Bofa External Transfer Limits

sjg
  |     |   9 posts since 2019

Bank of America limits my external ACH transfers to $1,000 per day. Does anyone know if this low limit can be worked around by initiating the pull from my external bank? Thanks for your input.



Answers
enduser
  |     |   355 posts since 2015
One thing not mentioned is that BoA charges $3 fee for outgoing ACH if they originate at BoA. Any ACH initiated from an outside FI is excluded from that fee at BoA, but you are still limited by any rules set by the outside FI
Sylvia
  |     |   313 posts since 2012
That limit applies only to ACH transfers initiated through B of A. I don't have an account there but I regularly get around limits at other FI's by initiating transfers externally. Of course, you'll have to first get B of A account verified with outside FI (one with higher limits) before making transfer.
Anon456
  |     |   285 posts since 2011
Sylvia is correct. I have a account at BAC, and I do NOT originate any ACH there. I can do LARGE ACH from ALLY into BAC ... just not the other way around originating ACH from within BAC
Lastrun
  |     |   7 posts since 2019
also you can ACH from Merrill Edge if you have an account there and transfer from BofA checking that is another work around
sjg
  |     |   9 posts since 2019
Thanks Anon456. It's not clear to me. Have you had success with large ach pulls from BofA initiated from Ally?
Anon456
  |     |   285 posts since 2011
both from BAC and to BAC as long as you start the ACH at ALLY
sjg
  |     |   9 posts since 2019
Thanks Anon for the clarification
MoneyMoves
  |     |   17 posts since 2019
$1,000 daily limit IS LIFTED when you enroll in a Safe Pass — a program that sends a code to your phone to verify that it is indeed you that is making the transaction. Then your new limit $3,000 per day or $6,000 per month for standard delivery and $2,000 per day or $5,000 per month for next-business day delivery. ACH fee $3 for standard time delivery and $10 for next-business day delivery
sjg
  |     |   9 posts since 2019
Thanks. My ACH pull is above the 3k limit
sjg
  |     |   9 posts since 2019
Yes, Sylvia. I completed the ACH transfer, which was above the B of A limit, initiated from an external FI. I should add that B of A customer service advised me that this would not be possible. Moreover, I received an email warning me that the transfer request was over the limit I had fixed.
Sylvia
  |     |   313 posts since 2012
Glad to hear of your success, sjg. ACH transfer limits are often a point of confusion for CSRs. I've never had an FI (in your case, B of A) send me a warning email about a transfer initiated from outside. Maybe that was B of A's attempt at a heads up, in case you had not authorized the withdrawal?
Ally6770
  |     |   3,073 posts since 2010
I had a problem with a very large CD that matured this month. They said they could not ACH that amount. I would not pay for a wire, so I opened a checking account before the CD was due and they deposited the money in the checking account. I wrote a check the day the C D matured and deposited it and it was in my account the same day it matured.
Rickny
  |     |   256 posts since 2017
ally Good workaround.


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