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#95795 - 07/10/03 02:59 PM ATM and POS Limitations

We're reviewing limits on POS transactions and ATM transfers.
1)Do you set daily maximum withdrawal limits on your debit cards? ATM transfers?

2)If yes, what are your limits?

Thank you!

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General Discussion
#95796 - 07/10/03 03:05 PM Poll on ATM and POS Limitations

In addition to the above...
Do you have limitations on electronic check/draft conversion?

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#95797 - 07/10/03 03:10 PM Re: Poll on ATM and POS Limitations
Lestie G Offline

Power Poster
Joined: May 2002
Posts: 3,607
Near the Land of Enchantment
These are pretty sensitive questions - please don't be offended if no one is willing to tell you about their security measures.
Opinions my own.

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#95798 - 07/10/03 04:08 PM Re: Poll on ATM and POS Limitations

Not to be too sensitive, but my thought was that this would be material to the Reg E disclosure.

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#95799 - 07/10/03 04:12 PM Re: Poll on ATM and POS Limitations
Andy_Z Offline
10K Club
Joined: Oct 2000
Posts: 27,546
On the Net
205.7 Initial disclosures.
1. Security limitations. Information about limitations on the frequency and dollar amount of transfers generally must be disclosed in detail, even if related to security aspects of the system. If the confidentiality of certain details is essential to the security of an account or system, these details may be withheld (but the fact that limitations exist must still be disclosed). For example, an institution limits cash ATM withdrawals to $100 per day. The institution may disclose that daily withdrawal limitations apply and need not disclose that the limitations may not always be in force (such as during periods when its ATMs are off- line).
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#95800 - 07/10/03 10:53 PM Re: Poll on ATM and POS Limitations

That's the type of info. I was getting at. I was curious if most banks have daily withdrawal limits on POS transactions, e.g. $1500 daily limit, etc.

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#95801 - 07/11/03 01:00 PM Re: Poll on ATM and POS Limitations
AMXSteve Offline
Joined: Jun 2001
Posts: 75
Wilmington, OH, USA
We place the following limits on our customers:
ATM Cash withdrawals and POS transactions (PIN based) = $500 per day.
Debit card transactions (not PIN-based)= $1000 per day.

We limit deposits at the through an ATM to $5000 per day.
We don't limit funds transfers through the ATM.

I don't see how you can limit electronic check conversion. Usually this is somewhat beyond the customer's control. If a customer sends in a check for his mortgage payment and the mortgage servicer converts the check to an electronic (usually ACH) item, are you going to return it if it's over a certain dollar amount? That just doesn't seem workable.

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#95802 - 07/11/03 10:26 PM Re: Poll on ATM and POS Limitations

$300MM bank here(in the Midwest).

ATM $200 cash- daily limit.
$1,000 debit card- daily limit.
A few customers have higher amounts.................

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