How to transfer money from one bank to another bank of America: If you have more than one Bank of America account, you’re probably aware that transferring money between these accounts isn’t the easiest process in the world.
This short guide will walk you through how to move money from one Bank of America account to another with as little hassle as possible, and even tell you what to do if it doesn’t work.
No matter your scenario, you’ll be able to get your funds where they need to go without having to deal with inconvenient customer service representatives or long hold times on the phone.
Log in to your online banking
To get started, log in to your online banking account. From there, you’ll need to locate the Transfer Money feature. This is usually located under the Accounts tab.
Once you’ve found it, click on it and follow the prompts to complete the process. When prompted, be sure to select the accounts you’d like to transfer money between. In most cases, you’ll be able to choose from a list of your accounts or enter in the account number manually.
After that, enter the amount of money you would like to transfer into the first box. Then specify where you want to move that money into. The next screen will display any fees associated with this transaction, so make sure to review them before finalizing your decision.
If everything looks good, go ahead and hit Transfer Funds. You’ll then be taken back to the home page for your bank account, which should now show a status update confirming that the funds have been transferred successfully.
Click on Transfers
To transfer money between Bank of America accounts, you’ll need to log into your online banking account and click on the Transfers tab. From there, you’ll select the account you want to transfer money from and the account you want to transfer money to.
Enter the amount of money you want to transfer and hit Submit. The money should arrive in the other account within 1-2 business days. It’s important to note that if you are transferring more than $50,000 then it will take 5 business days for the funds to be available. When transferring money overseas, it can take up to 2 weeks before the funds are available in the destination account.
If you’re sending a wire transfer with an international bank like Barclays or HSBC, this process is even longer because of possible time zone differences. If the recipient doesn’t have an account with one of these banks, they’ll also have to open one so they can receive the wire.
Make sure to read their fee schedule beforehand as they might charge a fee for incoming wires which could end up being costly over time.
Choose a deposit account or credit card
When you’re ready to make a deposit, you have a few options. You can use your debit card at an ATM, schedule a transfer from your online banking account, or visit a local branch. If you have a credit card, you can also use it to make a deposit by transferring funds from your credit card to your checking or savings account.
Make sure the credit card is in good standing, then call the phone number on the back of your card to request a transfer. Check with the bank that holds your credit card for additional fees. For example, Discover offers free transfers when customers use their own Discover Card. Chase does not offer free transfers.
Citibank charges $5 per transaction when you transfer money between two Citi accounts or $25 if the account isn’t Citi-branded.
Wells Fargo charges $3 for transfers under $1,000; any amount over that is charged at 1% of the total amount transferred. At Regions Financial Corporation, you can use its Regions Online Banking service to make a transfer from one region’s checking account to another region’s checking account for free as long as both are in the same state or Region’s customer relationship centers (RCC). Otherwise, there will be a fee ranging from 2% – 4%.
Select an available amount or provide a custom amount
You’ll need to know the routing number and account number of the other person’s bank, as well as their full name. To avoid any mistakes, it’s always best to confirm these details with the other person before initiating the transfer.
When you’re ready to make the transfer, log in to your online banking account and select the option to send money to another bank. Enter the required information, including the amount you’re sending, and confirm the transaction.
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There is a small fee for transferring funds between accounts that typically ranges from $5 to $25. Keep in mind that there are various ways to initiate a bank-to-bank transfer, including by phone or by mail, but this process can take days or weeks depending on the method chosen. For example, if you mail a check to the recipient’s bank and they deposit it into their account without cashing it first, then that takes about five business days.
So when possible, we recommend using an electronic transfer like Automated Clearing House (ACH) payments or wire transfers.
Choose the recipient account
When you’re ready to transfer money, log in to your account on the Bank of America website and navigate to the Transfer & Pay page.
From there, select the account you’ll be transferring money FROM in the From drop-down menu. Then, choose the account you’d like to transfer money TO in the To drop-down menu.
Enter the amount of money you’d like to transfer in the Amount field and review the transaction details before selecting Continue. You can also set up a recurring transfer by clicking Set up a recurring transfer.
You can cancel a scheduled or pending payment by clicking Cancel scheduled payment or Cancel pending payment, respectively. The funds will be sent back to the original account after four days.
In order for a recipient bank to process a transfer, they may require information such as routing number and/or bank name.
Confirm your identity with security questions and PIN codes.
When you’re ready to transfer money between Bank of America accounts, the first step is to confirm your identity. This is done by answering security questions and providing a PIN code.
The questions may include information about your account, such as when you opened it and your current balance.
The PIN code is a unique code that is assigned to you and only you. This helps to ensure that only you can access your account and make changes to it. You’ll need to provide the same information again before completing the transfer.