` Online Banking Electronic Funds Transfer Frequently Asked Questions from Bank of America

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Electronic Funds Transfer Frequently Asked Questions

What type of transfers can I make?
When will my funds become available?
Can I set up recurring or future-dated transfers?
Can I transfer funds using my Bank of America personal and business credit card?
Can I transfer funds to my mortgage, loan or line of credit?
Which business accounts can I transfer between?
Can I transfer funds between my personal accounts and my business accounts in Online Banking?

What type of transfers can I make?

With Online Banking, you can make the following types of electronic funds transfer:

Between accounts you own at Bank of America

To		Checking, Savings	Line of Credit	Credit Card	Retail Loans, Mortgages	Investment
From	Checking, Savings	Yes	Yes	Yes	Yes	Yes
	Line of Credit	Yes	Yes	Yes	Yes	No
	Credit Card	Yes	No	No	No	No
	Investment	Yes*	No	No	No	No

*Note: Only certain Investment accounts are eligible for online banking transfers: individual brokerage accounts and joint tenants with rights of survivorship brokerage accounts.

From your personal account(s) to the personal account(s) of other Bank of America customers

To		Checking, Savings	Line of Credit	Credit Card	Retail Loans, Mortgages	Investment
From	Checking, Savings	Yes	No	No	No	No
	Line of Credit	Yes	No	No	No	No
	Credit Card	No	No	No	No	No
	Investment	No	No	No	No	No

Note: Bank of America accounts based in Washington, Idaho, and in our Military Bank cannot be set up to receive transfers.

Between your personal Bank of America account(s) and the personal account(s) you own at other financial institutions, if you sign up for Transfers Outside Bank of America service

To		Checking, Savings	Line of Credit	Credit Card	Retail Loans, Mortgages	Investment
From	Checking, Savings	Yes	No	No	No	Yes*
	Line of Credit	No	No	No	No	No
	Credit Card	No	No	No	No	No
	Investment	Yes*	No	No	No	No

*Note: Transfers with investment accounts you own at other financial institutions are available based on a defined list of investment firms within online banking. Transfers with investment accounts you own at Bank of America are only permitted with internal deposit accounts.

When will my funds become available?

Transfers between Bank of America accounts that you submit on bank business days before the daily cut-off time will be credited to your account on the same business day. Transfers submitted after the cut-off time or on a non bank business day will be credited on the next bank business day. The crediting of funds depends on the type of account you are transferring to and the state in which the account was opened.

Can I set up recurring or future-dated transfers?

You can schedule future-dated transfers between your Bank of America accounts up to a year in advance. Recurring transfers can be made at regular intervals, such as once a week, once a month, every three months and more. There are some limitations to the types of accounts available for recurring or future-dated transfers. See the Online Banking Service Agreement or help within Online Banking for specifics.

Can I transfer funds using my Bank of America personal and business credit card?

Yes, you can make immediate transfers from your personal and business credit card to your linked checking or savings account. Transfers from your credit card will be treated as cash advances. Please see your card service agreement for more details.

If you would like to pay your Bank of America personal credit card bill, you can use the Transfer Funds function to make either immediate, future-dated or recurring transfers. All you need to do is select your credit card account as the "To" account and follow the instructions.

Business Card accounts can also be paid using bill pay functionality.

Can I transfer funds to my mortgage, loan or line of credit?

Yes, you can make immediate, future-dated, or recurring payments from your account online using Transfer Funds. You also have several different payment options with this service - regular payment, principal only, and escrow only (mortgage only).

Which business accounts can I transfer between?

You can transfer between all of your business accounts except your business Certificate of Deposit (CD). Transfers from Business Credit Express line of credit accounts can be made only to your linked checking or savings accounts.

Can I transfer funds between my personal accounts and my business accounts in Online Banking?

Yes, if you are a sole proprietor and have your personal and business accounts linked to your ID , you can transfer funds between your personal accounts and your business accounts. If you are not a sole proprietor, you cannot transfer funds from your personal accounts to your business accounts.

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Electronic Funds Transfer Frequently Asked Questions