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If you have a bank account, you’re likely familiar with the process of withdrawing cash, depositing checks and handling bills. While these might seem like basic tasks, there are a few common mistakes that are easy to make when carrying out these seemingly simple financial transactions.
Find out from a bank teller if you’re making these seven common cash withdrawal mistakes — and learn how to avoid them.
Getting Bills Too Large
Although efficient and compact, large bills aren’t as versatile as you might think.
“One mistake I often see is taking out large bills to spend at local businesses, because most won’t accept them because businesses are worried about fraudulent bills,” said Haley West, head teller at Kohler Credit Union.
The usability and convenience of smaller bills are well worth the annoyance of carrying around a thicker stack of cash.
Requesting Brand New Bills
There’s nothing more appealing than fresh, crisp bills, especially when you’re giving cash as a gift. However, requesting brand-new bills might have frustrating consequences.
“A mistake members make is requesting brand new bills as they are sticky and members tend to come back thinking that we shorted them or they gave too much when they purchased because the bills were stuck together,” West said.
Neglecting To Balance Accounts
Life gets busy and it can be hard to stay on top of account balances. An easy mistake to make is withdrawing cash from an account with inadequate funds.
“A staggering 19% of all payments in 2020 were cash transactions,” said Oliver Brifman, business insurance and financial services expert at eMerchant Authority. “Yet, many customers withdraw without checking their balance, leading to overdraft fees. Always check your balance before a withdrawal to avoid the plunge into overdraft territory.”
Rushing
When you are in a rush or distracted, it’s easy to make mistakes.
“Based on my time as a bank teller, I learned firsthand how easily little mistakes can happen with cash transactions if you’re not careful,” said Steven Kibbel, former bank teller and now a Certified Financial Planner and financial advisor at Prop Firm App. “When people are rushed or distracted, they often make the mistake of miscounting bills, mixing up denominations or neglecting to double-check important details on checks.”
Save yourself the headache later by double-checking your accounts, counting your cash and remembering to breathe.
Forgetting ID
Surprisingly, the most common mistake people make when withdrawing cash is a very simple one: forgetting their ID.
Making a cash withdrawal at the bank requires identification for large withdrawals. It is incredibly frustrating to get up to the counter ready to make a withdrawal, only to discover that you left your wallet and ID at home. Save yourself the hassle by ensuring you have all your identification information with you, so the bank teller can help you process your request seamlessly.
Asking for the Incorrect Amount
Funnily enough, one of the easiest mistakes you can make when withdrawing cash is requesting the incorrect amount. While it sounds straightforward, it happens more often than you might think.
It’s dull work to double-check numbers and verify you are withdrawing the correct amount before walking into the bank, but taking a few seconds to slow down and verify can save you time and trouble later.
Being Surprised by Fees
It’s easy to lose track of account balances and daily spending limits. However, failing to plan your cash needs can lead to sneaky fees if you aren’t careful.
If your account balance is low and you make a last-minute withdrawal, you might face overdraft fees. Be sure to keep an eye on your account balance and pay attention to daily withdrawal limits set by your bank to avoid any unexpected transaction fees. Exceeding daily limits or account balances can be both inconvenient and costly.
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