There are few different ways you can transfer money to a Bank of America account. To transfer money instantly from another Bank of America account, you can use the ATM or move funds online. For transfers from another bank, you'll need to transfer funds through the other bank's online banking system or complete a wire transfer. You can also use a credit card to transfer money into your account. The fees vary from free to about $40, depending on the transfer method.
Make an ATM Transfer
You can transfer money between Bank of America accounts directly at the machine as long as those accounts are linked to a single debit or ATM card.
- Insert your card.
- Enter your personal identification number.
- Select the option "Transfer Funds."
- Choose the account you want to withdraw from and the account that will receive the funds.
- Enter the amount to transfer.
- Confirm the amount and accept any fees.
If you're using a Bank of America ATM, there aren't any fees. However, if you're using another bank's ATM, you'll be charged that bank's convenience fee along with Bank of America's out-of-network fee of $2.50, at the time of publication.
Some accounts also have a limit on the number of ATM and online transfers and withdrawals you can perform each month, and any transfers above that number will trigger a fee. Check your account fee schedule for more information.
Perform Online Transfers Within BOA
You can also transfer money online to your Bank of America account. After you enroll in online banking, you can transfer funds between any Bank of America accounts free of charge through the bank's online banking service.
- Select the option to transfer between accounts at Bank of America.
- Choose the accounts to withdraw from and receive the funds, enter the amount and select whether it is a one-time withdrawal or will happen at regular intervals. Click "Continue."
- Click "Make Transfer."
Move Funds From Another Bank
If you need to transfer money from another bank to your Bank of America account, log into your online banking through that bank's website and look for a bank-to-bank transfer option. Your bank may charge fees for the service. You'll need your Bank of America account and routing numbers. Generally, you'll need to go through a verification process to confirm you're the owner of the receiving account before you can request the transfer. Once the account is verified, you can transfer funds. It can take three to five business days for the funds to appear in your account, depending on the bank.
Read More: How to Transfer Money Between Banks Online
Opt for a Wire Transfer
If you want to transfer money instantly into your Bank of America account, you can wire the funds. Your bank may offer the option to wire funds online, but in most cases you'll need to visit your local branch. Bring your Bank of America account and routing numbers and request a wire transfer from your account. If you don't have your account number or routing number, you can access them by signing into your online banking account.
Wire transfers can show up in your account within one to two business days. At the time of publication, Bank of America charges $15 for domestic incoming wire transfers. The outgoing bank will likely charge a fee, which is generally higher than the incoming fee. For example, Chase charges $35. TD Bank charges $25.
Consider Credit Card Cash Advances
If your credit card issuer allows cash advances, you can:
- Visit an ATM to withdraw cash from your credit card. You can deposit the cash into your bank account at the ATM or visit a teller.
- Write a convenience check for the desired amount and make it payable to yourself. Bring the check to Bank of America to deposit the funds into your account.
- Go into the branch with your credit card complete a bank cash advance. Use your card to withdraw cash and deposit it into your bank account.
- Contact your credit card company to request a direct deposit to your bank account. You may also be able to transfer funds from your credit card to your bank account online by logging into your credit card account. According to Bank of America, it can typically take up to five days to process credit-card-to-bank-account deposits.
Cash advance interest rates are generally higher than the interest rates assessed on purchases. There's also no grace period, so interest begins accruing immediately after taking the cash advance.
Read More: What's My Chase Bank Routing Number?
- Bank of America: Personal Schedule of Fees
- Bank of America: Wire Transfer FAQs
- My Bank Tracker: Compare U.S. & International Wire Transfer Fees
- Bank of America: What is a Credit Card Cash Advance?
- Federal Reserve Bank of St. Louis. "Deposits, All Commercial Banks." Accessed March 16, 2020.
- Bank of America. "Preferred Rewards Frequently Asked Questions." Accessed March 16, 2020.
- Bank of America. "Personal Schedule of Fees," Pages 4, 12-13. Accessed March 16, 2020.
- Bank of America. "Personal Schedule of Fees," Page 5. Accessed March 16, 2020.
- Bank of America. "Bank of America Advantage Savings." Accessed March 16, 2020.
- Bank of America. "Personal Schedule of Fees," Page 6. Accessed March 16, 2020.
- Bank of America. "Child Savings Accounts." Accessed March 16, 2020.
- Bank of America. "Savings IRAs." Accessed March 16, 2020.
- Bank of America. "Certificate of Deposit (CD) Accounts." Accessed March 16, 2020.
- Bank of America. "Ten Years After Great Recession, Innovation Overcomes Reputation as Bank Switching Hits Record Low, J.D. Power Finds." Accessed March 16, 2020.
Jeannine Mancini, a Florida native, has been writing business and personal finance articles since 2003. Her articles have been published in the Florida Today and Orlando Sentinel. She earned a Bachelor of Science in Interdisciplinary Studies from the University of Central Florida.