Ready to move your money from Bank of America to Ally Bank? Great choice! Many people opt for online-only banks like Ally for their competitive interest rates and low fees. This guide will walk you through the entire process, step-by-step, ensuring a smooth and successful transfer.
Transferring Funds from Bank of America to Ally Bank: A Comprehensive Guide
Transferring money between different financial institutions, especially from a traditional bank to an online-only bank, is a common practice. While it might seem daunting at first, the process is quite straightforward thanks to modern banking technology. The most common and recommended method for this type of transfer is an ACH (Automated Clearing House) transfer, also known as an electronic funds transfer or external transfer. Wire transfers are also an option, but they typically involve higher fees and are generally used for urgent, larger sums.
Let's dive into the steps!
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| How To Transfer Money From Bank Of America To Ally Bank |
Step 1: Engage with Your Goal – Why Ally Bank?
Before we even log in anywhere, let's take a moment. Have you chosen Ally Bank for its high-yield savings accounts, its user-friendly online platform, or perhaps its excellent customer service? Understanding your motivation will make the process feel even more rewarding. Whatever your reason, you're making a smart move towards potentially better financial management.
Now, let's get down to the technicalities!
Step 2: Gather Your Essential Information
Tip: Don’t just glance — focus.
Before you initiate any transfer, you'll need specific details for both your Bank of America account and your Ally Bank account. Having these readily available will prevent delays and errors.
Sub-heading: What You Need from Bank of America
Your Bank of America Account Number: This is the specific account you'll be transferring from.
Bank of America's Routing Number: This is a 9-digit code that identifies Bank of America as a financial institution. You can usually find this on your checks, within your online banking portal, or by searching "Bank of America routing number" online.
Sub-heading: What You Need for Ally Bank
Your Ally Bank Account Number: This is the specific account you'll be transferring to.
Ally Bank's Routing Number: For incoming transfers from a U.S. bank, Ally Bank's ABA/Routing Number is 124003116.
Your Name as it Appears on Your Ally Bank Account: Ensure this matches perfectly to avoid any issues.
Ally Bank's Address (for wire transfers, though less common): 200 West Civic Center Drive, Sandy, UT 84070. While this is for wire transfers, it's good to have if you encounter any unexpected prompts.
Step 3: Initiate the Transfer from Your Bank of America Account (Recommended Method: ACH Transfer)
This is the most common and generally free way to transfer money between banks. You'll typically initiate this process from your Bank of America online banking portal.
Sub-heading: Logging In and Navigating
QuickTip: Reading regularly builds stronger recall.
Log in to your Bank of America Online Banking account. Use your username and password.
Once logged in, look for a section related to "Transfers," "Payments," or "Send Money." The exact wording may vary, but it's usually prominent in the main menu or dashboard.
You'll likely need to select an option to "Transfer to another bank" or "Add external account."
Sub-heading: Adding Ally Bank as an External Account
Select to add a new external account. This is a one-time setup process.
You will be prompted to enter the details for your Ally Bank account. Carefully input the following:
Ally Bank's Routing Number (124003116)
Your Ally Bank Account Number
Type of account (e.g., Checking, Savings)
Account Nickname (e.g., "My Ally Savings" - this is for your own reference)
Verification Process: Bank of America will typically use a small deposit verification process to confirm you own the Ally Bank account. They will send two small deposits (e.g., $0.05 and $0.12) to your Ally Bank account within 1-3 business days.
Check your Ally Bank account after a few business days for these small deposits.
Return to your Bank of America online banking and enter the exact amounts of these two deposits to verify the account. Once verified, your Ally Bank account will be linked and ready for transfers.
Sub-heading: Making the Transfer
Once your Ally Bank account is linked and verified, go back to the "Transfers" section.
Select your Bank of America account as the "From" account.
Select your newly linked Ally Bank account as the "To" account.
Enter the amount you wish to transfer.
Choose the transfer date. You can often schedule it for immediate transfer or a future date. You may also be able to set up recurring transfers.
Review all the details carefully! Double-check the account numbers and the transfer amount.
Confirm the transfer. You might receive a confirmation email or message.
Step 4: Understanding Transfer Limits and Timing
It's crucial to be aware of how much you can transfer and how long it will take.
Sub-heading: Bank of America Transfer Limits
Bank of America has limits on external transfers, which can vary based on your account type and relationship with the bank.
QuickTip: Read section by section for better flow.
For ACH transfers, limits are often variable by account type. Some sources indicate an online daily limit of around $1,000 for external ACH transfers, but this can be much higher with specific security features like Secured Transfer or a USB Security Key. Weekly and monthly limits also apply.
For wire transfers, online limits can be around $1,000 per transaction, with higher limits potentially available if you visit a branch or have a Private Bank/Merrill account.
Always check your specific limits within your Bank of America online banking portal when initiating a transfer, as they will be clearly displayed. If you need to transfer a larger sum, you might need to visit a branch or contact customer service to discuss options.
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Sub-heading: Ally Bank Transfer Limits
Ally Bank also has transfer limits for incoming and outgoing transfers.
For inbound ACH transfers to Ally Bank, the limit can be as high as $500,000.
For outgoing ACH transfers from Ally Bank, the limit is typically around $150,000.
For wire transfers to Ally Bank, there might be a $25,000 limit for the first 90 days after opening your first Ally Bank account to protect against fraud. You can request an exception for larger amounts.
Ally Bank does not charge fees for inbound or outbound ACH transfers.
Sub-heading: How Long Will It Take?
ACH transfers typically take 1-3 business days to complete. The funds will usually be debited from your Bank of America account on the same day or the next business day, and then credited to your Ally Bank account within a few business days.
Wire transfers are faster, usually completing on the same business day if initiated before the cutoff time (typically early afternoon, Eastern Time, for Ally Bank). However, as mentioned, they come with higher fees.
Step 5: Consider Alternative Transfer Methods (Wire Transfer)
While ACH is generally preferred, a wire transfer is an option if you need to send money very quickly and are willing to pay a fee.
Sub-heading: When to Use a Wire Transfer
QuickTip: Treat each section as a mini-guide.
Urgent transfers: If time is critical, a wire transfer is much faster than an ACH.
Large sums (beyond ACH limits): For very large amounts that exceed ACH daily/transaction limits, a wire transfer might be the only option.
Sub-heading: Initiating a Wire Transfer from Bank of America
Log in to Bank of America Online Banking.
Navigate to the "Pay & Transfer" section and look for "Wire" or "Wire Transfers."
You'll need to provide detailed recipient information for Ally Bank:
Recipient Name: Your Name (as it appears on your Ally Bank account)
Recipient Address: Your Address
Receiving Bank Name: Ally Bank
Receiving Bank Routing Number (ABA): 124003116
Your Ally Bank Account Number: This is your specific account number at Ally Bank.
Purpose of Transfer: You may need to specify this (e.g., "Personal Savings").
Review the fees. Bank of America charges fees for outgoing wire transfers. Domestic outgoing wires are typically $30.
Confirm the transfer.
Step 6: Verify the Transfer in Ally Bank
Once the transfer has been initiated, it's a good practice to confirm its arrival in your Ally Bank account.
Sub-heading: Checking Your Ally Bank Account
Log in to your Ally Bank Online Banking account.
Check your transaction history or account activity for the incoming transfer.
Funds from an ACH transfer should appear within 1-3 business days.
Funds from a wire transfer should appear on the same business day if initiated before the cutoff.
Step 7: Keep Records and Monitor
It's always a good idea to maintain records of your transfers and monitor your accounts.
Save confirmation numbers: If provided by Bank of America, save any confirmation numbers for your transfer.
Monitor your accounts: Keep an eye on both your Bank of America and Ally Bank accounts for a few days after the transfer to ensure everything processes correctly.
Contact support if needed: If you encounter any issues or the transfer doesn't appear within the expected timeframe, contact the customer service of Bank of America or Ally Bank.
Frequently Asked Questions (FAQs)
Here are 10 common questions about transferring money between Bank of America and Ally Bank, with quick answers:
How to initiate an external transfer from Bank of America? You can initiate an external transfer by logging into your Bank of America online banking, navigating to the "Transfers" section, and adding your Ally Bank account as an external account. Once linked (after micro-deposit verification), you can then initiate the transfer.
How to find Ally Bank's routing number for transfers? Ally Bank's routing number for domestic transfers is 124003116.
How to know the transfer limits from Bank of America? Your specific transfer limits for external ACH or wire transfers from Bank of America can be found within your online banking portal when you initiate a transfer, as they are dependent on your account type and security settings.
How to avoid fees when transferring money? Using an ACH transfer (Automated Clearing House) is typically free for both Bank of America (for outgoing) and Ally Bank (for incoming/outgoing). Wire transfers incur fees.
How to speed up a money transfer between banks? For faster transfers, you can opt for a wire transfer, which usually completes on the same business day but comes with higher fees. ACH transfers are slower (1-3 business days).
How to verify my Ally Bank account with Bank of America? Bank of America typically sends two small "micro-deposits" to your Ally Bank account. You'll need to log into your Ally Bank account, note these amounts, and then return to Bank of America's platform to confirm them.
How to transfer a large sum beyond online limits? For sums exceeding online transfer limits, you may need to visit a Bank of America branch in person to initiate a wire transfer or contact their customer service to discuss options for increasing your transfer limits.
How to cancel a transfer if I made a mistake? Contact Bank of America customer service immediately. ACH transfers may be revocable within a short window, but wire transfers are generally not able to be canceled once sent.
How to set up recurring transfers to Ally Bank? Once your Ally Bank account is linked as an external account in your Bank of America online banking, you can usually select an option to set up recurring transfers (e.g., weekly, monthly) when initiating the transfer.
How to find my Ally Bank account number? You can find your Ally Bank account number by logging into your Ally Bank online banking account or mobile app. It's usually displayed on your account summary page or under your account details.
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