What is a transaction limit?
An example of an AI chatbot conversation about transaction limits in banking.
What is a transaction limit?
A transaction limit is the maximum amount of money you can transfer or withdraw in a single transaction.
Why do banks have transaction limits?
Banks set transaction limits to prevent fraud, manage risk, and ensure compliance with regulations.
Can I increase my transaction limit?
Yes, you can request an increase by contacting your bank, but they may require additional verification.
What happens if I exceed my transaction limit?
If you exceed your limit, the transaction may be declined, or you might incur fees depending on your bank's policy.
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