How Do I Setup a Recurring Transfer in My Bank of America Account?
If you need to regularly send money from your Bank of America account to somebody else, you can either send an ACH transfer or a wire transfer. The first one is free, the second one is fast. You can set up recurring transfers online. The process takes just a few minutes.
If you need to regularly send money to someone from your Bank of America account, you can easily do it with a recurring electronic transfer. You have a couple of different options for sending them.
Types of Electronic Transfers
There are two ways of sending money electronically: ACH transfers and wire transfers. ACH transfers are processed in large batches by third party processors known as clearinghouses. This makes them so cheap that your bank will send them for free. However, these transfers can take a day or more to reach their intended recipients. Wire transfers are a lot faster, typically completing in hours, because they are sent directly from one bank account to another without the clearinghouse processing. Each wire transfer will cost you $30. ACH transfers are usually best for recurring transfers for this reason.
How to Send a Recurring Transfer from Your Bank of America Account
Follow this procedure to set up a regularly recurring transfer from your Bank of America account:
- Log in to your Bank of America account.
- Hover the cursor over the Transfer | Zelle tab in the navigation bar to expand it.
- Click on the Transfer option.
- Click on the "To/from other banks (includes wires)" option.
- If the screen shows the Service Agreement, click on the I Agree button.
- Choose which account you want to transfer the money out of.
- Choose a recipient for the transfers from the list of linked recipients. If you haven't linked your account with your recipient's account, click on Add Account/Recipient and follow the instructions to do so. Then start these instructions again.
- Enter the transfer amount.
- Enter a start date for the transfers.
- Select a transfer option, such as Wire or ACH.
- Select a frequency for the transfers from the frequency menu.
- Click on Continue Transfer.
- Review all of the information.
- Click on Make Transfer.
Contacting Bank of America
If you have questions about recurring transfers, ask a Bank of America customer service representative by phone or in the help forum.
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