When it comes to managing your finances, understanding the withdrawal limits on your business account is crucial. For customers of Bank of America with business accounts, knowing the parameters of cash withdrawals and ATM card usage is essential for efficient financial management. So, how much cash can you withdraw from your Bank of America business account, and what are the limits on your business ATM card?
For cash withdrawals, Bank of America sets a daily limit on the amount you can withdraw from your business account. As per their policy, you’re allowed to withdraw up to $700 of your available account balance per day. This limit ensures that you can access a reasonable amount of cash while still maintaining security and control over your account. It’s important to note that exceeding this daily limit might not be possible through standard ATM transactions.
Similarly, if you’re using your business ATM card for purchases and transactions requiring a PIN, there’s a separate daily limit to consider. For such transactions, the daily limit is $1,000 of your available account balance. This higher limit offers flexibility for business-related expenses and transactions, allowing you to make purchases with ease within the specified limit. Understanding these limits empowers you to plan your financial activities effectively and ensures smooth operations for your business.
In conclusion, Bank of America provides clear guidelines regarding cash withdrawals and ATM card usage for business accounts. With a daily cash withdrawal limit of $700 and a PIN-based transaction limit of $1,000, customers can manage their finances efficiently while conducting business activities. Understanding these limits is crucial for maintaining financial control and optimizing business operations.
(Response: The daily cash withdrawal limit for a Bank of America business account is $700, while the daily limit for PIN-based transactions is $1,000.)