Your London Mutual Credit Union Visa Debit card comes with certain limits on the number of transactions and withdrawals you can carry out over a specified period. These limits are in place to protect your account from fraud.
What limits are in place?
The key withdrawal limits on your account are listed below. These are outlined in more detail in your card's Terms & Conditions on page 27.
ATM Withdrawals
You can:
- Withdraw a maximum of £300 at a time
- Make up to 5 cash withdrawals in a single 24-hour period (how this is calculated)
- Make up to 10 cash withdrawals per month
- Withdraw a maximum of £1,000 in cash from ATM machines in a month
Debit Card Transactions (Online and in Store)
You can:
- Make up to 15 debit card transactions in a single 24-hour period (this equals 105 per week or 450 in a month)
- Make payments of up to £10,000 per transaction using your card
How are these limits calculated?
24-hour limits are calculated on a rolling, 24 hour basis.
For example, if you make 3 ATM withdrawals at 10:00 AM today, you would have 2 remaining withdrawals until 10:00 AM tomorrow. As each withdrawal passes the 24-hour mark, you gain back that "slot" for a new withdrawal.
This differs from a fixed calendar day system (which we used previously, where limits reset at midnight).
Have the limits changed?
No. These limits have always been in place, however, the way they are calculated has changed slightly (see above).
Why are there limits in place?
All financial institutions put in place some kind of limits on account activity. These limits are designed to reduce the risk from fraud or misuse of your card (for example, if someone stole your card or details).
Limits are set at a level which reflect typical levels of activity, and are intended to be high enough for everyday use of your account.
What to do if it's causing problems
If you find yourself regularly coming up against these withdrawal limits or have specific reasons for needing to go above them, please get in touch by giving us a call or using the request form, as it may be possible to increase them for you.