The Bank of America (BoA) is an American financial services company and it is the 2nd largest financial institution in the USA, after JPMorgan Chase. On the other hand, Chase is also an American bank and it constitutes the consumer and commercial banking subsidiary of the United States JPMorgan Chase. Both Bank of America and Chase are very renowned banks and you can easily transfer money from Bank of America to Chase.
There are many ways you can transfer money from BoA to Chase. You can wire transfer the money to the Chase bank account of your friends or family members. You can also do a cash deposit to Chase’s bank account or make a direct deposit from the BoA account to Chase’s account. However, when transferring money from a Bank of America to a Chase bank account, be aware of the transfer fees.
Jump To A Section
How to Transfer Money from the Bank of America to Chase
There are three easy ways available to transfer money from the Bank of America to Chase Bank. They are –
- Wire Transfer
- Cash Deposit
- Direct Deposit
1. Wire Transfer
Both Bank of America and Chase bank allow wire transfers. So, you can easily transfer money from the Bank of America to Chase Bank using the wire transfer option. If you are planning to transfer money from your BoA account to a Chase bank account then you can initiate a wire transfer. Moreover, you can also use the wire transfer option to send money from your Bank of America bank account to someone’s bank account in Chase Bank. This is also the best option to send a large amount of money and usually, it takes three business days to complete the wire transaction. If you want to make a wire transfer then you will need the following documents and details –
- A government-issued photo ID
- Your full name
- Contact information
- Bank account number
- Transit number
- Recipient’s full name
- Recipient’s full name
- Recipient’s contact information
- Recipient’s bank account number
- Recipient’s transit number
- Recipient’s ABA routing number
There are two ways you can send BoA wire transfer – online and offline. If you want to make an offline wire transfer then you have to visit the nearest Bank of America branch and then provide the required documents, information, and money to the authorized person. If your BoA bank account has a sufficient balance then you don’t have to bring hard cash. Then the banker will complete the required steps to initiate the wire transfer.
On the other hand, if you want to make an online wire transfer then you have to log in to your Bank of America online banking account. Then from the available options, you have to select the “Send Money” option. Then, you have to provide the details of the recipient and the amount that you want to send. Finally, you have to click the Send button to complete the process.
2. Cash Deposit
This is a manual method of transferring money from a BoA account to a Chase account. Here, you have to withdraw money from your Bank of America’s account and then deposit the money at Chase’s bank account. This is in fact, one of the fastest ways to transfer money from the Bank of America to Chase bank. As soon as you deposit the money, the total amount will be available in the Chase bank account. However, if you want to transfer a large amount of money then direct deposit might not be a very good option because banks have limits on the amount of money you can withdraw per day. So if you want to transfer a large amount of money then you might be forced to make several withdrawals in several days to hit your transfer target.
3. Direct Deposit
This process is quite similar to wire transfer but direct deposit is slower compared to wire transfer. On the other hand, a direct deposit will cost you less compared to a wire transfer. So, if you are not in a hurry to transfer money and want to save some money then you can choose the direct deposit option. If you want to make a direct deposit then you will require the routing and account numbers as well as the recipient’s full name to ensure that you send the money to the right person. There are few ways you can initiate the direct deposit from your BoA account. They are –
- Online transfers by logging into your bank account
- Telephone transfers where you call your bank’s customer care to initiate the transfer, or
- In-branch transfers where you visit the local branch
Steps to Make Online Direct Deposit
- First, download the Direct Deposit Authorization (DDA) form
- Now fill in the Direct Deposit Authorization (DDA) form with the required information:
- Bank’s mailing address
- Bank’s routing number
- Your account number
- Type of account
- Social Security Number
- Your name, home address, and email address
- Then confirm the direct deposit amount
- Now provide the required information of the recipient:
- Full name
- Bank account number
- Routing number
- Email Address
- If required then attach a voided check or deposit slip
- Finally, submit the form
How Long does it Take to Transfer Money from the Bank of America to Chase Bank?
When you are transferring money from Bank of America to Chase bank, it involves two different banks so it will definitely take time to transfer the money. Because both banks will verify the transaction before the transfer is completed. The Bank of America will verify a few details before initiating the money transfer and Chase bank will also verify a few details before depositing the sent amount of money in the specific account. Depending on the method used to transfer the money, it might take up to three days to transfer the money. You must understand that money transfers between two different banks need time because the receiving bank has to confirm that the money comes from a legitimate source to avoid money laundering. Therefore, banks have to communicate with each other concerning the transfer and it delays the whole transfer process.
FAQs about How to Transfer Money from Bank of America to Chase
Can I transfer money from the Bank of America to Chase Bank using a check?
No, you can’t transfer money from the Bank of America to Chase Bank using a check because financial institutions only accept checks from the same bank. Therefore, most banks and credit unions do not accept checks from other institutions.
What is the Bank of America transfer limit?
Like any other bank, bank of America also has a transfer limit. Bank of America allows its users to make ACH transfers up to $3,000 per day and $6,000 per month for standard delivery. If you select next-business-day then you can transfer up to $2,000 per day and $5,000 per month.
What type of account you can open in Bank of America?
There are 4 types of accounts you can open in Bank of America. They are –
- A saving account
- A checking account
- CD Accounts, or
What information is required to open a Bank of America account?
If you want to open a bank of America account then you will require below information –
- Your full names
- ZIP code
- Social Security Number
- Your identification document details
- Email address
- The physical address, and
- Phone number
Does Bank of America Charge for Transfers between Banks?
Yes, Bank of America charges for transfers between Banks. If you want to transfer money from your Bank of America account to another bank account then it will charge $3 if the delivery time is three business days. On the other hand, if the transfer time is the next business day then you will be charged $10.
How much money can you transfer between accounts without being reported?
You can transfer no more than $10,000 between accounts without being reported. The financial institutes and money transferring service providers are obligated to report international transfers that exceed $10,000.
What is the best way to transfer a large amount of money?
Some of the best and convenient ways to transfer a large amount of are –
- Bank-to-Bank Transfers
- Wire Transfers
- Automated Clearing House (ACH) Transactions
- Cash-to-Cash Transfers
Can a bank ask where you got money?
Yes, banks can ask where you got the money because banks are legally required to know from where you have received the money or how you have managed the amount of money. Usually, the banks enter this type of data into their computers and look for suspicious transactions.
Are wire transfers over $10000 reported to the IRS?
Yes, a wire transfer over $10,000 is reported to the IRS.
What’s the fastest way to transfer money between Bank of America and Chase?
Wire Transfer is the fastest way to transfer money between Bank of America and Chase.
Can Bank of America transfer money to another bank?
Yes, Bank of America allows its account holders to transfer money to another bank. So, you can transfer money to another bank account of yours or your friends and family member’s bank account.
Last Updated on August 7, 2021 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.