How To Transfer From JP Morgan Chase To Bank Of America 2023

There's a lot of banks out there these days. If you're reading this article, you likely have a bank account with JP Morgan Chase, as well as a Bank of America account.

JP Morgan Chase offers a variety of online banking features such as bill pay, account alerts, and mobile check deposit to make managing your finances convenient and easy.

Bank of America's user-friendly mobile app allows customers to check account balances, deposit checks, and transfer money with just a few taps on their phone, making banking on the go a breeze.

Transferring money from JP Morgan Chase to Bank of America can be a frustrating and confusing process for many users.

However, once you know the steps involved, it’s kind of like riding a bike - after you learn the ins & outs and have everything set up, sending money between these banks can be a breeze!

Today we're going to show you exactly how to transfer your money from JP Morgan Chase to Bank of America, A to Z.

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How To Transfer From JP Morgan Chase To Bank Of America

Thankfully, there are two different options you can take to transfer your money based on your current situation.

With the ACH method, you can transfer your money within 1-2 business days for free, and with the wire transfer method you can move your money over on the same business day, so long as you initiate it before the cut-off time.

For both of these transfers, 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:

1. Log into your Bank of America account online
2. Select your account under the Accounts Overview page
3. Open your Information & Services tab to display your account information, including your ABA routing and account number.

Now we'll go over the ACH method first, step by step, and explain everything involving the wire transfer method after.

ACH Method

With the "Automatic Clearing House" transfer method, you'll be able to transfer your money without any fees over the course of 2-3 business days.

Take the following steps to initiate an ACH Transfer:

1. Log in to your JP Morgan Chase online banking account.
2. Navigate to the "Transfer Money" section of the website or mobile app.
3. Select "External Accounts" and then click on "Add External Account".
4. Enter the account number and routing number for your Bank of America account.
5. Once the Bank of America account is added, select it as the destination for your transfer.
6. Enter the amount you want to transfer and choose the date you want the transfer to occur.
7. Review the transaction details, including the fees associated with the transfer, if any.
8. Confirm the transfer and wait for it to process. Typically, ACH transfers take 2-3 business days to complete.

Make sure you have sufficient funds in your JP Morgan Chase account to cover the amount you want to transfer.

There may be daily or monthly limits on the amount you can transfer through ACH, so be sure to check your account details.

ACH transfers are typically free, but JP Morgan Chase may charge a fee for certain types of transfers, such as international transfers.

ACH transfers can take up to two business days to complete, so plan accordingly.

Make sure you enter the correct account and routing numbers for your Bank of America account, as incorrect information can result in the transfer being rejected or delayed.

ACH transfers are irreversible, so double-check your transfer details before confirming the transaction.

If you have any questions or concerns about the ACH transfer process, contact your bank's customer service for assistance.

Wire Transfer Method

With the wire transfer method, you'll be able to move money from your JP Morgan Chase account to Bank of America for the same business day.

Follow these steps to initiate a wire transfer:

1. Log in to your JP Morgan Chase online banking account.
2. Navigate to the "Transfer Money" section of the website or mobile app.
3. Select "Wire Transfer" and then click on "Add a wire recipient".
4. Enter the account number and routing number for your Bank of America account, along with the recipient's name and address.
5. Once the recipient is added, select them as the recipient for your wire transfer.
6. Enter the amount you want to transfer and choose the date you want the transfer to occur.
7. Review the transaction details, including the fees associated with the wire transfer.
8. Confirm the wire transfer and wait for it to process. Typically, wire transfers are completed on the same business day if initiated before the bank's cutoff time.

Other Considerations With Wire Transfers

Wire transfers are typically more expensive than ACH transfers. Sometimes, banks will charge fees for both incoming and outgoing wire transfers.

Most wire transfers between JP Morgan Chase and Bank of America will cost you around $40; at time of writing, JP Morgan Chase charges $25 for outgoing wire transfers, and Bank of America charges $15 to each incoming wire transfer.

There may also be daily or monthly limits on the amount you can wire transfer, so be sure to check your account details.

Make sure you have sufficient funds in your JP Morgan Chase account to cover the amount you want to transfer, as wire transfers are typically irreversible.

Also make sure you enter the correct account and routing numbers for your Bank of America account, as incorrect information can result in the transfer being rejected or delayed.

Be aware that wire transfers are historically known to be subject to fraud and scams, so be cautious when sending wire transfers to unknown recipients.

If you have any questions or concerns about the wire transfer process, contact your bank's customer service for assistance.

ACH Transfer Or A Wire Transfer - Which To Use?

If you've read this far and don't know which transfer method to use, it really all falls down to 2 things;

1. How fast do you really need your money?
2. How much can you afford to pay for transfer speed?

If you're willing to pay for the speedy transfer, you can definitely go with a wire transfer, but unless you're in some form of emergency, or need to cover a bill coming up tomorrow, ACH transfers allow you to keep all of your money!

In today's economy where everyone’s getting nickel'd and dime'd on all sides, any percentage of change you can keep is more of your precious margin protected.