“Is it possible to transfer money from Bank of America to Chase?” is one question that comes up from time to time if you search for BOA or Chase transfer options on the web.
In case you own a bank of America account and wondering about the possibility of sending money from Chase bank, this article is for you. We have outlined the tips and procedures that will enable you to make a smooth interbank transfer.
A bank transfer simply involves moving money from one bank account into another one.
Bank of America (also known as BOA) and JPMorgan Chase are both national banks with thousands of branches and ATMs, a variety of account choices, and up-to-date technology.
These banks are the leading forces in the financial services sector, and they are noted for their probity and accountability. Before we dive into the details of how to transfer money from Bank of America to Chase, let’s get an overview of what these two banks represent.
Table of contents
Bank of America
The Bank of America Corporation is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the eighth-largest bank in the world.
According to Wikipedia.org, BOA generates 90% of its revenues in its domestic market. The core of Bank of America’s strategy is to be the number one bank in its domestic market.
The Consumer Banking division of BOA provides financial services to consumers and small businesses, including, banking, investments, and lending products, including business loans, mortgages, and credit cards.
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JPMorgan Chase
JPMorgan Chase is an American multinational investment bank and financial services holding company headquartered in New York City.
The Chase brand of JPMorgan is used for credit card services in the United States and Canada, the bank’s retail banking activities in the United States, and commercial banking.
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How to do Money Transfer- Best Tips
Money transfer has seen an evolution that has made sending and receiving money between accounts, states, and even countries very easy.
The best part of it is that you do not have to be a genius to be able to gain access to money transferred to you.
It is, however, important to note that added to the immense benefits, there are also some added risks with it, especially when using faster electronic methods. Here are a few tips that should help.
Here are several things you can do to carry out safer bank transactions.
Choose the best transfer option
There are several money transfer options out there, depending on your requirements and needs. For instance, you may be in an emergency, or perhaps you may want to send money to a remote location.
The first option is the online money transfer method which helps you transfer cash from wherever you are in the world at any point in time. This transfer method allows you to send money into the beneficiary’s account by using certain means.
Another is the instant money transfer designed for any emergency. It helps you send money to the beneficiary account quickly without delay.
Take note of the transfer charges
When making a transfer, be mindful of the charges by the bank or institution you are dealing with. Ensure you thoroughly go through the terms and conditions policy of the transfer agent.
Check to know if there is room for a refund and other policies that may affect you. This is to help you avoid losses as a result of negligence of any kind.
Consider the available offers
Financial institutions sometimes offer promotions and discounts. Most of the time, you will get to see multiple offers during the festive periods, and you can take advantage of such offers.
The tips to get the most out of them are by following the transfer band on social media. More often than not, you will find these companies posting their offers and promotion via their social media handles.
Protect your password
There are tons of reported cases of fraud/hacking in the financial sector these days. The best way to check this situation is to ensure that your account is properly protected using strong passwords.
You should never share the password you use for online transactions with anybody. Also, ensure that you do not use the same password for multiple purposes. It is also advisable that you change your password as frequently as possible.
How to Transfer Money from Bank of America to Chase
There are a few procedures for transferring money from Bank of America to Chase. The methods include the following:
Telephone transfers
To do this, you only need to place a call through your bank’s telephone services. The customer care rep should be able to adequately guide you through the whole process, and sometimes, you may meet a voice prompt that would guide you on what to do per time in the process.
Online banking
To do this, you only need to log into the online account while you choose the payment option. Upon doing this, you will need to strictly follow the available instructions as contained on the screen and input the relevant details. Many banks offer you the option of mobile banking applications.
In-branch bank transfers
In a case where you have the money at hand, you may walk into any bank and pay it directly into their account.
- Set up automatic transfers from checking to savings
- Move funds between business and personal accounts
- Set future-dated transfers up to a year in advance
Transfer From the mobile App:
- Use your fingerprint to securely sign in.
- Select Transfer|Send and then Make a Transfer.
- Select the Bank of America to account you want to transfer From and then the Chase account you want to transfer To.
- Enter the Amount you’d like to transfer.
- Enter the date you want the transaction to occur, and then tap Continue.
- Confirm the transaction details, tap Make Transfer, and you’re done!
Bank of America Transfer charges
Bank of America, just like most of the top banks in the U.S., charges fees and expenses for its accounts. These fees consist of the following:
- Bank of America overdraft fees
- Monthly protection fees
- Checking account fees
- Savings account fees
- Wire transfer fees
- foreign transaction fees
- ATM prices to use a non-Bank of America machine
You can find out what bank prices and prices you are paying or paying when you open an account.
Checking Accounts
Bank of America provides three checking money owed – Core Checking, Interest Checking, and Safe Balance Banking every with an exclusive monthly upkeep fee:
As stated on the BOA website, the monthly Maintenance bank rate of an America Core Checking Account has $12. It was waived with at least one direct credit score of $250 each month or held a minimum everyday balance of $1,500 or more.
Bank of America Interest Checking Account has a Monthly Maintenance rate of $25. It is waived if the stability of all linked debts is above $10,000.
BOA Safe Balance Banking comes with a Monthly Maintenance price of $4.95, which can’t waive.
Check fees
Ordering tests for a private account costs on standard $30. If a consumer requires a cashier’s check, usually wanted for actual estate purchases or brokerage transactions, these carry a rate of $10 per check. Account-holders can area a “stop payment” on any exams they have issued. Each request incorporates a cost of $30.
Savings Accounts
Bank of America savings account prices come with a wide variety of restrictions on most free withdrawals and restrictions on making payments from the account without delay.
The three grades of financial savings that are owed are Rewards Savings, a Minor savings account (owned and managed by a person under the age of 18), and a custodial account similar to the Minor savings account managed by a custodian such as a parent.
The Rewards savings account has a monthly price of $ 8. It so waived with minimum daily stability of $ 500. A minor savings account does not have a monthly maintenance rate but is only available for those under 18 years of age and becomes a Rewards savings account once the holder has turned 18 years old.
Conclusion
Now you are aware that you can transfer money from Bank of America to Chase bank. Ensure you follow our tips and guides as regards account security. Also, keep in mind that Chase has a long-standing history of financial accountability, meaning that the inherent risks are quite low.
Reference
- thefreemanonline.org: Can You Transfer Money From Chase To Bank Of America?
- helpto.pro: Bank of America Transfer charges
- bankofamerica.com: Transfer Money Between Accounts
- en.wikipedia.org: Bank of America
- en.wikipedia.org: JPMorgan Chase
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