Feeling overwhelmed by the thought of moving your hard-earned money from Bank of America to Fidelity? Don't worry, you're not alone! Many people find navigating inter-bank transfers a bit daunting. But I'm here to tell you that with a clear, step-by-step guide, it's a surprisingly straightforward process. Let's get your money where it needs to be!
How to Transfer Money from Bank of America to Fidelity: A Comprehensive Guide
There are generally two primary methods to transfer funds: Electronic Funds Transfer (EFT), often referred to as an ACH transfer, and a Wire Transfer. Each has its own benefits and considerations. We'll explore both options in detail.
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| How To Transfer Money From Bank Of America To Fidelity |
Step 1: Decide on Your Transfer Method: ACH or Wire?
Before we dive into the nitty-gritty, let's understand the two main ways to move your money:
- ACH (Automated Clearing House) Transfer / EFT: This is the most common and usually free method for transferring money between banks. It's like a digital check that moves funds from one account to another. It's great for regular transfers or when speed isn't the absolute top priority.
- Pros: Typically free (or very low cost), easy to set up online.
- Cons: Can take 1-3 business days to settle, sometimes longer for funds to be fully available for withdrawal.
- Wire Transfer: This is a faster, but usually more expensive, method. Wires are typically used for large, time-sensitive transfers.
- Pros: Funds often available the same business day (if sent before the cut-off time).
- Cons: Bank of America typically charges a fee for outgoing wire transfers (Fidelity does not charge to receive).
So, what's your priority? Speed or cost? For most regular transfers, ACH is the way to go. If you need the money at Fidelity today and don't mind a fee, consider a wire transfer.
Step 2: Gather Your Essential Information
Regardless of the method you choose, you'll need some key details for both your Bank of America and Fidelity accounts. It's a good idea to have these readily accessible before you start.
Tip: Let the key ideas stand out.
For your Bank of America Account:
- Your Bank of America Account Number: This is the account you'll be transferring funds from.
- Your Bank of America Online Banking Login Credentials: Username and password.
For your Fidelity Account:
- Your Fidelity Account Number: This is the account you'll be transferring funds to.
- Fidelity's Routing Number (ABA Number): For EFT/ACH transfers, Fidelity's routing number is 101205681.
- Fidelity's Wire Transfer Information (if wiring):
- For Brokerage Accounts:
- Bank Name: J.P. Morgan Chase, NY
- Routing Number: 021000021
- For Credit to: National Financial Services LLC
- Account Number: 066196–221
- For the Benefit of: Your Name(s) as they appear on your Fidelity account
- For Final Credit to: Your Fidelity Account Number (including letters if applicable)
- Bank Address: 383 Madison Avenue New York, NY 10017
- SWIFT code (for U.S. Dollar wires from foreign banks): CHASUS33
- For Mutual Fund Only Accounts:
- Bank Name: Deutsche Bank Trust Company
- Routing Number: 021001033
- For Credit to: Fidelity Group of Funds
- Account Number: 00163053
- For the Benefit of: Your Name(s) as they appear on your Fidelity account
- For Final Credit to: The fund name and your Fidelity account number
- Bank Address: 60 Wall Street New York, NY 10005
- SWIFT code (for U.S. Dollar wires from foreign banks): BKTRUS33
- For Brokerage Accounts:
It's crucial to double-check these numbers to avoid delays or misdirected funds.
Step 3: Initiating the Transfer (Your Choice of Method)
Now, let's get to the actual transfer! You typically have two main avenues: initiating the transfer from Fidelity or from Bank of America. Generally, initiating from Fidelity is often considered smoother.
Option A: Initiating the Transfer from Fidelity (Recommended for ACH)
This is often the easiest and most common way to set up an ACH transfer. Fidelity "pulls" the money from your Bank of America account.
- Log in to your Fidelity Account: Go to Fidelity.com and log in with your username and password.
- Navigate to "Transfers" or "Money Movement": Look for a section like "Accounts & Trade" or "Transfers" or "Cash Management."
- Select "Link a Bank Account" or "Add a Bank": If this is your first time transferring from Bank of America to Fidelity, you'll need to link your Bank of America account.
- Fidelity often uses a service like Plaid for instant verification. This allows you to securely log in to your Bank of America account through Fidelity's platform, and your account will be linked almost instantly. This is usually the fastest and most convenient way to link.
- Manual Linking: If you prefer not to use instant verification, you can manually enter your Bank of America routing and account numbers. Fidelity will then typically initiate small "micro-deposits" (usually a few cents) into your Bank of America account. You'll need to verify these amounts on Fidelity's website a day or two later to confirm the link.
- Initiate the Transfer: Once your Bank of America account is linked:
- Select the option to "Transfer money from your bank to Fidelity."
- Choose your Bank of America account as the "From" account and your desired Fidelity account as the "To" account.
- Enter the amount you wish to transfer.
- Review all the details carefully.
- Confirm the transfer.
Option B: Initiating the Transfer from Bank of America (for ACH or Wire)
You can also "push" money from your Bank of America account to Fidelity. This is how you would typically initiate a wire transfer.
Tip: Share one insight from this post with a friend.
- Log in to your Bank of America Online Banking Account: Go to bankofamerica.com and log in.
- Navigate to "Pay & Transfer" or "Transfers": Look for options related to sending money, external transfers, or wires.
- Add a New Recipient/External Account (if not already added):
- For ACH: You'll need to add Fidelity as an external account. You'll input Fidelity's routing number (101205681) and your specific Fidelity account number.
- For Wire Transfer: You'll select "Send a Wire Transfer" (or similar). You'll need all the detailed Fidelity wire information gathered in Step 2.
- Initiate the Transfer:
- Choose your Bank of America account as the source.
- Select Fidelity (the external account you just added or the wire transfer option) as the destination.
- Enter the amount you wish to transfer.
- Be aware of Bank of America's transfer limits. For personal customers, Bank of America's ACH limit is often $1,000 per transaction, though this can vary and potentially be increased with additional security measures. Wire transfer limits can also vary.
- Review all the details meticulously.
- Confirm the transfer. You might need to use a security token or a one-time passcode for verification.
Step 4: Tracking Your Transfer
Once you've initiated the transfer, it's natural to want to know its status.
- Fidelity: You can typically track the status of your incoming transfers on the Fidelity website under "Activity & Orders" or "Pending Transfers." For EFTs, funds may be available for trading sooner than they are available for withdrawal.
- Bank of America: You can often view the status of your outgoing transfers in your Bank of America online banking activity.
Step 5: Understanding Processing Times and Fund Availability
The timeline for your funds to become fully available can vary.
- ACH Transfers (EFT):
- Processing Time: Typically 1-3 business days. If you initiate the transfer early in the day, it might even arrive the next business day.
- Availability for Trading: Funds are often available for trading within 1-2 business days, sometimes even immediately up to a certain amount (e.g., $25,000) if initiated before a specific cutoff time (e.g., 4 p.m. ET).
- Availability for Withdrawal: There's usually a longer hold period (e.g., 4-6 business days, or even up to 10 business days for new accounts or large transfers) before you can withdraw the funds or transfer them out of your Fidelity account. This is a security measure.
- Wire Transfers:
- Processing Time: Funds typically arrive the same business day if sent before Bank of America's cut-off time (often 5 p.m. ET for domestic wires).
- Availability: Wire transfers usually have no hold period and are available for trading and withdrawal almost instantly upon receipt at Fidelity.
Important Considerations:
- Account Ownership: Ensure the names on your Bank of America account and your Fidelity account match exactly. Discrepancies can lead to delays or rejection of the transfer. If there are differences (e.g., due to marriage, divorce, or different middle names), you may need to provide additional documentation to Fidelity.
- Transfer Limits: Be aware of any daily or per-transaction limits imposed by both Bank of America and Fidelity. These limits can vary based on account type and your relationship with the institution.
- Fees: While Fidelity generally doesn't charge for receiving ACH or wire transfers, Bank of America will typically charge a fee for outgoing wire transfers. ACH transfers are usually free from Bank of America as well.
- Holidays and Weekends: Transfers only process on business days. If you initiate a transfer on a weekend or holiday, it will not begin processing until the next business day.
By following these steps, you can confidently transfer your money from Bank of America to Fidelity and get on with managing your investments!
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10 Related FAQ Questions
Here are some frequently asked questions about transferring money between Bank of America and Fidelity:
QuickTip: Stop scrolling, read carefully here.
How to link my Bank of America account to Fidelity?
You can link your Bank of America account to Fidelity online by logging into your Fidelity account, navigating to the "Link a Bank Account" section, and either using instant verification (like Plaid) by logging into Bank of America through Fidelity, or by manually entering your Bank of America routing and account numbers and verifying micro-deposits.
How to find Fidelity's routing number for transfers?
Fidelity's routing number (ABA number) for Electronic Funds Transfers (EFT) or ACH transfers is 101205681.
How to find Bank of America's routing number for incoming transfers?
While you'll primarily be initiating transfers from Bank of America, if you needed Bank of America's routing number for an incoming transfer to them, it varies by region. You can find it by logging into your Bank of America online banking or checking your checks/bank statements.
How to send a wire transfer from Bank of America to Fidelity?
Log in to your Bank of America online banking, go to "Pay & Transfer," select "Send a Wire Transfer," and then enter Fidelity's specific wire instructions (bank name, routing number, beneficiary details, your Fidelity account number, etc.) which you can find on Fidelity's website.
QuickTip: Focus on what feels most relevant.
How to check the status of a transfer to Fidelity?
You can check the status of incoming transfers on the Fidelity website by logging in and navigating to "Activity & Orders" or "Pending Transfers."
How to check the status of a transfer from Bank of America?
You can typically view the status of your outgoing transfers within your Bank of America online banking activity or transaction history.
How to speed up a money transfer from Bank of America to Fidelity?
The fastest way to transfer money is via a wire transfer initiated from Bank of America. While it incurs a fee, the funds are usually available the same business day at Fidelity. ACH transfers are slower but free.
How to avoid fees when transferring money from Bank of America to Fidelity?
To avoid fees, use an ACH (Electronic Funds Transfer) initiated either from your Fidelity account (a "pull" transfer) or from your Bank of America account (a "push" transfer). ACH transfers are generally free.
How to resolve issues with linking my Bank of America account to Fidelity?
If you encounter issues, first double-check that all entered account numbers and routing numbers are correct and that the names on both accounts match precisely. If problems persist, contact Fidelity's customer support, having your account details and any error messages ready.
How to transfer large amounts from Bank of America to Fidelity?
For very large amounts, a wire transfer is generally the most secure and fastest method, although it comes with a fee. Be aware of Bank of America's daily and per-transaction limits for both ACH and wire transfers, and contact them directly if you need to transfer an amount exceeding their online limits. For ACH, Fidelity has limits of up to $100,000 for brokerage accounts and $250,000 for mutual fund accounts for deposits online.
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