Moving money between different banks, especially from a traditional powerhouse like Bank of America to a digital-first leader like Ally, might seem daunting at first. But fear not! It's a straightforward process once you understand the various methods and requirements. This comprehensive guide will walk you through everything you need to know, step by step, ensuring your funds make their way safely and efficiently.
Ready to make your money move? Let's dive in!
Whether you're consolidating accounts, seeking better interest rates, or simply managing your finances across different institutions, transferring money from Bank of America to Ally Bank is a common financial maneuver. Here's how to do it with ease.
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| How To Transfer Money From Bank Of America To Ally |
Step 1: Gather Your Essential Account Information
Before you initiate any transfer, it's crucial to have all the necessary details at your fingertips. Imagine trying to mail a letter without the correct address – it just won't get there!
What You'll Need from Ally Bank:
- Your Ally Bank Account Number: This is the specific number for the Ally account you want to transfer money to. Make sure it's accurate!
- Ally Bank's Routing Number: This 9-digit code identifies Ally Bank as the financial institution. For Ally Bank, the domestic routing number is 124003116. It's always a good idea to double-check this on Ally's official website or within your Ally online banking portal to ensure it hasn't changed.
- Your Name (as it appears on your Ally account): This ensures the funds are credited to the correct person.
What You'll Need from Bank of America:
- Your Bank of America Login Credentials: Your username and password for online banking.
- Your Bank of America Account Number: The account you'll be transferring money from.
Step 2: Choose Your Transfer Method
There are a few primary ways to transfer money between Bank of America and Ally Bank. Each method has its own characteristics regarding speed, fees, and convenience. Let's explore the most common options:
Option A: ACH Transfer (Electronic Funds Transfer) – The Most Common & Often Free Method
This is by far the most popular and generally fee-free way to move money between different banks for personal use. ACH stands for Automated Clearing House, and it's how most direct deposits, bill payments, and interbank transfers happen.
QuickTip: Read in order — context builds meaning.
Sub-Step 2.A.1: Initiating the Transfer from Bank of America (Push)
This method involves "pushing" money from your Bank of America account to your Ally Bank account.
- Log in to Bank of America Online Banking: Go to the Bank of America website or open their mobile app and log in with your credentials.
- Navigate to Transfers: Look for a section often labeled "Transfers," "Payments & Transfers," or "Move Money."
- Select "External Accounts" or "Add an Account": You'll need to link your Ally Bank account to your Bank of America profile. This is usually a one-time setup.
- You'll typically be asked to provide Ally Bank's routing number and your Ally Bank account number.
- Verification Process: Bank of America will likely send two small "micro-deposits" (usually a few cents each) to your Ally Bank account within 1-3 business days. You'll then need to verify these amounts in your Bank of America online banking to confirm you own the Ally account. This is a security measure.
- Initiate the Transfer: Once your Ally Bank account is linked and verified, you can select it as the "To" account.
- Choose your Bank of America account as the "From" account.
- Enter the amount you wish to transfer.
- Select the transfer date (you can often schedule one-time or recurring transfers).
- Review and Confirm: Double-check all the details – account numbers, routing numbers, and the amount – before confirming the transfer.
Sub-Step 2.A.2: Initiating the Transfer from Ally Bank (Pull)
This method involves "pulling" money from your Bank of America account into your Ally Bank account. Many users find this method slightly more streamlined once the accounts are linked.
- Log in to Ally Bank Online Banking: Go to the Ally Bank website or open their mobile app and log in.
- Navigate to "Transfers" or "Transfer Money": Look for the relevant section in your Ally online banking.
- Select "Link External Account" or "Add External Account": Similar to Bank of America, you'll need to add your Bank of America account details.
- You'll provide Bank of America's routing number and your specific Bank of America account number.
- Verification Process: Ally Bank will also likely send micro-deposits to your Bank of America account for verification. You'll need to confirm these amounts within your Ally online banking.
- Initiate the Transfer: Once your Bank of America account is linked and verified, you can select it as the "From" account.
- Choose your Ally Bank account as the "To" account.
- Enter the amount you wish to transfer.
- Select the transfer date.
- Review and Confirm: Always review all the information carefully before finalizing the transfer.
Option B: Wire Transfer – For Faster, Larger Transfers (Usually Fee-Based)
Wire transfers are generally faster than ACH transfers, often completing within the same business day, but they usually come with a fee from the sending bank. Bank of America typically charges for outgoing wire transfers.
Sub-Step 2.B.1: Understanding Wire Transfer Fees and Limits
- Bank of America Outgoing Domestic Wire Fee: Currently, Bank of America charges a fee for outgoing domestic wire transfers. Based on recent information, this can be around $30.
- Ally Bank Incoming Wire Fee: Ally Bank does not charge a fee for incoming domestic wire transfers.
- Transfer Limits: Bank of America generally has a domestic wire transfer limit of $1000 for online transfers. For larger amounts, you may need to visit a branch or contact them directly to discuss increasing your limit or to initiate the transfer. Ally Bank typically has no upper limit for incoming wires, but there might be a $25,000 limit for 90 days after opening a new Ally account.
Sub-Step 2.B.2: How to Initiate a Wire Transfer from Bank of America
- Log in to Bank of America Online Banking: Access your account.
- Navigate to "Transfers & Payments" or "Send a Wire Transfer": The exact wording may vary.
- Choose "Domestic Wire Transfer": Since you're sending to Ally Bank within the US.
- Enter Recipient Details (Ally Bank's Information):
- Recipient Name: Your Name (as it appears on your Ally account)
- Recipient Account Number: Your Ally Bank account number
- Recipient Bank Name: Ally Bank
- Recipient Bank Routing Number (Wire Routing Number): For Ally Bank, this is 124003116.
- Recipient Bank Address: 200 West Civic Center Drive, Sandy, UT 84070 (This is Ally Bank's main operations center address, and it's good practice to include it for wire transfers).
- Enter Amount and Purpose: Specify the amount you want to send and the reason for the transfer (e.g., "Transfer to Personal Savings").
- Review and Confirm: Carefully verify all details. Wire transfers are difficult to reverse once sent. Be prepared for the associated fee.
Option C: Zelle® – For Smaller, Instant Transfers
Zelle is a peer-to-peer payment service integrated into many banking apps, including Bank of America and Ally Bank. It's excellent for instant transfers using just an email address or U.S. mobile number.
QuickTip: Take a pause every few paragraphs.
Sub-Step 2.C.1: Understanding Zelle Limits
- Daily Limits: Zelle usually has daily and monthly limits set by each bank. Bank of America's Zelle limits vary by account type and customer history, but can range from a few hundred to a few thousand dollars per day. Ally Bank also has its own Zelle limits. This method is generally not suitable for very large transfers.
Sub-Step 2.C.2: How to Use Zelle
- Enroll in Zelle: Ensure you're enrolled in Zelle through both your Bank of America and Ally Bank online banking or mobile apps using different email addresses or phone numbers if you want to send money to yourself. If you're sending to someone else, they just need to be enrolled.
- Initiate from Bank of America:
- Log in to Bank of America.
- Go to the "Zelle" or "Send Money" section.
- Select "Send" and enter the email address or U.S. mobile number associated with your Ally Bank Zelle enrollment (or the recipient's email/number).
- Enter the amount.
- Confirm the transfer.
Step 3: Monitor Your Transfer
Once you've initiated the transfer, it's natural to want to know when your money will arrive.
- ACH Transfers:
- From Bank of America to Ally (Push): Typically takes 1-3 business days. Some sources indicate it might take up to 3 business days for funds to post at the receiving end.
- From Ally Bank to Bank of America (Pull): Also generally takes 1-3 business days. Ally Bank states 1-3 business days for transfers.
- Weekends and Holidays: Transfers initiated on weekends or holidays will be processed on the next business day, extending the total transfer time.
- Wire Transfers:
- Wire transfers are significantly faster, often arriving within the same business day if initiated before the cutoff time (typically 5:00 PM ET for Bank of America). If sent after the cutoff, they'll arrive the next business day.
- Zelle:
- Zelle transfers are typically instantaneous (within minutes) once both parties are enrolled.
Pro Tip: Keep an eye on both your Bank of America and Ally Bank accounts to confirm the funds have debited from one and credited to the other.
Step 4: Troubleshooting and Support
Occasionally, transfers can encounter delays or issues. Don't panic!
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- Check Transaction History: First, review the transaction history in both your Bank of America and Ally Bank accounts. Look for pending transactions or completed transfers.
- Verify Information: Double-check that all routing and account numbers were entered correctly. A single digit error can cause significant delays or even send money to the wrong account.
- Contact Customer Service:
- If the transfer is delayed beyond the expected timeframe, or if you suspect an error, contact the customer service of the bank from which you initiated the transfer first.
- Bank of America Customer Service: You can usually find their contact information on their website or by logging into your online banking.
- Ally Bank Customer Service: Ally Bank is known for its 24/7 customer support. You can reach them by phone or secure message within your online banking.
Related FAQs
Here are 10 common questions about transferring money between banks, specifically Bank of America and Ally:
QuickTip: Pause after each section to reflect.
How to find my Bank of America routing number?
You can find your Bank of America routing number by logging into your online banking, selecting your desired account, and looking under the "Information & Services" tab. It's also typically printed on your checks.
How to find my Ally Bank routing number?
Ally Bank's domestic routing number for ACH and wire transfers is 124003116. You can also confirm this by logging into your Ally online banking or checking their official website's FAQ section.
How to add an external account for transfers on Bank of America?
Log in to Bank of America online banking, navigate to "Transfers" or "Payments & Transfers," and look for an option to "Add External Accounts" or "Link Accounts." You'll need the external account's routing and account number for verification.
How to link my Bank of America account to Ally Bank for transfers?
Log in to Ally Bank online banking, go to "Transfers," and select "Link External Account." You'll then provide your Bank of America routing and account numbers for linking and verification.
QuickTip: Read line by line if it’s complex.
How to check the status of a transfer from Bank of America to Ally?
You can check the status by reviewing your transaction history in both your Bank of America and Ally Bank online banking or mobile apps. Look for "pending" or "completed" transactions.
How to reverse a mistaken transfer?
Contact the sending bank (Bank of America in this case) immediately. ACH transfers can sometimes be recalled within a specific timeframe, but wire transfers are very difficult to reverse once processed. Zelle transfers are generally irreversible.
How to avoid fees when transferring money?
Utilize ACH transfers whenever possible, as they are typically free for standard transfers between your own linked accounts. Wire transfers usually incur a fee from the sending bank.
How to increase my daily transfer limit with Bank of America?
For higher transfer limits, especially for wire transfers, you may need to contact Bank of America customer service or visit a local branch. Limits vary by account and customer profile.
How to send money to someone else's Ally Bank account from Bank of America?
You can use Zelle if both you and the recipient are enrolled and the amount is within Zelle's limits. Alternatively, you can use an external ACH transfer by linking their Ally account (with their permission and details) or by initiating a wire transfer.
How to set up recurring transfers from Bank of America to Ally?
Both Bank of America and Ally Bank online banking platforms allow you to schedule recurring ACH transfers. When initiating a transfer, look for options like "Frequency" or "Repeat Transfer" to set it up as weekly, bi-weekly, or monthly.
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