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

ach transfer bank of america

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

Bank of America utilizes robust security measures to protect your financial information. So no need to worry about your account security.

With Bank of America, there are several ways to initiate an ACH transfer. You can do this using their online banking website, mobile app or by phone call as you will see below.

If is important to note that, bank of America does not charge any fees for domestic ACH transfers initiated through online or mobile banking. However, there may be fees associated with international ACH transfers or ACH transfers initiated by phone.

How To Initiate An ACH Transfer With Bank of America Using Online Banking Account

Here is a step-by-step guide on how to initiate an ACH transfer using your Bank of America online banking account:

1. Log in to your Bank of America online banking account.

2. Navigate to the "Transfers" section. You'll typically find this under the "Move Money" tab or similar menu option.

3. Click on "Add a recipient" or "Add new transfer". This will open a new window or page for adding recipient details.

4. Enter the recipient's credentials:

  • Name: Enter the full legal name of the recipient as it appears on their bank account.
  • Bank name: Type the recipient's bank name. Bank of America will automatically suggest matching banks as you type.
  • Account number: Enter the recipient's bank account number. Double-check for accuracy to avoid delays or errors.
  • Routing number: This nine-digit number identifies the recipient's bank. You can find it on their bank checks or online banking details.

5. Choose the "Transfer from" account. Select the Bank of America account from which you want to transfer the funds.

6. Enter the transfer amount.

7. Choose "ACH transfer" as the payment method.

8. Choose the transfer date:

  • Standard transfer: This is the most common option and typically takes 3 business days for the funds to arrive in the recipient's account.
  • Same-day transfer: This option may be available for eligible transactions to certain accounts and typically arrives on the same business day if initiated before the cut-off time (usually 2:00 PM ET).

9. Review the transfer details carefully. Double-check all information, including recipient name, account number, routing number, amount, and date.

10. Click "Submit" or "Transfer" to initiate the ACH transfer.

How To Initiate An ACH Transfer With Bank of America Using Mobile Banking

Initiating an ACH transfer with Bank of America through their mobile app is a quick and convenient option. Here's how to do it:

1. Open the Bank of America mobile app on your smartphone

2. Log in securely using your fingerprint, PIN, or other authentication method.

3. Tap on the "Pay & Transfer" button or similar option on the main screen.

4. Select "Transfer between my accounts" or "Transfer to another person" depending on your needs.

5. For transferring between your own Bank of America accounts:

  • Choose the "Transfer from" account.
  • Select the "Transfer to" account.
  • Enter the transfer amount.
  • Choose "ACH transfer" as the payment method.
  • Choose the transfer date (standard or same-day, if eligible).
  • Review the details and tap "Make Transfer" to confirm.

6. For transferring to another person:

  • Tap "Add recipient" or "New transfer."
  • Enter the recipient's name.
  • Choose their bank from the list or type it manually.
  • Enter the recipient's account number and routing number.
  • Choose the "Transfer from" account.
  • Enter the transfer amount.
  • Choose "ACH transfer" as the payment method.
  • Choose the transfer date (standard or same-day, if eligible).
  • Review the details and tap "Make Transfer" to confirm.

Make sure you have the correct recipient information to avoid delays or errors. And also review the transfer limits for your account type and transfer frequency.

How To Initiate An ACH Transfer With Bank of America Using Phone Call

Although not advisable for security reasons, but in case this is the last option, call Bank of America's customer service line at 1-800-432-1000 or 00 1 315-724-4022  to speak with a representative who can initiate an ACH transfer for you.

How To Transfer Money From Bank Of America To Another Bank

There are several ways to transfer money from bank of America to another bank. You can transfer money using ACH transfer ( as we have seen above), Wire transfer or using a third party transfer service.

Here is a detail explanation of each method:

a. Using ACH Transfer

As seen above, you can either initiate an ACH transfer using the online banking or mobile banking platform. Review details above.

To initiate a ACH transfer using mobile banking with Bank of America, follow steps below:

  • Open the Bank of America mobile app on your smartphone or tablet.
  • Log in with you security details (as seen above).
  • Tap "Pay & Transfer" or similar option.
  • Select "Transfer to another person."
  • Enter the recipient's information (as seen above)
  • Choose the "Transfer from" account (your Bank of America account).
  • Enter the transfer amount.
  • Choose the transfer date: Standard or Same-day transfer.
  • Review the details carefully and click "Submit" or "Transfer" to initiate the ACH transfer.

b. Using Wire Transfer

Wire transfers from Bank of America to another bank are faster than ACH transfers but have higher fees. With bank of America, wire transfers are available with online banking but limited.

To initiate a wire transfer with bank of America through online banking, follow the steps below:

1. Log in to your Bank of America online banking account.

2. Navigate to the "Transfers" section. Depending on your account type, you might not see a readily available "Wire Transfer" option.

3. If available, look for "Wire Transfer" or similar options and follow the prompts.

4. Enter the recipient's information:

  • Name: Full legal name as it appears on their bank account.
  • Bank name: Start typing and Bank of America will suggest matching banks.
  • Account number: Double-check for accuracy.
  • Routing number: This nine-digit number identifies the recipient's bank. Find it on their checks or online banking details.
  • Wire instructions: Additional details might be necessary depending on the recipient bank.

5. Choose the "Transfer from" account (your Bank of America account).

6. Enter the transfer amount.

7. Review the details and fees carefully.

8. Click "Submit" or "Transfer" to initiate the wire transfer.

In case you don't want to use online banking, you can call bank of America customer service at 1-800-432-1000 or go to the branch bank and tell the representative you want to initiate a wire transfer.

You will also be required to provide the the recipient's information, transfer amount, and any additional details required.

c. Using A Third Party Transfer Service

Using a third-party transfer service can be a convenient option for sending money from Bank of America to another bank, especially if you need it to arrive quickly. Here is how to transfer money from bank of America to another bank using a third party transfer service:

You can you popular options like:

  • Zelle: Requires both you and the recipient to have a US bank account with Zelle enrolled. Transfers are typically instant between enrolled accounts.
  • Venmo: More social-focused, but allows quick transfers between Venmo accounts. Some fees apply for using debit cards or instant transfers.
  • PayPal: Widely used platform for online payments and transfers. Offers various options like standard transfers, instant transfers with fees, and international transfers.

Here's the general process for using a third-party service:

  1. Download and set up the chosen app on your phone.
  2. Link your Bank of America account to the service. Follow the app's instructions for providing your bank account details and verifying your identity.
  3. Find the recipient: Search for the recipient by their phone number, email address, or username (depending on the service).
  4. Enter the transfer amount and choose the transfer speed: Standard transfers are usually free but slower, while instant transfers often come with fees.
  5. Review the details and confirm the transfer.

Tap this are article for more details: What Is Zelle, How Does Zelle Works?

When choosing a third party service, consider the following:

  • Consider the recipient's preferences and whether they have an account with the same service.
  • Compare fees for standard and instant transfers, especially for larger amounts.
  • Check transfer limits and processing times for each service.
  • Evaluate security measures and user reviews for different platforms.

Bank of America ACH Routing Number

Bank of America doesn't have a single "universal" ACH routing number. It actually has multiple routing numbers depending on several factors, including:

  • Your location: Each branch or region of Bank of America may have a different routing number.
  • The type of account: Different account types (checking, savings, etc.) may have different routing numbers.
  • The type of transaction: In some cases, there may be different routing numbers for inbound and outbound ACH transfers.

Therefore, it's crucial to find the specific routing number for your Bank of America account and the specific ACH transaction you're initiating.

To find your bank of America ACH routing number, follow these methods below:

1. Online Banking:

  • Log in to your Bank of America online banking account.
  • Look for your account details or settings section.
  • The routing number will be displayed there, typically along with your account number.

2. Mobile Banking:

  • Open the Bank of America mobile app on your smartphone or tablet.
  • Go to your account details or settings section.
  • You should find the routing number listed there.

3. Bank of America Website:

  • Visit the Bank of America website: https://locators.bankofamerica.com/.
  • Search for "ACH routing number" or navigate to the "Transfers" section.
  • You may find information about finding your routing number based on your account type or location.

4. Bank Statement:

  • Look for your latest Bank of America account statement.
  • The routing number is usually printed on the bottom left corner of the check or listed within the statement details.

5. Customer Service:

  • Contact Bank of America customer service at 1-800-432-1000.
  • A representative can verify your account and provide you with the correct routing number securely.

ACH Transfer vs Wire Transfer: What is the difference?

Choosing between an ACH transfer and a wire transfer depends on your priorities - speed, cost, and convenience. 

Let see these difference between wire transfer and ACH transfer in details:

Speed:

  • ACH transfer: Takes 3-5 business days for the funds to arrive in the recipient's account. Same-day ACH transfers are available for eligible transactions to certain accounts, but these typically require initiation before a cut-off time (usually 2:00 PM ET).
  • Wire Transfer: Can be as fast as the same business day if initiated before the cut-off time. International wire transfers may take longer depending on the recipient's bank and location.

Cost:

  • ACH transfer: Generally free for domestic transfers initiated through online or mobile banking at Bank of America. International ACH transfers or ACH transfers initiated by phone may incur fees.
  • Wire Transfer: Comes with higher fees compared to ACH transfers. Fees can vary depending on the transfer amount, urgency, and recipient bank. International wire transfers have even higher fees.

Convenience:

  • ACH: Can be easily initiated through online or mobile banking, making it a convenient option for everyday transactions or recurring payments.
  • Wire Transfer: May require visiting a branch or calling customer service, making it slightly less convenient.

Additional Considerations:

  • Transfer limits: ACH transfers often have lower transfer limits than wire transfers.
  • International transfers: Both ACH and wire transfers are available for international transfers, but ACH transfers may not be accepted by all banks or have additional restrictions.

Bottom Line

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.