Bank of America and JP Morgan Chase are two of the largest banks in the United States who offer a variety of quality online banking services to their customers.
Both of these banks' online platforms provide convenient ways to access your accounts, check balances, transfer money, and pay bills from anywhere and at any time - all crucial tools for everyday modern life.
However, figuring out how to transfer money between these banks can be frustrating, even on the newest apps! All the options, features, and menus can get in the way of navigating any new app or online banking experience.
But don't fret! In this article, we're going to show you all the steps required to transfer money from Bank of America to JP Morgan Chase.
There are two main methods you can transfer money between banks like this; the ACH method, and the wire transfer method.
With the ACH method, you can transfer your money for free between banks, and the transfer takes around 2-3 business days. With the wire transfer method, you can pay fees to both banks to access your money from the second bank on the same day.
We'll go over the ACH transfer method first, and then we'll explain the wire transfer method.
Pay close attention, as there are some curveballs when transferring between these two banks we'll have to navigate around!
By using this method, you'll be able to avoid all fees associated with the transfer, though it takes around 2-3 business days to fully process.
Usually with ACH transfers, it's more straightforward to initiate the transfer inside of the bank account that's sending the money.
However, at the time of writing, Bank of America charges a $3 standard-time delivery fee (read; regular) outgoing ACH transfers.
But we're showing you the entirely legal cheat codes today!
By initiating this transfer inside of your Chase account instead, we can waive that fee, and enjoy a 100% free ACH transfer.
For this transfer, you’re going to need to have your Bank of America account and routing numbers.
You can find this information by following these quick steps:
Now we can initiate your ACH transfer inside of your Chase account to avoid all BoA fees:
Make sure that you have enough funds in your Bank of America account to cover the transfer amount, as insufficient funds can result in overdraft fees and delayed or rejected transfers.
Make sure you enter the correct routing and account numbers, as incorrect information can result in the transfer being rejected or delayed. Be aware that ACH transfers are subject to fraud and scams, so be cautious when sending ACH transfers to unknown recipients.
If you have any questions or concerns about the ACH transfer process, contact Bank of America's customer service for assistance.
By using the wire transfer method, you can access your money through JP Morgan Chase on the same day you transfer it from your Bank of America account.
For this method, you'll need to have your JP Morgan Chase bank account and routing numbers.
Here's how to find those:
Now, follow these steps to enact your wire transfer:
Wire transfers often come with higher fees than other transfer methods, so be sure to review Bank of America's fee schedule before initiating a wire transfer.
Wire transfers are also subject to the same constraints any ACH transfer would - make sure you have enough money for your transfer, and that the bank account and routing numbers are all entered correctly.
Be especially certain you know where you're sending your wire-transferred funds to, as they are irreversible, and are often used by scammers and online criminals who want to take your money.
If you have any questions or concerns about the wire transfer process, contact Bank of America's customer service for assistance.
Usually, ACH transfers will be the superior option, as they're free to use!
Unless you're in some kind of emergency, most situations will allow you to pay from your Bank of America account instead of needing to move money over first.
Even then, if you are in an emergency, be extra careful to not get taken advantage of by someone who demands to be paid the day of via a wire transfer. Scammers often rely on a false sense of urgency to get people to make split-second decisions without having all the information on hand.
In any case, always double-check to verify that you're sending your money to the correct place, be it between your own bank accounts, or when transferring to others. If the information you entered isn't correct, then the transferred money cannot be returned.