It's a common need in today's interconnected financial world to move money between different banks. Perhaps you've switched primary banks, are managing multiple accounts for different purposes, or need to send money to a family member who banks elsewhere. Whatever your reason, transferring money from Truist to Bank of America is a straightforward process with several convenient options.
The Definitive Guide to Transferring Money from Truist to Bank of America
Ready to move your funds? Let's dive into the various methods, their steps, and important considerations to ensure a smooth and secure transfer.
Step 1: Choose Your Preferred Transfer Method - Let's Get Started!
Before we delve into the "how-to," the first crucial step is to decide how you want to transfer your money. There are several popular methods, each with its own advantages, speed, and potential fees. Consider the amount you're transferring, how quickly you need it to arrive, and your comfort level with online banking.
Here are the primary options:
- ACH Transfer (Automated Clearing House): This is often the most common and cost-effective way to transfer money between different banks. It's an electronic network for financial transactions that processes large volumes of credit and debit transactions in batches.
- Wire Transfer: For larger sums or time-sensitive transfers, wire transfers are generally faster, often completing the same day. However, they typically come with higher fees.
- Zelle: A fast and convenient way to send and receive money with just an email address or U.S. mobile number, ideal for smaller, everyday transfers. Both Truist and Bank of America support Zelle.
- External Account Linking (within Truist Online Banking): You can link your Bank of America account directly to your Truist online banking platform, allowing for easy transfers between your own accounts.
- Bill Pay (from Truist to Bank of America, as a "Payee"): While not a direct "transfer" in the traditional sense, you can use Truist's Bill Pay service to send a payment to your Bank of America account as if it were a bill. This is less common for self-transfers but an option for specific scenarios.
- Checks: The oldest and slowest method, but still viable if you're not in a hurry and prefer a physical transaction.
Once you've considered these options, select the one that best suits your needs. Now, let's get into the specifics for each method!
Step 2: Gather Necessary Information for Your Transfer
Regardless of the method you choose, you'll need specific details for both your Truist and Bank of America accounts. Having these ready will significantly speed up the process.
Sub-heading: Information for Your Truist Account (Sending Bank)
- Account Number: The full account number of the Truist account from which you intend to send the money.
- Routing Number: The 9-digit routing number for your specific Truist account. This is usually found on your checks, within your online banking portal, or by contacting Truist customer service.
Sub-heading: Information for Your Bank of America Account (Receiving Bank)
- Account Holder's Name: The full name of the account holder at Bank of America (this should match your Truist account name if you're transferring to your own account).
- Account Number: The full account number of the Bank of America account where you want the money to go.
- Routing Number: The 9-digit routing number for your Bank of America account. Be aware that routing numbers can vary by region and type of transaction (e.g., ACH vs. Wire). You can usually find this by logging into your Bank of America online banking, checking a recent statement, or contacting their customer service.
- Bank Name and Address: While often pre-filled for common banks, it's good to have "Bank of America" and a general address (e.g., their main headquarters or a local branch address if required) handy.
- SWIFT/BIC Code (for international wires only): If you were making an international wire transfer (which you are not in this case, as both banks are in the US), you would need this code. For domestic transfers, the routing number is sufficient.
Step 3: Executing Your Transfer: A Step-by-Step Guide
Now that you've chosen your method and gathered your information, let's walk through how to initiate the transfer.
Sub-heading: Method 1: ACH Transfer (Recommended for Most Users)
ACH transfers are generally free or low-cost and take 1-3 business days.
- Log in to Truist Online Banking: Go to the official Truist website and log in to your online banking account.
- Navigate to Transfers: Look for a section titled "Transfers & Payments", "Move Money", or similar.
- Add External Account (First Time Only):
- You'll likely see an option like "Add External Account" or "Add Non-Truist Account".
- You will be prompted to enter the Bank of America account's routing number and account number.
- Verification: Truist will often verify this external account by making two small "micro-deposits" (usually a few cents) into your Bank of America account. This can take 1-2 business days.
- Once the micro-deposits appear in your Bank of America statement, you'll need to go back to Truist online banking and verify the amounts. This confirms you own the account.
- Initiate the Transfer:
- Once your Bank of America account is linked and verified, select the "Transfer Money" option.
- Choose your Truist account as the "From" account and your newly linked Bank of America account as the "To" account.
- Enter the amount you wish to transfer.
- Select the transfer date (immediate or future-dated) and frequency (one-time or recurring).
- Review all details carefully before confirming.
- Confirm and Track: You'll receive a confirmation message. Keep an eye on both your Truist and Bank of America accounts for the funds to appear.
Sub-heading: Method 2: Wire Transfer (For Larger, Faster Transfers)
Wire transfers are generally completed within the same business day if initiated before the cutoff time (often 5:00 PM ET for Truist). They are more expensive than ACH transfers. Truist charges an outgoing domestic wire transfer fee (typically around $30).
- Enroll in Wire Services (if not already):
- Log in to Truist Online Banking.
- Go to "Transfer & Pay" and look for "Enroll in wire services."
- You may need to verify your identity with two valid authorization phone numbers.
- Add a Recipient (First Time Only):
- Under "Send a wire transfer", select "Manage recipients."
- Click "Add recipient" and choose "Domestic."
- Enter the Bank of America recipient's full name, address, wire routing number (which might be different from the ACH routing number, so verify this with Bank of America), and account number.
- Initiate the Wire Transfer:
- Select "Send a wire transfer" and choose "Domestic."
- Select the Bank of America recipient you just added.
- Enter the amount you wish to send.
- Add any optional information like a reason for the transfer or a memo.
- Review all details meticulously. Wire transfers are irreversible once processed.
- Authorize and Submit: You'll likely be prompted to receive a security code to authorize the transfer. Enter the code and submit.
- Confirmation: You'll receive a confirmation of your wire transfer. Funds should arrive within hours, often on the same business day.
Sub-heading: Method 3: Zelle (For Quick, Smaller Transfers)
Zelle is excellent for sending money quickly between individuals. Both Truist and Bank of America have Zelle integrated into their banking apps. Truist's Zelle limits are typically $2,000 per day and $10,000 per rolling 30 days. Bank of America's Zelle limits are generally up to $3,500 per day and $20,000 per month for consumer accounts.
- Enroll in Zelle (if not already):
- Open your Truist Mobile Banking App (or log in online).
- Look for the "Zelle" or "Send Money with Zelle" option.
- Follow the prompts to enroll your Truist account with Zelle, linking it to your email address or U.S. mobile number.
- Send Money:
- Select "Send" within the Zelle section.
- Enter the recipient's email address or U.S. mobile number that is linked to their Bank of America Zelle account. Double-check this carefully to avoid sending money to the wrong person.
- Enter the amount you wish to send.
- Add a memo if desired.
- Review the details before confirming.
- Confirm: Funds sent via Zelle are typically available within minutes, though it can sometimes take longer if the recipient isn't enrolled or if there are security reviews.
Sub-heading: Method 4: Bill Pay (Less Common for Self-Transfers)
While primarily for paying bills to companies, you can set up your Bank of America account as a "payee" in Truist's Bill Pay.
- Log in to Truist Online Banking.
- Navigate to Bill Pay: Look for "Bill Pay" or "Pay Bills."
- Add a Payee:
- Select "Add a Company or Person."
- Choose to add a person or custom payee.
- Enter your Bank of America account holder's name (your name), the Bank of America's mailing address, and your Bank of America account number. You may also need to provide the Bank of America routing number.
- Schedule Payment:
- Select your newly added Bank of America payee.
- Enter the amount you want to send.
- Choose the date you want the payment to be sent.
- Review and confirm.
- Processing Time: Payments made via Bill Pay are typically sent as an electronic ACH payment or a physical check. Electronic payments usually take 2-5 business days. A physical check will take longer to mail and process.
Sub-heading: Method 5: Checks (The Traditional Way)
If time isn't a factor and you prefer a physical record:
- Write a Check: Fill out a check from your Truist checking account payable to yourself (or the recipient at Bank of America).
- Deposit the Check:
- Mobile Deposit: Use the Bank of America mobile app to deposit the check by taking photos of the front and back.
- ATM Deposit: Deposit the check at a Bank of America ATM.
- Branch Deposit: Visit a Bank of America branch and deposit the check with a teller.
- Funds Availability: Funds from a check deposit may not be immediately available and can take 1-5 business days to clear, depending on your bank's policy and the amount.
Step 4: Monitor and Verify Your Transfer
After initiating your transfer, it's essential to monitor both your Truist and Bank of America accounts.
- Check Truist: Confirm that the funds have been debited from your Truist account.
- Check Bank of America: Verify that the funds have been credited to your Bank of America account.
- Keep Records: Save any confirmation numbers or screenshots of your successful transfer for your records.
Step 5: Troubleshooting and Important Considerations
Sometimes, transfers don't go exactly as planned. Here are a few things to keep in mind:
- Double-Check Information: The most common reason for transfer delays or failures is incorrect account or routing numbers. Always double-check this information before confirming.
- Transfer Limits: Be aware of daily, weekly, or monthly transfer limits imposed by both Truist and Bank of America for different transfer methods.
- Truist Wire Transfer Limit: Up to $500,000 rolling 3 business day maximum.
- Bank of America Incoming Transfer Limit: Can receive transfers from other Bank of America customers up to $999,999.00 per week. For wire transfers, daily maximum incoming can be $1,000 for some wire types (though usually higher for general incoming wires).
- Zelle Limits: As mentioned, Truist has limits of $2,000/day and $10,000/rolling 30-days. Bank of America's limits are typically $3,500/day and $20,000/month for personal accounts. Business Zelle limits may be higher.
- Cut-off Times: Transfers initiated after a bank's daily cut-off time will typically be processed on the next business day.
- Business Days: Remember that weekends and bank holidays are not considered business days, which can affect transfer times.
- Fees: Be mindful of any fees associated with your chosen transfer method. Wire transfers almost always incur fees. While ACH transfers are often free, some banks may charge for them.
- Contact Support: If you encounter any issues or have questions, don't hesitate to contact Truist or Bank of America customer service for assistance.
10 Related FAQ Questions
Here are 10 frequently asked questions, starting with "How to," with quick answers, to further assist you in your money transfer journey.
How to Find My Truist Routing Number?
You can find your Truist routing number on your checks (the first nine digits at the bottom left), by logging into your Truist online banking or mobile app, or by contacting Truist customer service.
How to Find My Bank of America Routing Number?
Your Bank of America routing number can be found on your checks, by logging into your Bank of America online banking account (often under "Account Information" or "Information & Services" for your specific account), or by contacting Bank of America customer service. Note that it might vary by region or transaction type (e.g., wire vs. ACH).
How to Link an External Account on Truist?
Log in to Truist Online Banking, navigate to "Transfers & Payments," then "Manage external accounts" or "Add non-Truist account." You'll typically need to provide the external account's routing and account numbers, and then verify ownership via micro-deposits.
How to Initiate an ACH Transfer from Truist?
After linking your Bank of America account as an external account (Step 3, Method 1), log in to Truist Online Banking, go to "Transfers & Payments," select "Transfer Money," choose your Truist account as the source and Bank of America as the destination, enter the amount, and confirm.
How to Send a Wire Transfer from Truist?
Log in to Truist Online Banking, go to "Transfer & Pay," select "Send a wire transfer," enroll in wire services if needed, add your Bank of America recipient details (including the wire routing number), enter the amount, and authorize the transfer.
How to Use Zelle to Transfer Money from Truist to Bank of America?
Open your Truist Mobile Banking App, go to the Zelle section, select "Send," enter the recipient's email or U.S. mobile number linked to their Bank of America Zelle account, input the amount, and confirm.
How to Speed Up a Transfer from Truist to Bank of America?
For faster transfers, consider using a wire transfer (often same-day delivery, but with fees) or Zelle (typically within minutes for smaller amounts). ACH transfers are generally 1-3 business days.
How to Avoid Fees When Transferring Money?
ACH transfers are often free, making them the most cost-effective option. Zelle is also typically free for personal use. Wire transfers almost always incur fees.
How to Cancel a Money Transfer from Truist?
The ability to cancel a transfer depends on the method and whether it has already been processed. ACH transfers might be cancellable if caught before processing. Wire transfers are generally irreversible once sent. Zelle transfers are typically instant and cannot be canceled once sent to an enrolled recipient. Contact Truist customer service immediately if you need to attempt a cancellation.
How to Increase My Transfer Limits from Truist?
Transfer limits are often set by the bank for security reasons. For larger transfers, a wire transfer is usually the best option as it typically has higher limits. For ACH or Zelle, you may need to contact Truist directly to inquire about temporary limit increases, though these are not always granted.
