Investing Simple Logo
Get 1 Free Stock Worth Up To $200 From Robinhood!
Sign up with Robinhood, deposit any amount and get 1 Free Stock. It takes less than 3 minutes to sign up and claim your Free Stock Bonus.
Earn 5.00% APY with M1 High-Yield Savings Account
M1 Plus members can earn 5.00% APY on their deposits with no minimum balance required.
Webull free stock promotion
Get Up To 5 Free Stocks From Webull
Open a new Webull brokerage account today and deposit any amount of money to receive 5 free stocks. Webull offers commission free stock, ETF, option and crypto trading.
Written by Drew Cochran on March 26, 2023
Category: 
FTC Disclosure: Some of the links on this site are affiliate links. Read our full disclaimer here.

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.

Limited Time: Robinhood 1% Transfer Bonus

If you transfer an existing brokerage account to Robinhood through December 8th, 2023, you can get an Unlimited 1% Transfer Bonus.

Robinhood Transfer Bonus

For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.

In addition, Robinhood offers a free stock for new users as well as a 1% IRA match for retirement accounts.

Best Free Stock Promotions

BrokeragePromotionLink
Robinhood Logo1 Free Fractional Share Worth $5 To $200Claim Bonus
Webull Logo6 Free Fractional Shares When You Deposit $1+Claim Bonus
Moomoo Logo5 Free Stocks When You Deposit $100+Claim Bonus
Acorns Logo$20 Bonus When You Invest $5+Claim Bonus

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.

Don't forget to grab your free stock worth up to $200 from Robinhood today!

Article written by Drew Cochran

Read more

Power Your Investing

Choosing the right product and service is essential for your investing. Here are some of the tools and services to help your portfolio grow.
Robinhood
Robinhood provides an easy-to-use free trading platform for beginner investors. Robinhood has $0 account minimums. Get a free stock when you open an account below.
Try Robinhood
M1 Finance
M1 Finance offers a free investing platform where users can build portfolios of stocks and ETFs. Users can also choose from a variety of pre-built portfolios offered for free.
Try M1 Finance
Fundrise
Passively invest in private real estate deals with as little as $10. Fundrise allows you to own residential and commercial real estate across the U.S. starting at a 1% annual fee.
Try Fundrise
Copyright © 2018 – 2023 Investing Simple LLC. All Rights Reserved.
Investing Simple is a financial publisher that does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual. Members should be aware that investment markets have inherent risks, and past performance does not assure future results. Investing Simple has advertising relationships with some of the offers listed on this website. The information on Investing Simple could be different from what you find when visiting a third-party website. All products are presented without warranty. For more information, please read our full disclaimer.
Website managed by Stallion Cognitiveâ„¢
magnifiermenuchevron-downcross-circlechevron-down-circle

Get 1 Free Stock Worth Up To $200 From Robinhood!

Don't Miss This Opportunity!

Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

For US Residents only. Investing Simple is affiliated with Robinhood, and we may earn a commission when you sign up for Robinhood.

18749
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram