JPMorgan Chase and Bank of America are two of the largest banks in the USA. While the former is the largest bank in terms of total assets, the latter is a close second. But does any of the above information really matter to us as account holders? Honestly, not much. Whether you are an account holder of Chase or Bank of America, you only want a few simple things from your bank: safety, security, convenience, accountability, and good customer support.
If a bank can assure these things to an account holder, that’s pretty much everything you need to open an account. After all, these are the foundational features of a bank. Banks may now provide all kinds of financial services, but holding and sending money remains at the core of banking.
In the current blog, we will discuss one such core feature- sending money across these two banks. Let’s explore how easy or difficult it is to transfer money from Chase to Bank of America.
How to Transfer Money from Chase to Bank of America
Transferring money from your Chase account to your Bank of America account is not difficult at all. You can send your money using online banking or right from the Chase mobile app. The transfer process roughly consists of two steps:
- Adding the receiving account details to your Chase account; and
- Sending the money from your Chase account to the Bank of America account
Both of these steps are super-easy and hassle-free. And we’ll make it easier for you. Read on to know the complete process of money transfer.
Step 1: Adding an External Account
You need to add your Bank of America (BofA) account details to your Chase account to be able to send money. Follow these steps to add your BofA account to Chase:
Step 1: Open the Chase mobile app and log into your account.
Step 2: You will land on the Accounts tab of the app. You will see your accounts listed on the screen.
Step 3: Tap on one of your accounts to go to your account details.
Step 4: On the Account page, you will see your account balance and two buttons below it: Transfer and a button with three dots. Tap on Transfer.
Step 5: A pop-up will appear at the lower part of the screen. Tap on Manage External Accounts.
Step 6: You will see your accounts on the net screen. Tap on the Add an external account button at the bottom of the screen to add a new account.
Step 7: You need your BofA account’s routing number and account number. Enter these details along with account type (Savings or Checking), account Purpose (Individual or Business), etc.
Step 8: Tap on Next to save the account. Your BofA account will get saved.
Step 2: Sending Money
Now that you have saved your BofA account details, you can schedule a transfer to the saved account.
Step 1: Go back to the Accounts tab, and select the desired account.
Step 2: Tap on the Transfer button below the account balance.
Step 3: Select the option Schedule Transfer under Account transfers.
Step 4: Enter the amount you wish to transfer. Then, choose a Transfer from account. This will be your Chase account. Then, choose your Bank of America account from the Transfer to drop-down list.
Step 5: You can tap on the slider next to Repeat Transfer if you wish to send a fixed amount at regular intervals. Choose a date of transfer. You can also enter the purpose of the transaction as a note.
Step 6: After filling in all the details, tap on the Transfer button at the bottom of the screen. Tap on Yes to confirm the transaction.
The transaction will be scheduled, and you will receive the money on the next business day. However, it might take up to three days for the funds to reach the account in case of unusual circumstances.
Transfer money to someone else’s BofA account:
If you want to send funds from your Chase account to another person’s Bank of America account, you have three options:
- Wire transfer
- ACH transfer
- Zelle (Chase QuickPay)
Each method is different. Wire transfers are costly. Charges are generally greater for an outgoing transaction than those for an incoming transaction. Chase levies $25 for an outgoing domestic wire transfer. And Bank of America charges $15 for an incoming transaction.
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