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If you have a bank account, you’re probably familiar with the process of withdrawing cash, depositing checks, and handling invoices. While these may seem like basic tasks, there are some common mistakes that are easy to make when performing these seemingly simple financial transactions.
Find out from a bank teller if you’re making these seven common mistakes when withdrawing cash and learn how to avoid them.
Getting bills that are too big
Although efficient and compact, large bills are not as versatile as you might think.
“A mistake I often see is taking out large bills to spend at local businesses, because most don’t accept them because businesses are worried about fraudulent bills,” said Haley West, head teller at Kohler Credit Union.
The ease of use and convenience of smaller bills is well worth the hassle of carrying a larger stack of cash.
Request new invoices
There is nothing more attractive than fresh, crisp bills, especially when gifting cash. However, ordering new bills can have frustrating consequences.
“One mistake members make is requesting new bills because they are sticky and members tend to come back thinking we shortened them or that they gave too much when they bought because the bills were stuck,” West said.
Neglecting to balance accounts
Life gets busy and it can be difficult 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, commercial insurance and financial services expert at eMerchant Authority. “However, many customers withdraw money without checking their balance, resulting in overdraft fees. Always check your balance before making a withdrawal to avoid falling into overdraft territory.”
in a hurry
When you’re in a hurry or distracted, it’s easy to make mistakes.
“During my time as a bank teller, I learned firsthand how easily small errors can occur in cash transactions if you are not careful,” said Steven Kibbel, former bank teller and now 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 denominations, or neglecting to verify important details on checks.”
Save yourself the headache later by checking your accounts, counting your cash, and remembering to breathe.
Forget ID
Surprisingly, the most common mistake people make when withdrawing cash is very simple: forgetting their ID.
To make a cash withdrawal at the bank, identification is required for large withdrawals. It’s incredibly frustrating to walk up to the counter ready to make a withdrawal and discover that you left your wallet and ID at home. Save yourself the hassle by making sure you have all your identifying information with you, so the bank teller can help you process your request without any hassle.
Request the wrong quantity
Interestingly, one of the easiest mistakes you can make when withdrawing cash is requesting the wrong amount. Although it may seem simple, it happens more often than you think.
It’s a tedious job to check the numbers and verify that you’re withdrawing the right amount before you walk into the bank, but taking a few seconds to slow down and check can save you time and trouble later.
Being surprised by the rates
It’s easy to lose track of account balances and daily spending limits. However, failing to plan for your cash needs can lead to misleading fees if you’re not careful.
If your account balance is low and you make a last-minute withdrawal, you may face overdraft fees. Be sure to keep an eye on your account balance and pay attention to the daily withdrawal limits set by your bank to avoid unexpected transaction fees. Exceeding daily limits or account balances can be inconvenient and costly.
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