The bank of America is one of the most popular and effective banks around. In the course of this article, we would be looking at how a bank of America customer can transfer money from a checking account and a savings account. Without further mouthing, let us delve in.
Before we go into the guide on how to transfer money from your savings to your checking account, let us check out the differences between the two.
Difference between a Bank of America checking and a savings account
Your bank of America checking account is an account type that allows you to write checks. It is the check-writing feature that makes it your go-to daily transaction bank account.
On the other hand, your bank of America savings account is where you stash your money that you are not yet ready to use. It is important to note that the major difference between the two of them lies on how you manage your financial life.
Your bank of America checking account can also be used for ATM withdrawals and other options for easy access to your funds. On the flip side, the savings account gives the bank customer limited access to high-interest rate.
How to Transfer Money from your checking to savings account
It is important for that bank of America customer to note that the best way to go about this transfer procedure is with the mobile app. With the bank of America mobile app, a customer can move funds from business to personal accounts. And even go as far as setting future-date transfers.
To be able to perform this transfer from the mobile app:
- Use your fingerprint to scan and successfully login to the bank of America app.
- Go ahead to select “Transfer | send” and then select “make a transfer”.
- Then, choose the account that you want to make the transfer from. Which in this case, is the checking account?
- The next step would involve choosing the account that you want to make the transfer to, which in this case is your savings account.
- Up next, simply enter the amount of money you want to move from your checking to savings account.
- Select the date that you want the transaction to be completed and tap “continue.”
- Go ahead to confirm the transaction details and tap “make transfer”. You are all set!
You can make transfers from your checking to savings account in bank of America automatically by using the mobile to set future-date transfers.
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Using your personal or business credit card to transfer funds that are linked to your checking or savings account
Did you know that you can make immediate transfers from your personal and business credit card that is linked to your checking or savings account? These can of fund movement would be treated by the bank of America as cash advances. You would need to check your card service agreement for more details about this.
If you are in need of making a bill payment, you can use the transfer funds function to make either future dated, recurring or immediate transfers.