This is a question we get asked a lot at Litchfield Bancorp and it’s actually a very common question regardless of whom you bank with. Protecting the customer plays a huge part in why ATM and spending limits are imposed. Should your debit card happen to be lost or stolen, you wouldn’t want the fraudster to be able to clean out your entire checking account.
Using your Debit card is a simple way to get cash, make deposits, check account balances, transfer funds, make purchases and more, and it’s important to make Debit card safety a priority.
Here are a few pointers to keep in mind when it comes to keeping your card safe:
- Treat your ATM/Debit card like cash.
- Never share your PIN with anyone, and don’t write it down on the back of the card or a piece of paper that you keep in your wallet. Memorize it.
- No company should ever ask for your PIN, not even your bank.
- Always make sure online shopping sites are secure, look for https websites that have the lock symbol in the top of the browser.
- Report a lost or stolen card immediately. The sooner you report your card as missing, the less potential for unauthorized transactions. If you are a Litchfield Bancorp customer, you can review how to report a lost or stolen card here.
- Review your account activity through online banking and always review your monthly statements for unauthorized transactions promptly. If you notice any fraudulent charges, you should report them right away to your bank. Litchfield Bancorp customers can access branch contact information here.
- Use the tools that are available to protect your card – you can download the My Mobile Money app. This app allows you to be notified when transactions are processed on your card, so you will know immediately if your card is used without your permission.
- If using your card at an ATM, look for possible fraudulent devices attached to the ATM. If the ATM looks different or appears to have any alterations or attachments to the card slot or PIN pad, do not use it
- Banks may differ on their daily ATM and Point of Sale limits. Litchfield Bancorp’s standard daily limits are $400 for ATM withdraws and $1000 for Point of Sale transactions per day. If the account holder is under 18, the ATM and Point of Sale limits are each set at $250 per day.
If you should need access to more funds than the standard daily limits, there may be a few options available:
- Depending on the situation, you may be able to call us during business hours and ask for a temporary increase to your ATM or Point of Sale limit. This is helpful if you need to make a one-time purchase that exceeds the limits. You’ll need to get specifics on when the increase goes into effect and for how long.
- You can also use a credit card vs. your debit card. To learn more about when to use a credit card vs. a debit card, CLICK HERE to read our blog.
- During banking hours, visit any of our branch locations and make a withdrawal of any amount with a teller. If you need to withdraw a large amount of money it is best that you contact the branch ahead of time to notify them. For contact information, CLICK HERE.
Every bank will have its own limits for each of their accounts when it comes to ATM transactions and debit card purchases. It’s important to be aware of these limits so you don’t find yourself in a situation where you are unable to withdraw funds that you really need or purchase something in an emergency. If you ever have questions about your debit card limits, fraudulent transactions, or reporting a lost or stolen card, don’t hesitate to contact us at any of our locations.
Tiffany Hussey
Assistant Branch Manager
860-393-9156
NMLS ID#1599509