The Bank of America (BOA/BofA) is an American multinational investment financial services company headquartered in Charlotte, North Carolina. The bank started its operations in 1998 and currently has approximately 66 million consumers and small business clients. Furthermore, the company has around 4,200 retail financial centers and about 17,000 ATMs. You can do various kinds of transactions with the bank, but we want to check mainly the Bank of America ACH transfer.
ACH transfers refer to moving money from one bank to the other. For example, you can use the ACH transfer method to move funds from your Bank of America Bank to Chase bank or even Wells Fargo. When transferring money from one bank to the other, you require the other bank routing and account numbers. The routing number helps identify the receiving bank’s branch and location, while the account number helps identify a specific recipient.
ACH transfers are secure and can take up to three days to complete. That is contrary to wire transfers that can take up to 24 hours to complete for domestic transfers. When using the Bank of America ACH transfers, you can even perform an international transfer to banks of other countries. The transfers may take longer compared to domestic transfers. Most ACH transfers are free to undertake compared to wire transfers that can cost you several dollars.
Entire Method To Open A Bank of America Account
You can open a Bank of America account either online or at a branch. Nowadays, opening a bank account online has become the day’s talk. You do not have to travel to open an account, as you need your smartphone and a secure internet connection.
But what do you need to open a Bank of America account? Like any other bank, BofA requires you to have the following things to open an account.
- Social Security Number (SSN)
- Your email address
- Current residential address
- Your account number or debit card number for your opening deposit into your new Bank of America account
- If opening a joint account, you need the co-applicants personal information
Once you have all the requirements, you can open your account. When opening online, you need to load the BOA website, navigate to the account opening tab, enter your personal information, and verify your information. You should remember to input an offer code on the space provided if at all you have one. After that, you can choose features & funding options for your account.
Upon finishing the application, you will receive an email telling you whether it has been approved, plus the next steps. Your account application processing can take 1 to 2 business days to complete. Your account documents arrive via US Mail within 7-10 business days. However, if there are large volumes of applications, the processing may take longer to complete.
The documents you receive include a signature form that you should sign appropriately to allow BOA to service your account. It is crucial to sign and send your signed form to the bank as soon as possible. If you have any co-applicants, you should also make sure that they sign the signature form. That way, you will enable your identity verification and information reporting tax information.
You can even receive an instant ACH transfer no verification with a verified account.
Can A Non-resident Open A BofA Account
You can open an account with the Bank of America even if you are not a US permanent resident. You must provide your foreign and local address plus your ITIN (Individual Tax Identification Number).
Generally, you need to bring the following things.
1) Proof of US residency
It can be a student/employer photo ID, US government-issued photo ID, current utility bill, or rental agreement: all showing your full name and US physical address.
2) One primary photo ID
That can be a U.S. Non-Immigrant visa and Border Crossing Card-DSP-150, foreign passport, Canadian Citizenship card (with a photo), Guatemalan, Mexican, Dominican, or Colombian Consular ID (with a photo).
3) One secondary ID
It involves a significant credit or debit card with Visa® or Mastercard® logo, a foreign or a United States driver’s license (with a photo), student/employer ID (also with photo), or US Department of State Diplomat ID.
Does The Bank of America Allow ACH Transfers
The bank of America allows you to transfer funds to other banks using the ACH method. You require the routing and account numbers of the other account, and you are good to go. ACH transfers are free and can take 3-5 business days to complete. The funds pass through the Automated Clearing House (ACH) for processing before being released to the recipient account.
ACH transfers are secure because you can easily cancel a transaction when it is still pending. That is contrary to wire transfers, whereby money moves to the recipient’s account as soon as you initiate the transfer.
Process To Send Money Using A Bank of America Account Via ACH
It is essential to understand the process involved when transferring money from the bank of America using the ACH transfer method. You can use ACH for
- Direct deposit
- Consumer receipts
- Tax payments
- Cash concentration
- Business payments
- Cross-border transactions:
As I mentioned earlier, you require the receiving bank’s routing and account numbers to send money via ACH. You can request the recipient to forward you the details, or if the other account is yours, you can ask your bank to give you the details.
You then navigate to the ACH transfer section and enter the necessary details to complete the process. There are accounts that BOA instantly credits while others take the usual time for the funds to arrive.
Does The Bank of America Accept International Wires
You can benefit from the Bank of America international wire transfers with a BOA account. The bank allows you to send and receive funds internationally via wire transfer. For your information, wire transfer refers to electronic money transfer from one bank to another. It allows you to send large volumes of money to accounts quickly.
The banks themselves handle wire transfers, and once you initiate the process, you may not be able to reverse it. Wire transfers involve some charges. Incoming wires attract a $15 fee while paying $30 for outgoing wires.
Bottom Line
The Bank of America (BoA/BofA) is an American multinational investment financial services company headquartered in Charlotte, North Carolina. You can open a BOA account online or at a branch. The bank offers various accounts such as checking, savings, CDs, and IRAs. You can also perform various transactions such as sending money to other banks via ACH or wire transfers, saving money, or withdrawing funds at ATMs or over the counter.
