Wells Fargo and Bank of America are two of the largest and most trusted banks in the United States.
Both offer a wide range of financial services, including online banking options that allow you to easily manage your accounts from anywhere.
However, transferring money between bank apps can sometimes be a frustrating and confusing process, especially if you're not familiar with the online platforms.
In this tutorial, we'll walk you through the steps needed to transfer money from Wells Fargo to Bank of America.
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For example, if you transferred a brokerage account worth $50,000 - that would be a bonus of $500.
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The main two ways you can transfer money between banks is an ACH transfer (Automated Clearing House), or through a wire transfer.
With the ACH transfer, you can move your money for free, over the course of 2-3 business days. With a wire transfer, you can pay some fees to access your money in the other account on the same business day.
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:
Copy this information down in a safe way.
Now we'll explain how to make an ACH transfer, with the instructions for the wire transfer method after!
With the ACH transfer, you don't have to pay any fees, though the transaction processing speed is slower than instant.
Note: There may be daily or monthly limits on the amount you can transfer via ACH, and that transfers can take up to 2-3 business days to complete.
With a wire transfer, the deposited money is accessible in the recipient's account on the same business day, for a fee.
Note: It's important to note that wire transfers typically involve fees, which may vary depending on the bank and the transfer amount.
In any transfer situation, taking it slow and steady is the winning choice. Make sure to take time and double-check the information you're copying and entering, and make sure you choose the right amount of money you want to transfer over.
If you send your money to the wrong address, you won't be able to get it back, especially with wire transfers.
Be extra careful when doing wire transfers specifically, as they are often targeted by scammers and online thieves.
Make sure you have the correct account information, as well as trust the person who you're sending the money to, before making an irreversible mistake.
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