you can withdraw. If taking out a debit card cash advance is basically the same thing as taking out money from the ATM, then what’s the point? Well, there are a few different reasons why taking out a cash advance on a debit card is useful:ġ. What’s the point of a debit card cash advance? There will be a fee for requesting the advance, usually some small percentage of the total amount withdrawn. To take out a debit card cash advance, all you need to do is go to a local bank or credit union branch and talk to a teller. In terms of where the money comes from, a debit card cash advance is exactly the same as taking out money from the ATM. Instead of adding funds to a revolving balance, a debit card cash advance withdraws that money directly from your checking account. (You can read our complete guide to cash advances in the OppU article What is a Cash Advance?)Ī debit card cash advance is different. That’s where you take out money using your credit card, and the amount you withdraw is added to your total balance. When you think “cash advance”, you’re probably thinking about a credit card cash advance. Yes, you can use your debit card to get a cash advance.
Not familiar with how that works? No worries. You’ll probably have to take out a cash advance on your debit card. You can just go to your local ATM and make a withdrawal, or you can pop into the store and get cash back.īut if you need to make a larger cash transaction-like paying for a used car-then you’re going to have to turn elsewhere. And while cash-only transactions might not be as common now in the age of your Venmos and your Paypals, it’s still something you’re going to encounter every so often.Įven if you don’t carry cash around on the regular, any small cash transaction can be handled pretty easily. Paying with cash is like using the bathroom.