Why Chase's ATMs Are Limiting Withdrawals to $1,000 a Day
Patrick T. Fallon—Bloomberg via Getty Images
One bank is worried that people have been emptying out its ATMs of cash a little too quickly.
The bank has been making upgrades to its 18,000 ATMs across the U.S. to allow users to withdraw money faster by issuing $50 and $100 bills, The Wall Street Journal reports. But banks and regulators are giving higher scrutiny to large cash withdrawals and transfers, which can signal illegal activity.
The changes do not affect the bank’s own customers.
In the larger scheme of things, some leaders have called for tightening restrictions or fully eliminating large-value cash notes like the $100 and the €500 because they are frequently used by criminals, especially for money laundering.
