Do you want to move your money from Bank of America to SoFi? Whether you're consolidating your finances, looking for better interest rates, or simply exploring new banking options, transferring funds between financial institutions is a common task. This comprehensive guide will walk you through the process step-by-step, ensuring a smooth and successful transfer.
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The Essential Guide to Transferring Money from Bank of America to SoFi
Transferring funds between banks might seem daunting at first, but with the right information and a clear plan, it's a straightforward process. This guide will focus on the most common and generally cost-effective methods: ACH transfers (Electronic Funds Transfers) and, for larger sums or quicker transfers, wire transfers.
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| How To Transfer Money From Bank Of America To Sofi |
Step 1: Prepare for the Transfer - Gather Your Information!
Before you initiate any transfer, it's crucial to have all the necessary details at your fingertips. This step will save you time and prevent potential hiccups.
A. Gather Bank of America Account Details:
- Your Bank of America Account Number (the full number, including any leading zeros, as it appears on your statements or online banking).
- Your Bank of America Routing Number. This is a 9-digit number that identifies your bank. You can usually find it on your checks, within your online banking portal, or by searching on Bank of America's website.
B. Gather SoFi Account Details:
- Your SoFi Account Number (for your SoFi Checking and Savings account).
- Your SoFi Routing Number. You can typically find this in your SoFi app or on their website under the "Money" or "Banking" section.
C. Decide on Your Transfer Method:
- ACH Transfer (Automated Clearing House): This is generally the most common and free method for transferring funds between linked accounts. It's ideal for regular transfers or when time isn't extremely critical. ACH transfers typically take 1-3 business days to complete.
- Wire Transfer: This method is faster, often completing within the same business day or next, but usually involves fees from Bank of America. Wire transfers are best for large sums of money or when you need the funds to arrive very quickly.
Step 2: Linking Your Accounts - The Foundation of Easy Transfers
Linking your Bank of America account to your SoFi account is the most convenient way to facilitate future transfers. Both banks offer online methods to do this.
Tip: Read at your natural pace.
A. Linking via SoFi (Recommended for Ease of Use):
SoFi often uses a third-party service called Plaid to securely connect external bank accounts. This is usually the easiest and fastest way to link.
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Log in to your SoFi Account: Access your SoFi account through their mobile app or website.
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Navigate to Transfers: Look for a "Transfer" icon or a "Money" or "Banking" tab.
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Initiate a Transfer: Select "Transfer money" or a similar option.
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Link a New Account: When prompted to select the "To" or "From" account, look for an option to "Link New Account" or "Add External Account."
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Search for Bank of America: SoFi will likely use Plaid. You'll be prompted to search for your institution. Type "Bank of America" and select it from the list.
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Enter Bank of America Credentials: You'll be redirected (or a secure pop-up will appear) to enter your Bank of America online banking username and password. This is a secure process through Plaid.
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Select Account(s) to Link: Choose the specific Bank of America account(s) you wish to link (e.g., checking, savings).
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Confirmation: Once successfully linked, you'll receive a confirmation. Your Bank of America account will now appear as an option for transfers within your SoFi account.
What if Plaid doesn't work or my bank isn't found? SoFi typically provides an option to manually link accounts if the Plaid method doesn't work. You'll need to enter your Bank of America routing and account numbers. SoFi may then initiate small "trial deposits" (usually a few cents) into your Bank of America account, which you'll need to verify by entering the amounts back into SoFi within a few days. This confirms you own both accounts.
B. Linking via Bank of America (Alternative Method):
While often less streamlined for initiating transfers to SoFi, you can also link external accounts from your Bank of America online banking.
- Log in to your Bank of America Online Banking: Access your account via their website or mobile app.
- Navigate to Transfers/Payments: Look for a "Pay & Transfer" or "Transfers & Payments" section.
- Add External Account: Search for an option like "Add External Account" or "Link External Account."
- Enter SoFi Details: You will need to manually enter your SoFi routing number and account number.
- Verification: Bank of America will typically send small trial deposits to your SoFi account. You'll need to log into your SoFi account, note these amounts, and then go back to Bank of America to verify them. This process can take 1-3 business days for the deposits to appear.
Step 3: Initiating the Transfer - Moving Your Money
Once your accounts are linked, initiating a transfer is simple. You can typically do this from either Bank of America or SoFi, but initiating from SoFi (pulling money from BoA) is often preferred for its user-friendly interface.
A. Initiating an ACH Transfer from SoFi (Pull Method):
This is generally the most common and recommended way to move funds from Bank of America to SoFi.
Tip: Take notes for easier recall later.
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Log in to your SoFi Account: Open the SoFi app or go to their website.
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Go to the "Money" or "Banking" Tab: Select this to access your account dashboard.
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Select "Transfer": Look for the transfer option.
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Choose "Transfer money":
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Select Accounts:
- For the "From" account, select your linked Bank of America account.
- For the "To" account, select your SoFi Checking and Savings account.
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Enter Amount: Input the amount you wish to transfer. Be mindful of any daily or monthly transfer limits imposed by either bank.
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Select Frequency: Choose "One-time" or set up a recurring transfer if you plan to move money regularly.
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Review and Confirm: Carefully review all details – the amount, the source account, and the destination account. Ensure everything is correct.
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Confirm Transfer: Authorize the transfer. You may need to enter a PIN, password, or use biometric authentication.
Processing Time for ACH: ACH transfers typically take 1-3 business days to process. This means if you initiate a transfer on a Monday, the funds might arrive by Wednesday or Thursday. Weekends and public holidays will extend this timeframe.
B. Initiating an ACH Transfer from Bank of America (Push Method):
You can also initiate a transfer from Bank of America to push funds to your SoFi account, though linking external accounts on the Bank of America side might feel less intuitive than SoFi's Plaid integration.
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Log in to your Bank of America Online Banking: Access your account.
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Go to "Pay & Transfer":
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Select "Transfer between my accounts" or "Send to external account": The exact wording may vary.
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Choose Accounts:
- For the "From" account, select your Bank of America account.
- For the "To" account, select your linked SoFi account (if you linked it this way) or the option to send to an external account where you will input your SoFi routing and account numbers.
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Enter Amount: Specify the amount.
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Set Frequency: Choose "One-time" or recurring.
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Review and Confirm: Double-check all the details.
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Submit Transfer: Complete the transfer process.
Important Note on Limits: Bank of America typically has daily and monthly limits for ACH transfers. For example, some sources indicate Bank of America's daily outgoing ACH limit is around $3,500 and a monthly outgoing limit of $10,000. SoFi generally has an ACH daily limit of up to $50,000. Always verify the most current limits directly with both institutions if you're transferring large amounts.
C. Initiating a Wire Transfer from Bank of America (for Larger Amounts/Faster Delivery):
If you need to transfer a large sum quickly, a wire transfer is an option. Be prepared for associated fees.
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Log in to Bank of America Online Banking:
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Navigate to "Pay & Transfer" -> "Send a Wire Transfer":
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Choose Transfer Type: Select "Domestic Wire Transfer."
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Enter Recipient Details (SoFi):
- Recipient Name: Your Name (as it appears on your SoFi account)
- Recipient Bank Name: SoFi Bank
- Recipient Bank Address: You may need to confirm SoFi's physical address for wire transfers. A common one is 2750 East Cottonwood Parkway, Suite 300, Salt Lake City, UT 84121. Always double-check the most current wire instructions directly on the SoFi website or by contacting their support.
- SoFi Routing Number: This will be SoFi's wire routing number (often different from the ACH routing number). Confirm this directly with SoFi.
- Your SoFi Account Number: Your specific SoFi Checking and Savings account number.
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Enter Amount: Input the amount you wish to wire.
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Review Fees and Confirm: Bank of America charges fees for outgoing domestic wire transfers, typically around $30. Review these fees carefully before confirming. You may also be prompted to use SafePass for transfers over a certain amount (e.g., $1,000) for added security, requiring a 6-digit code sent via text.
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Submit Transfer:
Processing Time for Wire Transfers: Wire transfers are generally faster, often completing within 1-2 business days, sometimes even the same day if initiated before the cutoff time (typically 5:00 PM Eastern Time for Bank of America).
Step 4: Confirming the Transfer - Peace of Mind
After initiating the transfer, it's a good practice to confirm its progress.
- Check Transaction History:
- Bank of America: Look in your "Activity" or "Transaction History" within online banking or the mobile app. You should see the outgoing transfer listed.
- SoFi: Check your SoFi account's transaction history or activity feed for the incoming deposit.
- Monitor Your Balance: Once the transfer is complete, your SoFi balance should reflect the added funds, and your Bank of America balance should show the deduction.
- Keep Records: It's always a good idea to keep a screenshot or confirmation number of your transfer for your records.
Frequently Asked Questions (FAQs)
How to check my Bank of America routing number?
You can find your Bank of America routing number on your checks, within your online banking portal under "Account Details" or "Information & Services," or by using Bank of America's website search function.
QuickTip: Absorb ideas one at a time.
How to find my SoFi account number and routing number?
Log in to your SoFi app or website. Navigate to your Checking and Savings account. Your account number and routing number will typically be displayed under "Account Details" or a similar section.
How to link Bank of America to SoFi using Plaid?
Log into your SoFi account, go to the transfer section, choose to link a new external account, search for "Bank of America," and then securely enter your Bank of America online banking credentials when prompted by Plaid.
How to manually link Bank of America to SoFi if Plaid fails?
If Plaid doesn't work, SoFi will usually offer a "Manual Link" option. You'll enter your Bank of America routing and account numbers, and then SoFi will send small trial deposits to your Bank of America account for you to verify.
How to send a wire transfer from Bank of America to SoFi?
Log into Bank of America online banking, go to "Pay & Transfer," select "Send a Wire Transfer," choose "Domestic Wire," and enter SoFi's wire routing number, your SoFi account number, and your name as the recipient.
Tip: Read actively — ask yourself questions as you go.
How to avoid wire transfer fees from Bank of America?
To avoid wire transfer fees, opt for an ACH transfer instead, which is generally free for both incoming and outgoing transfers. However, ACH transfers are slower.
How to track the status of my transfer from Bank of America to SoFi?
You can track the status by checking the transaction history in both your Bank of America and SoFi online banking or mobile apps. ACH transfers will typically show as "pending" before they are "completed."
How to increase my transfer limits between Bank of America and SoFi?
For ACH transfers, daily and monthly limits are often set by both institutions. For Bank of America wire transfers, limits can sometimes be increased by contacting their customer support. SoFi also has its own ACH limits (typically up to $50,000 daily).
How to troubleshoot a failed transfer from Bank of America to SoFi?
First, double-check all account numbers and routing numbers. If the details are correct, contact the customer support of the bank from which the transfer was initiated (Bank of America if pushing, SoFi if pulling) as they will have the most immediate information.
How to contact Bank of America and SoFi customer support?
You can typically find customer support contact information (phone numbers, live chat, secure message centers) on their respective websites or within their mobile applications.
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