If you’re pulling more than $1,000 of cash per day out of ATMs, J.P. Morgan Chase is willing to bet that you might be up to no good.
The bank has capped daily ATM withdrawals at $1,000 for non-customers, according to the Wall Street Journal. The move comes at a time when more financial institutions are paying attention to large transactions as signs of money laundering or illegal activity.
J.P. Morgan has been updating its ATMs to dispense bills in $50 and $100 denominations. It’s one of the first to limit withdrawals as the bank operating the ATM rather than the one in charge of the customer’s account, according to the Journal.
“While we didn’t see any fraud in the withdrawals, we did see larger withdrawals from non-customers so we thought it was prudent to limit them,” Chase spokeswoman Trish Wexler said in a statement to Coins2Day.
Customers of J.P. Morgan won’t be subject to the $1,000 daily limit; each customer has set limits based on his or her account level.
This post has been updated to include comment from J.P. Morgan Chase.