You probably know your daily ATM limit by heart. But did you know you likely have a daily debit card spending limit, too?
"That's pretty common," says Nessa Feddis, vice president and senior counsel for the American Bankers Association. The actual limit "may depend on the customer, the balance and the usual activity," she says.
If you have a limit, your institution will cap debit spending once you hit the magic number, no matter how much is in the account.
So if you're planning to use your debit card for high-dollar purchases, it pays to find out what that limit is, says Sherry.
And depending on what you learn, you may have to either spread out your purchases or make other plans.
If you're making a one-time large purchase, you can also call the institution and ask them to override the limit, says Feddis. "They want you to use the card," she says. "If you've got enough money, there's probably not a problem."