Second only to Chase bank, bank of America is one of the biggest banks in America. It is a bank that has lots of its customers performing a lot of transactions daily. One of the most popular of these transactions is transferring money to other banks. If you are reading this guide, then you are probably looking for a definitive guide on how to transfer money from bank of America to other banks. Without further mouthing, let us delve in.
First off, it is important to note that there are three ways by which you can transfer money from the bank of America to another bank. And in the course of subsequent paragraphs, we would be looking into those. The three money transfer procedures are namely;
- Cash deposit
- Direct deposit and
- Wire transfer
How to Transfer Money From Bank of America to Chase Bank with Cash Deposit
This method of money transfer can be considered to be the old-fashioned way of moving money. But making use of cash can be a bit practical. This step involves simply withdrawing cash and bringing it to another bank to deposit into another account for free.
Let there be a friendly reminder that sending money via mail is a very bad idea, as there are chances of losing the money and not retrieving it.
How to Transfer using Bank Drafts, Money Orders, and Cashiers checks
When it comes down to making physical money transfers, you can go on to buy bank drafts and money drafts. It is important to note that a bank of America customer can go on to buy inexpensive money drafts from many post office branches in America. The cost of a bank of America money draft can be between $3 to $9.
In transferring money from your bank of America account, money orders are usually used for sending smaller amounts than bank drafts. This is the major reason why bank drafts are more costly than money orders.
How to transfer money with the use of Direct Deposit
As stated earlier, one of the best ways to transfer money from a bank of America account to another bank account is with Direct deposit. It is a money transfer procedure that is very much like wire transfer. One good thing about it is that it costs less than the wire transfer.
To be able to use the direct deposit procedure, you would need the routing and account numbers of the other banks’ recipients.
Here are practical steps that you can follow to perform a direct deposit into another bank account;
- First of all, the bank of America customer would need to download the DDA (Direct Deposit authorization) form.
- The next interesting step would be to go on and fill out the DDA form with the details that are required.
- The Bank of America mailing address
- The routing number
- Your Bank of America account number
- Then the Social security number of the sender
- The home address, email address, and name of the sender.
- You would then need to go ahead and confirm the amount that you want to send via direct deposit to the other bank.
- The third interesting step would be to then provide the information of the other bank recipient:
- The name of the other bank recipient in full.
- The routing number of the other bank recipient.
- The account number
- The email of the receiver.
How to use Wire transfer method
What makes this procedure a possibility is that the bank of America and other financial institutions in America allow wire transfers amongst themselves. A bank of America customer can use the wire transfer option for sending large sums of money to an account at other banks in America. While wire transfer between BOA and most institutions is a possibility, it is important to note that this procedure takes three days.
All the same, you can use the wire transfer option to send large sum of money to an account at other banks. It is important to note that this procedure usually takes three business days to be completed.
If you wish to perform a wire transfer from the BOA to other banks, the following details would be required.
- A Government-issued photo ID.
- The full name of the sender
- Contact details of the sender
- Bank account number of the sender
- Transit number of the sender
- The full name of the recipient
- Contact information for the recipient
- The recipient’s bank account number
- Transit number of the recipient
- The recipient’s ABA routing number
It is important to note that doing Bank of America wire transfers can be done both online and offline.