Transferring Between Bank of America Accounts
Moving money between your own Bank of America accounts is free, instant, and available 24/7 through online banking or the mobile app. You can transfer between checking, savings, money market, and certificate of deposit accounts using built-in tools. External transfers to non-Bank of America institutions typically take one to three business days via ACH, while wires offer same-day settlement for a fee. This guide covers every method, including limits, processing times, and step-by-step instructions so you can move funds confidently.
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Online and Mobile App Transfers
Log in to online banking or the Bank of America mobile app and navigate to the transfer section. Select the source account and the destination account, enter the amount, and choose the transfer date. Transfers between your own Bank of America accounts post immediately and are available for use right away. You can set up one-time transfers or recurring transfers that repeat weekly, biweekly, or monthly. The mobile app also lets you save frequent transfers for quick access.
ACH Transfers
ACH transfers move money electronically between banks and are the standard method for external transfers. Link an external account through the Bank of America website by providing the routing and account numbers. Bank of America typically verifies external accounts with two small micro-deposits, which appear in the linked account within one to three business days. Once verified, you can send money externally. ACH transfers between Bank of America accounts also process on a one- to three-business-day schedule, though internal ACH transfers post faster than external ones.
Wire Transfers
Wire transfers provide same-day settlement and are ideal for large amounts or time-sensitive transactions. Bank of America charges a fee for outgoing domestic wires, and international wires carry a higher fee plus potential correspondent bank charges. You can initiate a wire transfer online, by phone, or at a branch. You will need the recipient's full name, bank name, routing number, account number, and, for international wires, the SWIFT or BIC code.
Transfer Limits and Fees
Bank of America does not charge fees for transfers between your own accounts. For external ACH transfers, standard delivery is free; expedited delivery may incur a fee. Wire transfer fees vary by account type and destination. Daily and monthly transfer limits depend on your account history and the transfer method. You can view your specific limits in the online banking transfer section or by contacting customer service.
Transferring to a Certificate of Deposit
You can transfer funds from a Bank of America checking or savings account into a CD. The transfer reduces the balance of the source account and starts the CD term on the funding date. Early withdrawals from a CD typically incur a penalty, so confirm the term and any fees before initiating the transfer. CD transfers can be set up through the online banking dashboard under the accounts or products section.
Troubleshooting Common Issues
If a transfer does not appear immediately, check the transfer status in your transaction history. Pending transfers may take additional time for verification. Ensure that the account numbers and routing numbers are correct. For external transfers, confirm that the linked account has been fully verified. If you encounter an error, clear your browser cache, try a different browser, or contact Bank of America support for assistance.
Security and Fraud Prevention
Bank of America uses encryption and multi-factor authentication to protect transfers. Never share your login credentials or one-time passcodes. Review your transfer history regularly for unauthorized activity. Set up alerts for transfers above a certain threshold so you can flag suspicious transactions immediately.