Do you have funds sitting in your E*TRADE account that you'd like to move to your Bank of America account? Perhaps you've sold some investments, received a dividend, or simply want to consolidate your finances. Whatever the reason, transferring money between these two financial institutions is a common task, and thankfully, it's quite straightforward once you know the steps.
This comprehensive guide will walk you through the entire process, providing clear, step-by-step instructions to ensure a smooth and successful transfer. Let's get your money where it needs to be!
Understanding the Transfer Methods: ACH vs. Wire Transfer
Before we dive into the steps, it's crucial to understand the two primary methods for transferring funds between E*TRADE and Bank of America:
- Automated Clearing House (ACH) Transfer: This is the most common and generally free method for transferring funds. ACH transfers are electronic payments processed through a network that batches transactions. They are typically used for routine transfers and can take a few business days to complete.
- Wire Transfer: Wire transfers are electronic funds transfers that are processed individually and in real-time. They are faster than ACH transfers, often completing on the same business day, but they usually come with a fee from both the sending and receiving institutions. Wire transfers are generally used for urgent or large-value transactions.
We'll primarily focus on the ACH transfer method as it's the most common and cost-effective for most users. However, we'll also touch upon wire transfers for those who need the expedited service.
Step 1: Gather Your Essential Account Information
Ready to start? The very first and most crucial step is to gather all the necessary information for both your E*TRADE and Bank of America accounts. Having these details handy will make the transfer process seamless and prevent any delays.
1.1. E*TRADE Account Information:
- Your ETRADE User ID and Password: You'll need these to log in to your E*TRADE account online or via their mobile app.
- Your ETRADE Account Number: This is a unique identifier for your brokerage account. You can usually find it on your E*TRADE statements or by logging into your account and navigating to your "Complete View" or "Account Summary" page.
- Your ETRADE Routing Number (for ACH transfers): While ETRADE primarily facilitates outgoing transfers, for incoming ACH transfers (which you might need if you were pulling from Bank of America to ETRADE), you would need ETRADE's routing number. However, for outgoing transfers from ETRADE, you'll primarily need Bank of America's routing number.
1.2. Bank of America Account Information:
- *Your Bank of America Account Number: This is the specific account (checking, savings, etc.) where you want the funds to be deposited. You can find this on your checks, bank statements, or by logging into your Bank of America online banking or mobile app.
- *Bank of America Routing Number: This nine-digit number identifies Bank of America as the financial institution. It varies based on your region and the type of transaction. For ACH transfers, it's usually different from the routing number used for checks. It's crucial to get the correct routing number for ACH transfers. You can find it by logging into your Bank of America online banking, on your checks, or by calling their customer service.
- *Account Type: Specify whether the Bank of America account is a checking or savings account. This is important for the transfer.
- Account Holder Name: Ensure the name on your Bank of America account matches the name on your ETRADE account to avoid transfer issues.
Step 2: Accessing Your E*TRADE Account
Now that you have all your information, it's time to log in to your E*TRADE account.
2.1. Logging In Online:
- Open your preferred web browser and go to the official E*TRADE website (us.etrade.com).
- Enter your User ID and Password in the designated fields.
- Click "Log On."
- If you have two-factor authentication enabled (which is highly recommended for security!), be prepared to enter the security code from your mobile app or hardware token.
2.2. Using the E*TRADE Mobile App:
- Download and open the E*TRADE Mobile App on your smartphone or tablet (available for iOS and Android).
- Enter your User ID and Password.
- Tap "Log On."
- Again, be ready for any two-factor authentication prompts.
Step 3: Initiating the Transfer Request
Once logged in, you'll navigate to the section for moving money.
3.1. Navigating to the Transfer Section:
- On the Website: Look for a section often labeled "Transfers," "Move Money," "Withdrawals," or "Fund My Account." This is usually found in the main navigation menu or within your account summary.
- On the Mobile App: Tap the "Menu" icon (often three horizontal lines) and look for "Transfer," "Move Money," or a similar option.
3.2. Selecting the Transfer Type:
- Within the transfer section, you'll typically see options like "Transfer Money," "Wire Transfer," "Deposit a Check," etc.
- For a standard transfer to your Bank of America account, you'll generally select "Transfer Money" or "Transfer to an External Bank Account."
3.3. Specifying Transfer Details:
This is where you'll input the information you gathered in Step 1.
- From Account: Select your E*TRADE brokerage account from which you want to withdraw funds.
- To Account: This is where you'll link or select your Bank of America account.
- If you've previously linked your Bank of America account to ETRADE,* it should appear in the list. Select it.
- If this is your first time transferring to Bank of America, you'll likely need to add a new external account. This process usually involves:
- Selecting "Add New Account" or "Link External Account."
- Choosing "Bank Account" as the account type.
- Entering your Bank of America's Routing Number.
- Entering your Bank of America Account Number.
- Confirming the Account Type (e.g., Checking or Savings).
- Entering the Account Holder Name (ensure it matches your E*TRADE account).
- ETRADE might then initiate a small "micro-deposit" verification process, sending two small, random amounts (e.g., $0.15 and $0.23) to your Bank of America account. You'll need to log into your Bank of America account after a day or two to find these amounts and then return to E*TRADE to verify them. This is a security measure to confirm you own the external account.
- Amount: Enter the exact amount you wish to transfer. Double-check this figure carefully.
- Date: Choose the date you want the transfer to occur. For immediate processing (subject to cut-off times), select the current business day. You may also be able to schedule future transfers.
- Frequency (Optional): If this is a recurring transfer, you might have the option to set it up as a repeating transaction (e.g., weekly, monthly).
Step 4: Reviewing and Confirming Your Transfer
This is a critical step to prevent errors.
4.1. Thorough Review:
- E*TRADE will present you with a summary of your transfer details. Carefully review every piece of information:
- Source Account (E*TRADE)
- Destination Account (Bank of America - including the last few digits of the account number and the routing number)
- Transfer Amount
- Transfer Date
- Any associated fees (for ACH, typically none from E*TRADE; for wires, there will be fees)
4.2. Acknowledging Terms and Conditions:
- You'll likely need to read and agree to the terms and conditions for the transfer. Make sure you understand them, especially regarding processing times and potential fees.
4.3. Final Confirmation:
- Once you're confident all details are correct, click or tap "Confirm Transfer" or "Submit." You will typically receive a confirmation message on the screen and an email confirmation from E*TRADE. Keep a record of the confirmation number if one is provided.
Step 5: Monitoring Your Transfer
The transfer process isn't complete until the funds appear in your Bank of America account.
5.1. Checking E*TRADE's Transfer Activity:
- After submitting, you can usually track the status of your transfer within the "Transfer Activity" or "History" section of your E*TRADE account. It will typically show as "Pending" or "In Progress" until completed.
5.2. Verifying Funds in Bank of America:
- Log in to your Bank of America online banking or mobile app.
- Keep an eye on your chosen account for the incoming deposit.
- For ACH transfers, expect the funds to arrive within 1-3 business days. Business days generally exclude weekends and holidays.
- For wire transfers, funds should typically arrive on the same business day if initiated before ETRADE's and Bank of America's wire transfer cut-off times (often around 5 PM ET for Bank of America domestic wires).*
Important Considerations and Tips:
- Cut-off Times: Both E*TRADE and Bank of America have daily cut-off times for transfers. If you initiate a transfer after the cut-off time, it will be processed on the next business day.
- Transfer Limits: E*TRADE may have daily or per-transaction limits for ACH transfers. If you're transferring a very large sum, you might need to consider a wire transfer or multiple ACH transfers over several days.
- Fees:
- ACH Transfers: E*TRADE generally does not charge fees for outgoing ACH transfers. Bank of America also typically does not charge fees for receiving ACH transfers. This makes ACH the most cost-effective option.
- Wire Transfers: E*TRADE will likely charge a fee for an outgoing wire transfer (check their fee schedule for the exact amount). Bank of America also charges a fee for incoming domestic wire transfers (typically around $15 as of current information).
- Linking Accounts: If you haven't linked your Bank of America account before, the micro-deposit verification process adds a day or two to the initial setup. Plan accordingly for your first transfer.
- Security: Always ensure you are on the official E*TRADE website or using their legitimate mobile app. Be wary of phishing attempts. Use strong, unique passwords and enable two-factor authentication.
- Support: If you encounter any issues or have questions, don't hesitate to contact E*TRADE customer service (often available via phone, chat, or secure message) or Bank of America customer service.
By following these steps and keeping these considerations in mind, you can confidently and securely transfer money from your E*TRADE account to your Bank of America account. Happy transferring!
10 Related FAQ Questions
How to find my E*TRADE account number?
You can find your ETRADE account number by logging into your ETRADE account online and navigating to your "Complete View" or "Account Summary" page, or by checking your monthly E*TRADE statements.
How to find my Bank of America routing number for ACH transfers?
You can find your Bank of America routing number for ACH transfers by logging into your Bank of America online banking account, on your checks (usually the first nine digits at the bottom left), or by calling Bank of America's customer service. Be sure to specify you need the routing number for ACH transfers, as it can differ from wire transfer routing numbers.
How to link a new external bank account on E*TRADE?
To link a new external bank account on ETRADE, navigate to the "Transfers" or "Move Money" section, select to add a new external account, and then provide your bank's routing number, account number, and account type. ETRADE may initiate small "micro-deposits" for verification.
How to check the status of my E*TRADE transfer?
You can check the status of your ETRADE transfer by logging into your ETRADE account online or via the mobile app and looking for a "Transfer Activity" or "History" section within the "Move Money" or "Transfers" menu.
How to cancel a pending transfer from E*TRADE?
The ability to cancel a pending transfer from ETRADE depends on the transfer method and how far along it is in the processing cycle. For ACH, you might be able to cancel it if it's still marked as "pending" within ETRADE's system, but once it's sent to the banking network, it becomes difficult. Contact E*TRADE customer service immediately if you need to cancel. Wire transfers are generally irreversible once initiated.
How to initiate a wire transfer from E*TRADE to Bank of America?
To initiate a wire transfer, you'll follow similar steps as an ACH transfer in E*TRADE's "Move Money" section, but select "Wire Transfer" instead of "Transfer Money." You'll need Bank of America's wire routing number (which might differ from the ACH routing number), your Bank of America account number, and the recipient's name and address. Be aware of the associated fees.
How to avoid fees when transferring money from E*TRADE to Bank of America?
To avoid fees, always opt for an ACH transfer rather than a wire transfer. ACH transfers are typically free from E*TRADE, and Bank of America usually does not charge for receiving ACH deposits.
How to speed up a transfer from E*TRADE to Bank of America?
To speed up a transfer, your best option is a wire transfer, although it incurs fees. ACH transfers generally take 1-3 business days. Ensuring you initiate the transfer before the daily cut-off times for both E*TRADE and Bank of America can also help ensure the fastest possible processing within the chosen method.
How to ensure my E*TRADE transfer to Bank of America is secure?
To ensure security, always use the official ETRADE website or mobile app, enable two-factor authentication on your ETRADE account, use strong and unique passwords, and verify all account details carefully before confirming the transfer. Avoid public Wi-Fi when conducting financial transactions.
How to contact E*TRADE customer service for transfer issues?
You can contact E*TRADE customer service by phone (800-387-2331 is a common number for general inquiries), or through their secure messaging system or online chat feature, which are usually accessible after logging into your account.
