Want to move some funds from your Bank of America account to your Capital One account? Whether you're consolidating your finances, paying a friend, or simply moving money between your own accounts at different institutions, the process is straightforward once you know the steps. Let's dive in and get those funds where they need to be!
How to Transfer Money from Bank of America to Capital One: Your Comprehensive Guide
Transferring money between different banks, while seemingly complex, is a common financial activity. This guide will walk you through the various methods to transfer money from your Bank of America account to your Capital One account, highlighting the steps, important details, and potential considerations.
Step 1: Understand Your Transfer Needs & Options
Before you initiate any transfer, it's crucial to understand why you're transferring money and what your priorities are. This will help you choose the most suitable method.
A. Why are you transferring money?
- Personal transfer between your own accounts? This is often the simplest and cheapest, as you control both ends of the transaction.
- Sending money to another person? This might involve different security measures or fees.
- Paying a bill or a service? Some methods are better suited for recurring payments.
B. What's your urgency?
- Need it there today? Wire transfers are generally the fastest but can be more expensive.
- A few business days is fine? ACH transfers are a common and usually free option.
C. How much are you transferring?
- Small amounts? Zelle (if both banks support it) or standard online transfers are great.
- Large amounts? Wire transfers are typically designed for larger sums, but be aware of limits.
Now, let's explore the common methods available:
Step 2: Linking Your Accounts (Highly Recommended for Personal Transfers)
For transferring money between your own Bank of America and Capital One accounts, linking them is often the most efficient and cost-effective approach. This typically involves a one-time setup process.
A. Initiating the Link from Capital One (Recommended)
Many users find it easier to pull money from Bank of America into Capital One by initiating the link from their Capital One online banking.
- Log in to your Capital One Account: Go to capitalone.com and sign in with your credentials.
- Navigate to External Accounts:
- Click on your name/icon in the top right corner.
- Select "Account & Feature Settings."
- Under the "External Accounts" heading, you'll see options to view or add new external accounts.
- Add a New External Account: Select the option to add a new account.
- Enter Bank of America Details: You'll typically need your Bank of America routing number and account number.
- Where to find these: You can find your routing and account numbers on your Bank of America checks (routing number is the first set of 9 digits, account number is usually the second set) or by logging into your Bank of America online banking and looking under the "Account Details" or "Information & Services" section for your specific account.
- Verify Account Ownership: Capital One will usually initiate small "test" deposits (often two small amounts, like $0.12 and $0.23) into your Bank of America account within 1-3 business days.
- Confirm Test Deposits: Once these small deposits appear in your Bank of America account, return to your Capital One online banking (or the mobile app) and enter the exact amounts to verify ownership. This step is crucial for security.
- Account Linked! Once verified, your Bank of America account will be linked, allowing you to easily transfer funds.
B. Initiating the Link from Bank of America
You can also initiate the linking process from your Bank of America account to push money to Capital One. The steps are very similar:
- Log in to your Bank of America Account: Go to bankofamerica.com and sign in.
- Go to Transfers: Look for a "Transfers" or "Send Money" section in the navigation menu.
- Add External Account: Select the option to add an external account or "Add an account at another bank."
- Enter Capital One Details: You'll need your Capital One routing number and account number.
- Where to find these: Log in to your Capital One online banking, select the account you wish to link, and look for "Account Details" or similar information.
- Verify Account Ownership: Similar to Capital One, Bank of America will likely send small test deposits to your Capital One account.
- Confirm Test Deposits: Verify these amounts in your Bank of America online banking to complete the linking.
Step 3: Performing the Transfer (Once Accounts are Linked)
Once your accounts are successfully linked, transferring money becomes much simpler.
A. Transferring from Capital One (Pulling from Bank of America)
This is often the preferred method if you want the funds to land in your Capital One account.
- Log in to Capital One: Sign in to your online banking or mobile app.
- Select Your Capital One Account: Choose the Capital One account you want to transfer into.
- Initiate a Transfer: Look for "Transfer" or "Transfer Money" usually located near your balance or in the "I Want To" menu on the mobile app.
- Choose Accounts: Select your linked Bank of America account as the "From" account and your Capital One account as the "To" account.
- Enter Amount & Date: Input the amount you wish to transfer and select the transfer date (immediate or scheduled).
- Review and Confirm: Double-check all details – amounts, accounts, and dates – before confirming the transfer.
B. Transferring from Bank of America (Pushing to Capital One)
- Log in to Bank of America: Sign in to your online banking or mobile app.
- Go to Transfers/Send Money: Navigate to the "Transfers" section.
- Select "Between My Accounts at Other Banks": Choose the option to transfer funds between your own accounts at different financial institutions.
- Choose Accounts: Select your Bank of America account as the "From" account and your linked Capital One account as the "To" account.
- Enter Amount & Date: Input the amount and select the transfer date.
- Review and Confirm: Carefully review all the information before finalizing the transfer.
Step 4: Alternative Transfer Methods
While linking accounts is convenient, other methods might be suitable depending on your situation.
A. Zelle® (for smaller, quick transfers to other individuals)
If you're sending money to another person who has a Capital One account, and both of you are enrolled in Zelle, this is an excellent option for fast and free transfers.
- Enroll in Zelle: Ensure you are enrolled in Zelle through your Bank of America online banking or mobile app. The recipient must also be enrolled with Capital One.
- Access Zelle: Find the Zelle section within your Bank of America platform.
- Add Recipient: Add the recipient using their U.S. mobile number or email address (associated with their Capital One Zelle enrollment).
- Enter Amount: Input the amount you want to send.
- Important Note: Zelle has daily and weekly limits. For Bank of America, daily limits can be around $3,500, weekly around $10,000, and monthly around $20,000, though these can vary by account. Always check your specific limits within the Zelle platform.
- Review and Send: Confirm the details and send. Funds typically arrive in minutes if both parties are enrolled.
B. Wire Transfers (for large, urgent transfers)
Wire transfers are generally the fastest way to send money between banks, often arriving the same business day, but they come with higher fees.
- Gather Capital One Wire Details: You'll need:
- Recipient's Name (Account Holder's Name)
- Recipient's Capital One Account Number
- Capital One's Routing Number (for domestic wires)
- Capital One's Address
- Initiate from Bank of America:
- Online: Log in to Bank of America online banking. Navigate to "Transfers" and then look for "Wire Transfers" or "Send a wire." You may need to enable Safe Pass for transfers over $1,000.
- In-Branch: Visit a Bank of America branch and speak with a teller. This is often recommended for very large or complex wire transfers.
- Phone: Call Bank of America customer service to inquire about initiating a wire transfer over the phone.
- Provide Information: Carefully provide all the Capital One wire details. Even a small error can cause significant delays or even loss of funds.
- Pay Fees: Bank of America typically charges a fee for outgoing domestic wire transfers (e.g., $30).
- Confirm & Track: You'll receive a confirmation and can usually track the status of your wire transfer.
- Bank of America Wire Limits: Online outgoing domestic wire transfers may have a limit around $1,000, though this can be extended. In-branch limits are typically higher.
- Capital One Wire Limits: You can send up to $50,000 to any individual or $500,000 to title companies via Capital One wire transfers.
C. ACH Transfers (for standard, non-urgent transfers)
When linking accounts as described in Step 2, you are essentially setting up an ACH (Automated Clearing House) transfer. This is a common, reliable, and generally free way to move money between banks.
- Process: As detailed in Step 3, once accounts are linked, you can initiate a transfer.
- Timing: ACH transfers typically take 1-3 business days to complete.
- Fees: Usually no fees for standard ACH transfers between linked personal accounts.
D. Checks
While less common for direct bank-to-bank transfers, you can always write a check from your Bank of America account and deposit it into your Capital One account.
- Write the Check: Fill out a check from your Bank of America checking account, payable to yourself or the recipient at Capital One.
- Deposit the Check:
- Mobile Deposit: Use the Capital One mobile app to deposit the check by taking photos.
- ATM: Deposit the check at a Capital One ATM.
- In-Branch: Visit a Capital One branch to deposit the check.
- Mail: Mail the check to Capital One (least recommended due to time and security).
- Funds Availability: Funds from a check deposit may be subject to a hold, meaning they might not be immediately available.
Step 5: Key Considerations Before You Transfer
No matter which method you choose, keep these vital points in mind:
A. Fees
- Bank of America: Outgoing domestic wire transfers are typically $30. There are no fees for standard ACH transfers between linked accounts.
- Capital One: Incoming domestic wire transfers are typically $15. Outgoing domestic wire transfers are typically $30.
- Always check the most current fee schedule directly with both Bank of America and Capital One, as fees can change.
B. Transfer Limits
- Both banks impose daily, weekly, or monthly transfer limits depending on the method.
- Bank of America: Online ACH limits are variable, with Zelle limits around $3,500 daily. Online outgoing wire transfers can be limited to $1,000, but in-branch options may be higher.
- Capital One: Wire transfer limits are generally $50,000 to individuals and $500,000 to title companies.
- If you need to transfer a large sum that exceeds online limits, you may need to visit a branch or contact customer service to discuss options.
C. Transfer Times
- Zelle: Often minutes.
- ACH Transfers (linked accounts): 1-3 business days.
- Wire Transfers: Same business day if initiated before the cutoff time (typically 5:00 PM ET for Bank of America, 2:00 PM ET for Capital One), otherwise the next business day.
- Check Deposits: Funds may be available within 1-2 business days, but some larger deposits might have longer holds.
- Weekends and Holidays: Transfers are only processed on business days. If you initiate a transfer on a Friday evening, it won't start processing until the next Monday.
D. Accuracy is Paramount
- Always, always, always double-check the recipient's name, account number, and routing number. An incorrect digit can send your money to the wrong place, and recovering it can be a lengthy and difficult process.
Step 6: Confirming Your Transfer
After initiating the transfer:
- Check Transaction History: Log in to both your Bank of America and Capital One accounts to confirm the transfer is pending or complete.
- Monitor for Funds: Keep an eye on your Capital One account for the funds to arrive according to the estimated transfer time.
- Retain Confirmation: Save any confirmation numbers or screenshots of your transfer for your records.
FAQs: How to Transfer Money from Bank of America to Capital One
Here are 10 related FAQ questions, all starting with "How to," with quick answers:
How to find my Bank of America routing number? You can find your Bank of America routing number on your checks (the first 9 digits) or by logging into your Bank of America online banking and checking your account details.
How to find my Capital One account number? Your Capital One account number can be found by logging into your Capital One online banking, selecting your specific account, and looking for "Account Details" or similar information.
How to link Bank of America to Capital One for transfers? You can link accounts by logging into your Capital One online banking, navigating to "Account & Feature Settings," selecting "External Accounts," and providing your Bank of America routing and account numbers for verification via small test deposits.
How to send money instantly from Bank of America to Capital One? For instant transfers to another individual, use Zelle if both parties are enrolled. For transfers to your own linked accounts, while not instant, they are usually processed quickly (1-3 business days). Wire transfers are the fastest for same-day delivery if initiated before cut-off times.
How to avoid fees when transferring money from Bank of America to Capital One? The most common way to avoid fees is to use an ACH transfer by linking your Bank of America account to your Capital One account and initiating the transfer through online banking, as these are typically free for personal accounts. Zelle is also free for person-to-person transfers.
How to increase my Bank of America transfer limits? Online transfer limits can be fixed for security. For higher limits, especially for wire transfers, you may need to visit a Bank of America branch or contact their customer service to discuss options or upgrade your account type.
How to track a wire transfer from Bank of America to Capital One? After initiating a wire transfer, Bank of America will usually provide a confirmation number. You can use this number to inquire about the status of your transfer by contacting Bank of America customer service.
How to cancel a money transfer from Bank of America? ACH transfers initiated online might be cancellable within a short window after initiation (e.g., before the next business day's processing). Wire transfers are generally difficult to cancel once sent, so ensure accuracy before confirming. Contact Bank of America immediately if you need to cancel.
How to deposit a Bank of America check into Capital One? You can deposit a Bank of America check into your Capital One account using the Capital One mobile app (mobile deposit), at a Capital One ATM, or by visiting a Capital One branch.
How to know if my money transfer to Capital One was successful? You will typically see the funds credited to your Capital One account's transaction history. Bank of America's transaction history will also show the debit. You may also receive email or text notifications from either bank.