Bank of America Cash Withdrawal Limit at the Counter for 2021

The cash withdrawal limit for Bank of America at the counter is determined by your account balance, the type of account you have, and how much cash the local branch has on hand.

 

Banking with Bank of America might make sense if you’re looking for an institution with top-notch digital features, an extensive branch network, and plenty of ATMs.

But bank elsewhere if you want to avoid bank fees or you’re trying to earn a high rate of return.

About Bank of America

What’s known today as Bank of America was originally the Bank of Italy. A local bank in San Francisco founded by Amadeo Peter Giannini to support immigrants who other financial institutions wouldn’t serve.

What began as a local bank that opened in 1904 in San Francisco expanded until it became the only statewide bank in California. Offices were opened in Italy and other U.S. cities and by 1945, it was the world’s largest bank.

A merger with NationsBank in 1998 made Bank of America the first bank that operated from coast to coast. Today, the bank is headquartered in Charlotte, North Carolina.

It updated its logo in late 2018 and has a wide range of banking, small business, and wealth management services.

Savings Accounts

Bank of America’s Rewards Savings account offers an APY that is lower than the national average.

One of the ways to waive the monthly maintenance fee of $8 per month is by maintaining a minimum daily balance of at least $500 in the Rewards Savings account.

Checking Accounts

Bank of America Advantage Relationship Banking offers an interest-bearing checking account with a $100 minimum opening deposit.

The $25 monthly maintenance fee is waived for those with a combined balance of $10,000 across eligible linked accounts or Preferred Rewards participants.

Other options include the non-interest-bearing Advantage SafeBalance Banking ($4.95 monthly fee, $25 opening balance, and no paper checks) or the Bank of America Advantage Plus Banking (waivable $12 monthly fee and $100 minimum opening deposit).

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CD Rates

Bank of America offers CDs with terms ranging from one month to 10 years. Customers have the choice between two different types of CDs.

The standard CD has a low minimum deposit and the option to choose from multiple terms. The feature CD is available for customers with interest in a short-term account.

A penalty applies for early withdrawals. For CDs with terms between 12 months and five years, the penalty is 180 days of interest.

Bank Experience

At the megabank, you’ll have access to 16,089 ATMs and more than 4,450 branches.

Bank of America’s mobile app experience also includes a few extra touches when compared to rivals. On the app, you can customize your dashboard as well as get insight and guidance from Erica, the bank’s virtual assistant.

You can also reach customer service members seven days a week.

What is the Bank of America Cash Withdrawal Limit at the Counter?

At the teller counter, Bank of America’s cash withdrawal limit is based on a few factors, including:

  • The funds available in your account
  • The type of account you have (some accounts have a minimum balance)
  • How much cash your local Bank of America has on hand (the branch may need to order the funds, which could take up to a week; it may also need to order large bills)

Keep in mind, the counter withdrawal policy differs from Bank of America’s ATM withdrawal limit, which is capped at 40 bills per transaction.

While there isn’t a withdrawal limit at the counter, a Bank of America corporate customer service representative said large cash withdrawals may require advance notice, as disclose to customers in their deposit agreement.

However, we have confirmed this information by contacting several Bank of America branches and speaking with bank employees.

Account Balance Withdrawals at Bank of America

Since Bank of America does not have a set withdrawal limit at the counter, it may be possible to withdraw the entirety of your account balance.

However, in order to close your account, you’ll need to make an appointment with a banking specialist.

When closing your account, be sure to cancel any recurring transactions, such as direct deposits or scheduled payments. And also wait for any outstanding transactions to clear before meeting with the personal banker.

Withdrawal Requirements at the Counter

Making a withdrawal at a Bank of America counter, you will need to fill out a withdrawal slip and show identification. The withdrawal strip will require you to fill in the date, your name, the account number you wish to withdraw from, and the amount you want to withdraw.

Acceptable forms of ID include a driver’s license, state-issued photo ID card, passport, a U.S. Armed Services ID with a photo, or other government-issued photo ID.

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