ACH Transfer Bank Of America [All you Need To Know] (2024)

An ACH transfer, which stands for Automated Clearing House transfer, is a way to electronically move money between bank accounts. It's a popular option for recurring payments like rent, bills, or payroll, as well as for one-time payments like sending money to friends or family.

In our today's world of digital payment, many people are moving away from payment options like the use of check books which take longer time for the money to be credited into the check bearers account, to more advance and electronic methods like wire transfers and ACH transfers which usually take shorter time for the money to be transferred.

For this reason, many banks have shifted their banking activities to a digital era by developing online banking websites and also mobile apps. This enables customers to directly monitor their bank accounts and their transactions just by using their mobile phone without going to a branch bank.

The Automated Clearing house is a transfer network that linked up domestic banks and also some international banks in to a system, facilitating money transfers between bank accounts in the system.

Banks like Wells Fargo, Citibank, bank of America and other banks are link to this transfer network. Most ACH transfers take one to three business days to complete. However, some transfers may take longer, depending on the recipient's bank. Bank of America also offers same-day ACH transfers for eligible transactions to certain accounts.

In this article, you will learn about ACH transfer with bank of America, differences between ACH transfer and wire transfer, how to transfer money from bank of America to another bank, and bank of America ACH routing number.

ACH Transfer Bank Of America

An ACH transfer, which stands for Automated Clearing House transfer, is an electronic way to move money between bank accounts. It's a common and convenient way to pay bills, send money to friends and family, or transfer funds between your own accounts.

You can initiate an ACH transfer through several methods. Here are the three methods to initiate an ACH transfer with bank of America:

• Online banking: Log in to your Bank of America online banking account and go to the "Transfers" section. You'll need to enter the recipient's account information, the amount you want to transfer, and the date you want the transfer to take place.
• Mobile app: Open the Bank of America mobile app and go to the "Payments" section. You can then select "Transfer" and follow the same steps as for online banking.
• Phone: Call Bank of America customer service at 1-800-435-1170 and speak to a representative.

Fees for ACH transfers

Bank of America does not charge any fees for ACH transfers between your own Bank of America accounts. However, there may be fees if you're transferring money to an account at another bank. The fee will typically be around $3, but it can vary depending on the recipient bank.

Processing times for ACH transfers

ACH transfers typically take 1-3 business days to process. However, it can take longer in some cases, such as if you're transferring money to an account at a small bank or credit union.

Here are some additional things to keep in mind when initiating an ACH transfer:

• You'll need to know the recipient's bank account number and routing number.
• You can schedule ACH transfers in advance.
• You can cancel an ACH transfer before it's processed.

How To Transfer Money From Bank Of America To Another Bank

Transferring money from Bank of America to another bank can be done through several methods, each with its own advantages and disadvantages. Here's a breakdown of the options:

1. Online Banking:

Pros: Convenient, accessible from anywhere with an internet connection, typically faster processing times than other methods.

Cons: Requires recipient's bank account number and routing number, may have transfer limits.

Steps:

• Log in to your Bank of America online banking account.
• Go to the "Transfers" section or similar menu.
• Select "Transfer to an external account."
• Enter the recipient's bank account number and routing number.
• Enter the amount you want to transfer.
• Select the transfer date (same day or standard).
• Review the details and submit the transfer.

2. Mobile App:

Pros: Similar to online banking, but even more convenient for on-the-go transfers.

Cons: Same limitations as online banking.

Steps:

• Open the Bank of America mobile app.
• Go to the "Payments" or "Transfer" section.
• Select "Transfer to an external account."
• Follow the same steps as for online banking (entering recipient information, amount, date, etc.).
• Confirm the transfer.

3. Phone:

Pros: Can be helpful if you're not comfortable with online banking or the app, good for older adults or people with limited tech experience.

Cons: Slower than online or mobile options, requires speaking to a customer service representative.

Steps:

Call Bank of America customer service at 1-800-435-1170.

Tell the representative that you want to make an ACH transfer to another bank.

Provide the recipient's bank account information and the amount you want to transfer.

The representative will process the transfer for you.

4. Zelle (Third-party transfer service)

Pros: Fast and convenient for sending money to friends and family, only requires recipient's email address or phone number.

Cons: Limited transfer amounts, may not be available for all banks.

Steps:

• Open the Zelle app or your Bank of America online banking/mobile app.
• Select "Send money with Zelle."
• Enter the recipient's email address or phone number.
• Enter the amount you want to send.
• Review the details and send the money.

Additional Tips:

• Know the fees: Bank of America doesn't charge fees for ACH transfers between your own accounts, but there may be fees for transfers to other banks. Be sure to check the fees before initiating a transfer.
• Schedule your transfer: You can schedule ACH transfers in advance, which can be helpful if you know you'll need to make a payment on a specific date.
• Review your information carefully: Before submitting a transfer, double-check the recipient's bank account information and the amount you're sending to avoid errors.

Bank of America ACH Routing Number

Bank of America uses several ACH routing numbers depending on the specific location and type of transaction. To provide the correct routing number for your needs, the following information is required:

1. Where is your Bank of America account located? The routing number will differ based on your state or region.
2. Are you using the ACH transfer for:

• Checking or savings account transfer?
• Wire transfer? (Note: Wire transfers typically use a different routing number than ACH transfers.)
• Other type of transaction?

Once you know the above details, your Bank of America ACH routing number can be check by any of these means:

1. Check your check: Look at the bottom left corner of any Bank of America check you have. The routing number is the nine-digit number printed to the left of your account number.

2. Use online banking or the mobile app: Log in to your Bank of America online banking or mobile app. Navigate to your account details page and look for the "Routing number" section.

3. Contact Bank of America customer service: Call Bank of America customer service at 1-800-435-1170. They can provide your correct routing number based on your specific account and needs.

ACH Transfer vs Wire Transfer: What is the difference?

Choosing between an ACH transfer and a wire transfer depends on your needs for speed, cost, and convenience. Here's a breakdown of the key differences:

Speed:

• ACH transfer: Takes 1-3 business days to process.
• Wire transfer: Usually processed within the same business day, sometimes even within hours.

Cost:

• ACH transfer: Typically free for transferring between your own Bank of America accounts. Fees may apply for transfers to other banks, usually around $3.
• Wire transfer: More expensive than ACH transfers, with fees typically ranging from $15 to $30 for domestic transfers and even higher for international transfers.

Convenience:

• ACH transfer: Can be initiated online, through the mobile app, or by phone.
• Wire transfer: May require visiting a branch in person.

Other differences:

• Transfer limits: ACH transfers often have lower daily or monthly limits than wire transfers.
• International transfers: Only ACH transfers are available domestically. For international transfers, you'll need a wire transfer.
• Transaction visibility: With ACH transfers, the recipient may not see the funds credited to their account until the next business day. Wire transfers are usually reflected immediately.

So, which one should you choose?

• Use an ACH transfer for: Making regular payments, sending money to friends and family, transferring funds between your own accounts.
• Use a wire transfer for: Urgent payments, large transactions, international transfers.

Conclusion

An ACH transfer, which stands for Automated Clearing House transfer, is a way to electronically move money between bank accounts. It's a popular option for recurring payments like rent, bills, or payroll, as well as for one-time payments like sending money to friends or family.

With bank of America, you can initiate an ACH transfer using online banking, mobile banking or by phone call to their customer service branch.

When making an ACH transfer with bank of America, ensure that the recipient's credentials are entered correctly to avoid errors or any delays.

To transfer money from bank of America to another bank, you can use wire transfer, ACH transfers or a third party transfer service like Zelle and venmo.

Note that Wire transfers are faster, but more costly compared to ACH transfers which are low (1to3days) and cheaper.