You're looking to make an ACH transfer with Bank of America – excellent! ACH (Automated Clearing House) transfers are a common, secure, and often cost-effective way to move money directly between bank accounts. Whether you're paying a bill, sending money to family, or handling business payroll, understanding the process is key.
Let's dive right in and get you set up to make those transfers with Bank of America!
How to Do a Bank of America ACH Transfer: Your Step-by-Step Guide
This guide will primarily focus on initiating ACH transfers through Bank of America's online banking, as it's the most common and convenient method for many users.
Step 1: Gather Your Information (And Get Ready to Transfer!)
Alright, before we even log in, let's make sure you have everything you need at your fingertips. Missing information is the number one cause of transfer delays!
What You'll Need:
- Your Bank of America Login Credentials: Your User ID and Passcode for Online Banking.
- Recipient's Full Name: The exact name as it appears on their bank account.
- Recipient's Bank Name: The full legal name of the bank where the funds will be sent.
- Recipient's Bank Account Number: This is the specific account number where the money will be deposited. Double-check this for accuracy!
- Recipient's Bank Routing Number (ABA Routing Transit Number): This is a 9-digit code that identifies the recipient's bank. It's crucial for ACH transfers. You can often find this on a check, by asking the recipient, or by searching online for the bank's ACH routing number.
- Recipient's Account Type: Is it a checking or savings account? This matters for the transfer.
- Transfer Amount: How much money do you want to send?
- (Optional) Memo/Description: A brief note about the transfer (e.g., "Rent - July," "Birthday Gift").
Pro Tip: Always confirm the recipient's banking details directly with them, preferably through a secure method. Never rely solely on an email or text message if you haven't verified the sender's identity.
Step 2: Log In to Your Bank of America Online Banking
This is where the magic begins!
Accessing the Platform:
- Open your preferred web browser and go to the official Bank of America website.
- Locate the "Log In" button, usually in the top right corner of the page.
- Enter your User ID and Passcode in the designated fields.
- Click "Log In" to access your online banking dashboard.
Note: If you're using the Bank of America Mobile Banking App, the steps will be similar, but the navigation might look slightly different. Look for "Pay & Transfer" or "Transfers."
Step 3: Navigate to the Transfer Section
Once you're logged in, you'll need to find the right place to initiate your transfer.
Locating the Transfer Option:
- On your main dashboard, look for a menu option typically labeled "Pay & Transfer" or simply "Transfers." This is usually found in the top navigation bar or a side menu.
- Click on this option.
Choosing the Right Transfer Type:
You might see several transfer options, such as:
- Transfers between your Bank of America accounts: For moving money between your own checking, savings, or credit card accounts at BoA.
- Transfers to other Bank of America customers: Often done using an account number.
- External Transfers, Wires, & ACH: This is the one we're looking for to send money to an account outside of Bank of America.
Select "External Transfers, Wires, & ACH" or a similar option that clearly indicates transfers to other banks.
Step 4: Adding a New Recipient (If Applicable)
If you've never sent money to this person or business before, you'll need to add them as a new recipient.
Steps to Add a Recipient:
- Look for an option like "Add Account/Recipient" or "Add a new external account."
- You will then be prompted to enter the recipient's banking information you gathered in Step 1:
- Recipient's Full Name
- Recipient's Bank Name
- Recipient's Bank Account Number
- Recipient's Bank Routing Number
- Recipient's Account Type (Checking or Savings)
- You might be asked to verify your identity at this stage, perhaps through a one-time passcode sent to your registered phone number or by answering security questions. Follow the prompts.
- Once all details are entered, click "Continue" or "Add Recipient." Bank of America will likely confirm the details before finalizing the addition.
Important: Take your time here. Even a single digit off in the account or routing number can cause the transfer to be rejected or, worse, sent to the wrong person.
Step 5: Initiate the ACH Transfer
Now that your recipient is set up, you can start the actual transfer.
Setting Up the Transfer:
- From the "External Transfers, Wires, & ACH" section, select "Send Payment" or "Make a Transfer."
- Choose the "From" account: This is your Bank of America account from which the funds will be debited.
- Choose the "To" recipient: Select the newly added (or existing) recipient you wish to send money to.
- Enter the Amount you want to transfer.
- Select the Frequency:
- One-Time Transfer: For a single payment.
- Recurring Transfer: For payments that happen regularly (e.g., monthly rent). If you choose recurring, you'll set the frequency (weekly, monthly, etc.) and the start/end dates.
- Select the Date: For one-time transfers, you can choose to send it immediately or schedule it for a future date.
- (Optional) Add a Memo/Description: This is a good place to add notes for your records or for the recipient.
Step 6: Review and Confirm Your Transfer
This is your final chance to ensure everything is correct.
Verification Steps:
- A summary screen will appear, showing all the details of your transfer:
- Your account information
- Recipient's name and banking details (often masked for security, but routing number and last few digits of account number should be visible)
- Transfer amount
- Transfer date and frequency
- Any associated fees (more on this below)
- Carefully review every single detail. Compare the recipient's account and routing numbers against your records.
- Read and agree to the terms and conditions and any disclosures (e.g., ACH authorization disclosure).
- Click "Submit" or "Confirm Transfer" to finalize the transaction.
You will typically receive a confirmation message on screen and/or an email confirmation. Keep this for your records!
Important Considerations for Bank of America ACH Transfers
Understanding ACH Transfer Limits
Bank of America, like other financial institutions, has limits on ACH transfers.
- For personal customers, limits are often around $1,000 per transaction.
- For small businesses, limits can be higher, around $5,000 per transaction.
- Daily and monthly limits may also apply.
- It might be possible to increase your ACH limit by adding extra security measures to your account (e.g., USB security key, one-time passcodes). If you need to send a larger amount, contact Bank of America customer service or visit a branch to discuss your options.
ACH Transfer Fees
- Many standard ACH transfers, especially external transfers between your own linked accounts at different banks, are often free for Bank of America account holders.
- However, some expedited or business ACH services may incur fees. For instance, Next-Business-Day ACH transfers for businesses might have a fee (e.g., $10).
- Always check the fee disclosure before confirming your transfer.
ACH Transfer Processing Times
ACH transfers are processed in batches, meaning they aren't instantaneous like wire transfers.
- Generally, ACH transfers take 1 to 3 business days to complete.
- ACH credit transactions (pushing money from your account) typically process within two business days.
- ACH debit transactions (pulling money from an account, like bill payments) generally process within one business day.
- Many financial institutions offer same-day ACH transfers for an additional fee, but even these can sometimes result in funds appearing the next business day depending on cutoff times.
ACH Transfer Cut-off Times
Bank of America has specific cut-off times for transfers. If you initiate a transfer after the cut-off time on a business day, or on a weekend or holiday, it will be processed on the next business day.
- For Next-Business-Day or 3-Business-Day transfers, the cut-off time is often around 8:00 p.m. ET.
- For Same-Business-Day (wire) transfers (if available for your specific ACH type), the cut-off time can be earlier, around 5:00 p.m. ET.
- Always check the specific cut-off times within your online banking platform when initiating a transfer, as they can vary.
10 Related FAQ Questions
How to Find Your Bank of America Routing Number?
You can find your Bank of America routing number by logging into Online Banking, selecting your desired account, and going to the "Information & Services" tab. Alternatively, it's typically printed on your checks.
How to Increase Bank of America ACH Transfer Limits?
To inquire about increasing your ACH transfer limits, you should contact Bank of America customer service directly or visit a financial center. They may offer options like adding extra security measures (e.g., a USB security key or one-time passcodes) to potentially raise your limits.
How to Cancel a Bank of America ACH Transfer?
If the transfer is future-dated or recurring, you might be able to cancel it through your online banking's "Transfer Activity" section before the processing date. For immediate transfers, cancellation is usually not possible once submitted due to the rapid processing. Contact Bank of America customer service immediately if you need to stop a transfer that has already been initiated.
How to Set Up Recurring ACH Transfers with Bank of America?
When initiating a new transfer in Bank of America Online Banking, after entering the amount, you'll typically have an option for "Frequency." Select "Recurring" and then specify the frequency (e.g., weekly, monthly) and the start/end dates for the recurring payments.
How to Find Your Bank of America Account Number?
Your full Bank of America account number can be found by logging into Online Banking, selecting the account, and navigating to the "Information & Services" tab. It's also typically listed on your monthly statements.
How to Send an ACH Transfer for a Small Business with Bank of America?
For small businesses, Bank of America offers specific ACH payment services. You'll typically log into your Small Business Online Banking, navigate to "Pay & Transfer," then "External Transfers, Wires, & ACH," and follow the prompts to send an ACH payment, which might include options for payroll or vendor payments.
How to Check the Status of a Bank of America ACH Transfer?
You can check the status of your ACH transfer by logging into Bank of America Online Banking and looking for a "Transfer Activity" or "Payment History" section. This will show pending, processed, or completed transfers.
How to Receive Money via ACH Transfer to Your Bank of America Account?
To receive money via ACH, simply provide the sender with your Bank of America account number and the correct Bank of America ACH routing number for your region/state, along with your full name as it appears on your account. There's usually no action required on your part to receive an incoming ACH transfer.
How to Dispute an Unauthorized Bank of America ACH Transfer?
If you notice an unauthorized ACH transfer from your Bank of America account, contact Bank of America's fraud department immediately. You'll typically need to provide details of the transaction and may need to fill out an affidavit. Time is of the essence in these situations.
How to Differentiate Between ACH and Wire Transfers with Bank of America?
- ACH transfers are processed in batches, generally take 1-3 business days, are usually lower cost (or free), and have lower transaction limits. They are suitable for recurring payments and less urgent transfers.
- Wire transfers are typically processed individually in real-time, often arrive the same business day, are more expensive (higher fees), and have higher transaction limits. They are used for urgent or high-value transfers. Bank of America handles both, but the processes and associated costs differ.