We have all had a need for physical cash at some point, after exceeding our bank’s daily withdrawal limit. If it so happens that your local branch is closed, things can get a little tricky, or even dangerous if it is a cash related emergency. I will show you a relatively simple Paypal method as a way around this (for up to $400 at ATM).
You will need:
1 . A functional bank account still within its daily spending limit (typically much higher than ATM limit).
2. A Paypal account with the above bank account, AND any bank debit/credit card linked.
3 . A SECOND Paypal account WITH a Paypal issued Debit Mastercard (Regular or Prepaid).
note: You’re allowed to have 2 Paypal accounts. 1 Premier or Business, and 1 Personal.
If you already have all the above in place, then you’re almost there.
Step 1: Log into the first mentioned Paypal account, and click on the “Send Money” option.
Step 2: I nput your SECOND Paypal account as the recipient, and desired amount to send. Select ‘personal’, NOT ‘purchase’. Then Continue.
Step 3: Select the bank account you need to withdraw money from. It MUST be done as “instant transfer”, NOT eCheck. Then ‘Send’.
Step 4: Log into your SECOND Paypal account to confirm receipt of funds, and then proceed to ATM to withdraw up to $400 (Paypal ATM limit).
This method is really simple if you happen to have all the requirements already. However, if you don’t, you can realistically have it all set up within 30 minutes.
– If you only have one Paypal account, simply create another (although one MUST be Premier or Business).
– If you don’t have a Paypal Debit card, you can get a Prepaid one instantly at CVS, Walgreens, and many such stores. Although i wouldn’t recommend this prepaid card unless it is truly an emergency, as it will cost you $4.95 for the card, plus you have to load at least $10 at checkout, and it has a $4.95 monthly fee. Also, you need to provide ALL your personal info including SSN to instantly link it to your Paypal account.
There are variables to this method that i have thought of, but that would be for another article.
If this Paypal method does not cut it for you: Keep in mind that if your local grocery store e.g ‘Stop & Shop’ is open- you can get ‘cash back’ of up to your “daily Spending limit”. They allow increments of $200- all by yourself at the self checkout. I once took out $1,000 in cash back at Stop & Shop; of course with the individual purchase of six 50 cent bags of chips. It was fun.