To protect your financial fitness, gain greater insights on how banking can work for you. For tips on your banking success, just ask Alex, our expert banker. Discover more about the Automated Teller Machine (ATM), including how much money can be withdrawn at one time. Learn how to detect a counterfeit bill. Understand what a SWIFT code is and its significance.
Question: How much cash can I withdraw at an ATM? – Clarice from Fairmont, West Virginia.
Answer: An ATM (Automated Teller Machine) is an electronic device used by customers to process basic bank transactions. This includes withdrawing cash, checking balances, printing bank statements and accepting deposits. Due to safety and security precautions, financial institutions have imposed limits on the amount of cash a customer can withdraw daily at an ATM. It is typically anywhere between $300 to $1,000 per day. Upon request, many banks and credit unions will temporarily increase their customers’ daily ATM withdrawal limit.
Question: What tips are there to spot a counterfeit bill? – Nathan from Denver, Colorado.
Answer: There are several ways to determine if a bill is authentic just by looking at it. One way is to see if the bottom right-hand corner of the bill has color-shifting ink. This ink will display two distinct colors, either from green to black or copper to green, depending on the bill and what angle it is viewed. Color-shifting ink is included for bills $10 or more. Another way to ascertain if a bill is legitimate is to see if it has a watermark. All bills, except for the $1 and $2 bill currently have this feature. Watermarks are visible from either side of the portrait when held to light. It will exactly match the face on the bill except for the $5 bill which will show “5” several times. Finally, all bills except for the $1 and $2 bill have a security thread. It is a thin imbedded strip that is ran from the top to the bottom of the bill located on either side of the portrait. The security thread has microprinting that will state USA and the bill’s denomination several times. Please note these security features are in new bills and may not be included for older bills.
Question: What is a SWIFT code? – Tabitha from Fayetteville, North Carolina.
Answer: Financial institutions use SWIFT (Society for Worldwide Interbank Financial Telecommunications) codes to send or receive money internationally, particularly for international wire transfers. Comprised of either eight or eleven characters and numbers, the SWIFT code identifies the financial institution. The first four letters are the bank code, the next two letters are the country code, the following two letters or numbers are the location code, and the last three letters or numbers are the branch code. An eight-digit SWIFT code doesn’t include the branch code and is considered the financial institution’s primary office. Contact your financial institution to get their SWIFT code.
Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 17th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.