Megan Brooks
Bank of America offers various ways to transfer money, including electronic transfers, wire transfers, cashier's checks, and mobile banking. The bank also provides services such as Zelle® for sending and receiving money with friends and family, and ACH transfers for smaller amounts. For larger amounts or international transfers, wire transfers are recommended. To receive transfers, individuals must provide their account information, including their account number and routing number. Bank of America also offers online banking services that allow customers to manage their transfers and payments.
| Characteristics | Values |
|---|---|
| Transfer methods | Electronic Funds Transfer (EFT), wire transfer, cashier's check, personal check, Zelle |
| Transfer speed | Immediate to 3 business days |
| Transfer fees | None for Zelle transfers; inbound wire transfers incur a $15 fee |
| Transfer limits | Up to $99,999.99 for bill payments; frequency limits apply for Zelle |
| Cancellation | Possible via online banking, mobile app, phone call, or in-person |
| Security | Additional security features required for transfers over certain limits |
| Liability | Bank of America liable only for negligent performance or non-performance of ACH and wire transfers |
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What You'll Learn
Bank of America's participation in the Digital Advertising Alliance
Bank of America offers a wide range of services to its customers, including cash and electronic funds transfers. Customers can make transfers between their personal accounts and their business accounts, as well as to and from the accounts of other Bank of America customers and individuals with accounts at other financial institutions.
In addition to its financial services, Bank of America also participates in the Digital Advertising Alliance (DAA). The DAA is a self-regulatory organization that has developed principles for online behavioural advertising. Bank of America adheres to these principles in its online advertising practices.
The bank uses the Advertising Options Icon on its behavioural ads placed on non-affiliated third-party sites. These ads do not contain unencrypted personal information, and the bank limits the use of personal information by the companies that serve its ads. Bank of America provides its customers with the option to opt out of interest-based advertising on non-affiliated third-party sites through the Network Advertising Initiative's Opt-Out Tool.
To learn more about ad choices and Bank of America's privacy practices, customers can refer to the Bank of America Online Privacy Notice. This notice outlines the bank's commitment to protecting user information and how it uses data for advertising purposes. Bank of America also provides resources to help customers protect themselves from scams, fraud, and identity theft.
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Transferring money to friends and family
Bank of America offers several ways to transfer money to friends and family. One way is to use Zelle®, which is available in the Mobile Banking app or Online Banking. Zelle® allows you to send and receive money with friends and family in minutes, and the money is sent directly between bank accounts. To use Zelle®, you need a U.S. mobile number or email address to enrol, and you can find friends and family members who are already using Zelle® by looking for the purple "Z" next to their contact in the Mobile app. Transactions between enrolled users typically occur in minutes, and Bank of America does not charge a transfer fee. However, it is important to treat Zelle® payments like cash, as it may be difficult to recover your money in the event of fraud or if you do not receive the item you paid for.
Another way to transfer money is through Electronic Funds Transfer (EFT). With EFT, you can transfer funds between your Bank of America accounts and eligible personal accounts at other financial institutions. If you are transferring money to another Bank of America customer, the funds will be delivered immediately. For transfers to accounts at other banks, the funds will be delivered within 3 business days after registering an email address or mobile number. It is important to note that there may be specific dollar limits set by your account type for EFT transfers, and you may need to register for additional security features for transfers over certain limits.
Additionally, you can transfer money using the recipient's account and routing numbers. This method, also known as an ACH transfer, is typically used for sending smaller amounts of money to someone you send to regularly. For larger amounts, a wire transfer is another option. These methods can be used for transferring money between your own accounts at different banks. The delivery time for these transfers may vary depending on the bank, but it can be immediate or within a few days.
It is recommended to consult the Bank of America website or your financial professional for the most up-to-date and accurate information regarding transfer methods, limits, and any associated fees.
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Cancelling a transfer
Bank of America allows its customers to cancel a transfer in several ways. The best way to cancel a future scheduled or recurring payment is to follow the instructions on the Bank of America website. The cancel feature is found in the payment activity section of Transfers. Alternatively, customers can call 800.432.1000 for consumer accounts and 866.758.5972 for small business accounts. If calling from outside the continental US, customers can call collect at 925.681.7600.
Customers can also cancel a transfer by logging into their account in the Bank of America Mobile Application or Online Banking at www.bankofamerica.com, selecting Pay & Transfer, locating the transfer in the Activity section, selecting Cancel, reviewing the details, and confirming by selecting Cancel.
It is important to note that future-dated or recurring payments can be canceled before 5 pm ET on the third bank business day prior to the scheduled delivery date. Additionally, a one-time immediate transfer cannot be canceled after it has been submitted.
In the case of a wire transfer, customers need to contact the wire department to cancel the transfer. It is best to do this as soon as possible, as there is a chance that the wire may be sent, accepted, and withdrawn before the transfer can be recalled.
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Transferring money between Bank of America accounts
Bank of America offers several ways to transfer money between accounts. You can use the Mobile Banking app, Online Banking, or one of the Bank of America ATMs.
To transfer money between Bank of America accounts using the Mobile Banking app or Online Banking, you can follow these steps:
- Log in to your Bank of America account using your credentials.
- Navigate to the "Pay & Transfer" or "Transfer Money" section.
- Set up the recipient by entering their last name and Bank of America account number.
- Specify the amount you want to transfer and select the accounts for the transfer.
- Review the transfer details and confirm the transaction.
You can also schedule one-time or recurring transfers in advance. These can be set up to a year in advance and can be made at regular intervals such as weekly, monthly, or quarterly.
Additionally, if you are transferring money to another Bank of America customer, the funds will be delivered immediately. However, transfers to accounts at other banks will take up to 3 business days after the recipient registers their email address or mobile number.
It's important to note that there may be limitations on the types of accounts available for recurring or future-dated transfers, and certain transfers over specific dollar limits may require additional security measures.
Furthermore, if you are a sole proprietor with your personal and business accounts linked to your User ID, you can transfer funds between your eligible personal and business accounts.
For transfers outside of the Bank of America network, you may need to use a wire transfer service, which typically incurs a fee.
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Transfer limits
Bank of America's standard transfer limit for sending or receiving money domestically is $1,000 per transaction for consumer deposit accounts. This limit applies to Same Business Day Wire Transfers and International Wire Transfers when sending funds to another account. There is no limit on receiving money from an international account.
For transfers within the US, Bank of America offers Zelle and ACH as payment options, each with its own limits. For example, customers can transfer up to $9,999,999.99 from one Bank of America checking or savings account to another Bank of America checking or savings account, investment account, or loan account. When transferring money from a Bank of America checking or savings account to another person's Bank of America checking or savings account, the limit is $3,500 within 24 hours and $10,000 per week.
Customers can increase their online transfer limits by setting up two-factor authentication, such as receiving a one-time passcode on their mobile device or registering a USB security key. Additionally, customers with higher-tier accounts, such as Bank of America Private Bank or Merrill accounts, may be eligible for higher transaction limits.
Bank of America also offers the option to schedule future-dated transfers between accounts up to a year in advance, with recurring transfers available at regular intervals such as weekly, monthly, or quarterly.
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Frequently asked questions
Yes, you can transfer money between your eligible personal accounts and your business accounts.
You can use Zelle® in the Mobile Banking app or Online Banking. You will need a U.S. mobile number or email address to enroll.
To receive domestic and international wire transfers, you will need to provide the sender with your account information, including your account number and wire routing number.
Yes, you can cancel a transfer by logging into your account in the Bank of America Mobile Application or Online Banking and selecting "Pay & Transfer". You can also call 1.877.337.8357 or visit your local financial center.
Yes, you can make immediate transfers from your personal and business credit card to your linked checking or savings account. Transfers from your credit card will be treated as cash advances.
