Article | Read time: 2.5 minutes
Have you finally made the upgrade from a piggy bank and moved your stash of cash into a bank account? Maybe you’re even receiving and making regular deposits from your employer. You might be wondering how you can access the money in your bank account to spend it, pay bills, or even pay your BFF back. Rest assured, you have many simple options to choose from.
Let's go over the ins and outs of how you can withdraw money from your bank account:
Use an ATM
If you have an ATM (Automated Teller Machine) card or debit card linked to your bank account you can visit an ATM to withdraw some cash. Every ATM is slightly different but you simply insert your debit card, enter your PIN (personal identification number), select the account you wish to withdraw money from (if you have more than one), enter the amount, and then wait for the ATM to give you your cash and a receipt.
It’s important to note that many ATMs only allow you to withdraw money in multiples of twenty and there may be restrictions on the amount of cash you can withdraw from an ATM and/or on a single day. Also, many banks allow you to withdraw money from their ATMs for free but if you visit an ATM outside of your bank’s network (i.e. it’s owned by a different bank or financial institution), you may be charged a fee.
Lastly, be sure you grab your ATM card before walking or driving away to avoid losing your card or experiencing fraud on your account.
Write a Check for Cash
If you have a checking account, money market account of other type of account that offers checks, you can fill out a check by entering “cash” in the payee line. Then present your check to the teller at your bank along with your identification. If you have the funds available in your account, the teller will give you the cash you are requesting. Be careful when entering “cash.” If the check gets lost or stolen and ends up in the hands of someone else, it can be easily cashed, and you could lose your money.
Fill Out a Withdrawal Slip
If you don’t have checks associated with your account, you can go to your bank’s nearest location and fill out a withdrawal slip. Be sure to fill in the date, the name on the account, and the account number. If you don't know where to find the checking account number, a teller will be able to look it up with your ID and/or debit card. Then enter the amount of cash you wish to receive. If you have any questions, your teller or banker will be happy to help you.
Link Your Account to a Peer-to-Peer Payment Service
The world is becoming more and more digital and that includes how we exchange money with other people. Another way to access the cash in your account is by linking your account to a third-party peer-to-peer (P2P) payment service such as Venmo or PayPal. These are increasingly popular options for paying back your friend for that latte they picked up for you or the rideshare service you shared last weekend. Just be sure you only use these services with people you know and trust, use PINs to keep your account safe and secure, turn your account setting to private, and turn on notifications to keep an eye on activity related to your account.
You can also use Zelle® for peer-to-peer payments. More than 150 million consumers have access to it and it's available in more than 1,900 banking apps. Zelle® allows enrolled users to send money to one another within minutes, even if they bank at different U.S.-based financial institutions.
With a little bit of practice, you’ll get the hang of withdrawing money from your account in no time. If you continue to have questions, a Personal Banker from FNBO would be happy to answer them. Give us a call today.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.