How to Link Another Account to Bank of America for ACH Push

I mentioned in previous posts that the best way to transfer money between two accounts you own at different institutions is by an ACH push. Wire transfers are faster but there’s usually a fee for sending and/or receiving a wire. Most banks don’t charge a fee for an ACH push. The money from an ACH push is available immediately at the receiving end and you avoid getting your account flagged for fraud. See ACH Push or Pull: The Right Way to Transfer Money and Follow This Rule to Avoid Getting Your Account Restricted for Fraud.

Bank of America is the second largest bank in the U.S. after JPMorgan Chase. It has a good credit card rewards program (see Bank of America Travel Rewards Card Pays 2.625% on Everything). However, some parts of its online banking interface can be a little tricky to figure out. Here’s a walkthrough on how to link another account for ACH push out of Bank of America.

Enroll in Secured Transfer

Secured Transfer at Bank of America means adding a mobile phone number or a hardware security key to authorize transfers. If you don’t enroll in Secured Transfer, your transfers may be limited to $1,000 per day. You can transfer $50,000 or more in one go after you enroll in Secured Transfer.

Click on “Security Center” on the top and then “Set up two-factor authentication.”

Scroll down to find “Additional security features” in the “Increase your device security” box. Click on the link next to it. Mine says “Review” because I already set it up. The link may say something else if you don’t have it yet.

The first option uses a mobile phone number to receive security codes. The second option uses a hardware security key such as a Yubikey. If you already have a Yubikey, it’s better to use your existing Yubikey. You can register multiple Yubikeys. If you don’t have a Yubikey, it’s worth buying at least two Yubikeys and using them to secure your financial accounts and email accounts. See Security Hardware for Vanguard, Fidelity, and Schwab Accounts and Secure Your Email Account to Prevent Wire Fraud.

Add External Account

After you enroll in Secured Transfer, click on “Pay & Transfer” and then “Send a wire/external transfer.”

Click on the “Add Account/Recipient” tab. Select “Domestic” and “My personal account at another bank (only transfers to).” Selecting “only transfers to” means you will use this link only to push money from Bank of America to the external account. To push money from your other account to Bank of America, you would add the Bank of America account as a linked account at your other bank.

Selecting “only transfers to” is important when you’re linking a brokerage account such as a Fidelity account at Bank of America. If you select “both transfers from and to” Bank of America will ask you to log in online to prove that you own the external account. You can’t pass this verification because your brokerage account isn’t with the bank that owns the routing number. No such verification is required if you select “only transfers to.”

Enter the routing number and the account number of your other account. Here I’m showing the routing number owned by UMB Bank that Fidelity uses for ACH transfers. Adding an external account for “only transfers to” doesn’t require verification. You should make sure to enter the correct routing number and account number.

The “Add Account” button isn’t enabled until you check the box to verify your identity. Bank of America will ask for the Yubikey or the security code sent to the number you set up in Secured Transfer.

Send an ACH Push

Sending an ACH only works in online banking. Bank of America’s mobile app doesn’t support it.

Click on “Pay & Transfer” and then “Send a wire/external transfer.”

Choose the source and destination accounts. Bank of America used to charge $3 for slow ACH. Now it’s free and the transfer arrives on the next business day if you request it before 8 p.m. Eastern Time. Bank of America will ask you to use your Yubikey or the security code to confirm the transfer when you’re sending a large amount.