Want to move money from your Bank of America account to your USAA account? You're in the right place! This comprehensive guide will walk you through the entire process, step-by-step, ensuring a smooth and successful transfer. Whether you're consolidating finances, paying bills, or simply need to move funds, we've got you covered.
How to Transfer Money from Bank of America to USAA: A Detailed Guide
Transferring funds between different financial institutions might seem daunting, but with modern online banking tools, it's often quite straightforward. The key is understanding the available methods and choosing the one that best suits your needs in terms of speed, cost, and convenience.
Method 1: Linking Accounts for Easy Transfers (Recommended for Regular Transfers)
This method is ideal if you plan to transfer money between your Bank of America and USAA accounts regularly. By linking them, you can initiate transfers directly from either bank's online platform.
Step 1: Let's get started! Have you ever linked external accounts before?
Before we dive in, gather the necessary information for both your Bank of America and USAA accounts. This typically includes:
- Your full account numbers (checking or savings)
- Your bank's routing numbers (Bank of America and USAA)
Pro Tip: You can usually find your routing and account numbers on your checks, bank statements, or by logging into your online banking portal.
Step 2: Initiating the Link from USAA (Often Easier)
Many users find it simpler to initiate the linking process from the receiving bank's side, in this case, USAA.
- Log in to your USAA Online Banking account. Navigate to the "My Accounts" section.
- Look for an option like "Add a Non-USAA Account" or "Link External Accounts." This might be under a "Money Manager" or "Transfers" section.
- You will likely be prompted to select your financial institution (Bank of America in this case). You might be able to search for it by name.
- You'll then be asked to enter your Bank of America online banking credentials (username and password). This allows USAA to securely connect to your Bank of America account.
- Follow the on-screen prompts to complete the linking process. This often involves a small test deposit/withdrawal process (micro-deposits) where USAA sends two small, random amounts to your Bank of America account, and you then verify these amounts in your USAA portal. This is a security measure to confirm you own both accounts.
- Sub-heading: Micro-Deposit Verification
- After initiating the link, USAA will send two small deposits (e.g., $0.05 and $0.12) to your Bank of America account.
- Log in to your Bank of America account and note these exact amounts.
- Return to your USAA online banking and enter these amounts when prompted to verify the link.
- This process usually takes 1-3 business days.
- Sub-heading: Micro-Deposit Verification
Step 3: Initiating the Link from Bank of America (Alternative)
While less common, you can also initiate the linking process from Bank of America.
- Log in to your Bank of America Online Banking account.
- Look for a "Pay & Transfer" or "Transfers" section.
- Search for an option to "Add External Account" or "Link Other Bank Accounts."
- You will need to provide USAA's routing number and your USAA account number.
- Similar to the USAA process, you may need to go through a micro-deposit verification process.
Step 4: Making the Transfer Once Accounts are Linked
Once your accounts are successfully linked (after verification), transferring money is a breeze!
- Log in to either your Bank of America or USAA online banking.
- Navigate to the "Transfer Funds" section.
- Select your "From" account (e.g., Bank of America checking) and your "To" account (e.g., USAA checking).
- Enter the amount you wish to transfer.
- Choose the transfer date (you can often schedule one-time or recurring transfers).
- Review all the details carefully before confirming the transfer.
Transfer Times for Linked Accounts (ACH Transfers): Transfers made via linked accounts typically use the Automated Clearing House (ACH) network. These usually take 1-3 business days to process. Funds may be debited from the sending account immediately, but they might not appear as available in the receiving account for a few days.
Method 2: Wire Transfer (For Faster, Larger Transfers)
Wire transfers are a faster, but generally more expensive, way to send money. They are often used for larger sums or when time is of the essence.
Step 1: Gathering Wire Transfer Information
For a wire transfer, you'll need specific details for the receiving account (USAA, in this case).
- Your full name and address as it appears on your USAA account.
- Your USAA account number.
- USAA's wire routing number. For domestic wire transfers to USAA, this is 314074269.
- USAA's bank name and address:
- USAA Federal Savings Bank
- 10750 McDermott Freeway
- San Antonio, TX 78288
Step 2: Initiating the Wire Transfer from Bank of America
You can initiate a wire transfer through Bank of America's online banking, mobile app, or by visiting a branch. Online and mobile options are usually more convenient.
- Log in to Bank of America Online Banking or the Mobile App.
- Navigate to "Pay & Transfer" and look for "Wire/ACH" or "Send Wire Transfer."
- If it's your first time, you may need to enroll in their secured transfer service.
- Select "Domestic Wire Transfer."
- Enter the recipient's information (your USAA details) that you gathered in Step 1.
- Specify the amount you wish to send.
- Review all details meticulously, especially the routing and account numbers, as wire transfers are difficult to reverse.
- Confirm and authorize the transfer.
Wire Transfer Fees & Limits (Bank of America):
- Domestic Outgoing Wire Transfer Fee: Typically around $30.
- Daily Limits: Bank of America may have daily limits for wire transfers. It's advisable to check their current fee schedule or contact customer service for specific limits. According to some sources, the limit can be around $1000 for online transfers, but higher limits may be available in-branch or by phone.
Wire Transfer Fees (USAA):
- Incoming Domestic Wire Transfer Fee: USAA generally does not charge a fee for incoming domestic wire transfers.
Wire Transfer Times: Domestic wire transfers are typically processed on the same business day if initiated before the bank's cutoff time (often late afternoon, like 5:00 PM ET for Bank of America). Funds are usually available in the recipient's account within a few hours, or by the next business day at the latest.
Method 3: Third-Party Payment Services (e.g., Zelle)
For smaller, quicker transfers, services like Zelle, often integrated into banking apps, can be a great option if both Bank of America and USAA support it.
Step 1: Check Zelle Enrollment
- Verify if both your Bank of America and USAA accounts are enrolled in Zelle. You can usually find the Zelle option within your respective banking apps.
- You'll link your phone number or email address to your bank account for Zelle.
Step 2: Sending Money via Zelle
- Open your Bank of America or USAA mobile banking app.
- Navigate to the Zelle section.
- Select "Send Money."
- Enter the recipient's Zelle-registered email address or U.S. mobile number (this will be your own Zelle-registered contact linked to your USAA account if you're sending to yourself).
- Enter the amount.
- Review and confirm.
Zelle Limits & Fees:
- Fees: Zelle typically has no fees for sending or receiving money.
- Limits: Both Bank of America and USAA will have daily and possibly weekly limits for Zelle transactions. These limits can vary based on your account history and relationship with the bank. Check your app for specific limits. For instance, Bank of America might have a daily Zelle limit of $2,500-$3,500. USAA may also have similar limits.
Zelle Transfer Times: Zelle transfers are usually nearly instant when both parties are enrolled. If the recipient is not yet enrolled, they will receive a notification to enroll, and the funds will be available once they do. If they don't enroll within 14 days, the transfer is canceled.
Important Considerations When Transferring Money
- Fees: Always be aware of any fees associated with the transfer method you choose. While ACH transfers between linked accounts are often free, wire transfers typically incur a fee.
- Limits: Banks impose daily, weekly, or monthly limits on transfers, especially for external transfers and wire transfers. Check with both Bank of America and USAA if you're transferring a large sum.
- Security: Always use secure internet connections when performing online banking. Be wary of phishing scams that ask for your banking credentials.
- Verification: For linked accounts, the micro-deposit verification is crucial for security.
- Recipient Information Accuracy: Double-check all account numbers and routing numbers. Incorrect information can lead to delays or, in the worst case, funds being sent to the wrong account and being difficult to retrieve.
- Business Days: Remember that transfer times are based on business days (Monday-Friday, excluding federal holidays). Transfers initiated on weekends or holidays will begin processing on the next business day.
By following these steps, you can confidently transfer money from your Bank of America account to your USAA account using the method that best suits your needs.
10 Related FAQ Questions
How to check my Bank of America routing number?
You can find your Bank of America routing number on your checks (the first nine digits at the bottom left), your online banking portal (under account details), or by calling Bank of America customer service.
How to check my USAA routing number?
Your USAA routing number can be found on your checks, within your USAA online banking account details, or by contacting USAA customer service. For domestic wire transfers, USAA's routing number is 314074269.
How to link external accounts to USAA?
Log in to USAA online banking, go to "My Accounts," and look for "Add a Non-USAA Account" or "Link External Accounts." You'll typically need to provide your other bank's login credentials or go through a micro-deposit verification process.
How to link external accounts to Bank of America?
Log in to Bank of America online banking, go to "Pay & Transfer," and look for "Add External Account" or similar. You'll generally need the external account's routing and account numbers, and may undergo a micro-deposit verification.
How to send a wire transfer from Bank of America?
Log in to Bank of America online banking or the mobile app, navigate to "Pay & Transfer," then "Wire/ACH." You'll need the recipient's bank name, address, routing number, and account number. Fees apply.
How to receive a wire transfer to USAA?
Provide the sender with your full name, USAA account number, and USAA's wire routing number (314074269). You'll also need to provide USAA's bank name and address: USAA Federal Savings Bank, 10750 McDermott Freeway, San Antonio, TX 78288.
How to avoid wire transfer fees from Bank of America?
Wire transfer fees from Bank of America are generally difficult to avoid for domestic transfers. Some premium account tiers (like Bank of America Preferred Rewards Platinum and higher) may offer reduced or waived wire transfer fees. Alternatively, consider using ACH transfers (linking accounts) or Zelle for free transfers, if suitable for your amount and urgency needs.
How to find Zelle limits for Bank of America?
You can typically find your daily and weekly Zelle limits directly within the Zelle section of your Bank of America mobile banking app or online banking portal. Limits can vary based on your account type and history.
How to find Zelle limits for USAA?
To check your Zelle limits with USAA, log in to your USAA mobile banking app or online banking, navigate to the Zelle section, and look for information regarding send limits. These limits are usually clearly displayed.
How to resolve a delayed transfer between Bank of America and USAA?
First, check the processing times for the method you used (ACH 1-3 business days, wire same-day/next-day, Zelle instant). If the expected time frame has passed, check your transaction history in both bank accounts. If still unresolved, contact the customer service of the bank from which you initiated the transfer, providing them with all transaction details.
