7/10/2023
The new ways of sending and receiving money are faster and more secure, in addition to having many options available for making transfers, both to friends and family as well as to customers and suppliers.
One of the most widespread options in the United States is Zelle, a mobile platform that allows you to send money to whomever you want just by knowing their phone number.
Most banks in the country allow you to use it, but in this article we are going to focus on Bank of America, to find out how to use Zelle to send and receive money with this financial institution.
How does Zelle work with Bank of America?
If you are a BoFA customer, you first need to download the bank's mobile app and then sign up to be able to send or receive money via Zelle.
You also have the option to add the Bank of America widget to your home screen for quick access and to link your contacts. Regardless of which bank they use, you will know they are using the service if their name shows a purple 'Z' on the side.
Send money
When you want to make a payment or transfer through Zelle, just follow these steps:
- Click where it says 'Transfer' and then 'Send'.
- Then you must add/select the receiver.
- Next, enter the amount to transfer and the account to debit.
- Finally, you can add a message and click 'Send Money'.
Receiving Money
If you would like to receive funds through Zelle at Bank of America, you must first register your email address or phone number. To receive the money directly to your account, you need to do the following:
- Log in to the app and click on 'Transfer'.
- Then click on 'Settings' or 'Manage Settings' and follow the instructions.
- Check your email or text messages for the one-time use code to confirm your identity.
- The next time someone sends you money this way, you'll have it in your account within minutes.
Zelle Limits at Bank of America
As a security measure, the use of Zelle has assigned daily, weekly and monthly limits for both individuals and small businesses, which tend to change from bank to bank.
While the minimum amount to transfer is $1, the other restrictions look like this for Bank of America:
- Daily: $3,500 (individuals) and $15,000 (small business).
- Every 7 days: $10,000 and $45,000, respectively.
- Every 30 days: $20,000 and $60,000, respectively.
You may be interested in: Bank of America's customer service phone number
These limits are accompanied by a maximum amount of daily, weekly and monthly transfers:
- Individuals. You can make 10 transfers/payments per day, 30 in a week and up to 60 in a month.
- Small businesses. As a business owner, you are limited to 20 transfers/payments per day, 60 per week and a maximum of 120 per month.
Frequently Asked Questions About Using Zelle at Bank of America
While using this service at BoFA is free, there are still details about Zelle's features that are always good to clarify. That's why we leave you with these frequently asked questions:
Can I cancel a shipment?
This can only happen if the recipient has not subscribed to Zelle. On the activity page of the app you can see the pending and completed transactions.
Why is my transaction on 'hold'?
When you send money to someone who has not joined Zelle, Bank of America deducts the funds from your checking account and places the transaction on hold until the recipient signs up for the service.
The recipient has 14 days to join Zelle before the bank cancels the transfer and returns the money to you.
How do I add a new recipient?
When you request or send money to someone new, the person is added to your list so you can send/receive from them using online banking or the app. To add someone you trust using these options, follow this procedure:
- Mobile App. Access 'Manage recipients' and select 'Add from contacts' or enter the email/cell phone number in the search bar.
- Online banking. Once logged in, you must choose 'Send money to someone' from the 'Transfer' menu in Zelle. You can use the email or mobile number and then use 'Add email/mobile recipient' next to the 'To' field.
Can I use the same mobile or email for my personal and business account?
No you can't because each number or email corresponds to a single account. If you want to do this, you have to register a different email or cell phone.
If I use Zelle in my business, can I integrate it with accounting software?
No. For now this app is limited in that sense. However, since Zelle is linked to your business account, you can view transaction history on your cell phone or on the Bank of America website.
How do I request a payment from customers using Zelle?
You can request a payment directly in the app by clicking on 'Transfer', selecting 'Request', entering the customer's email/cell phone number, confirming that the information is correct and clicking on 'Request'.
Keep in mind that if the person is not affiliated with Zelle, you must make the request by email. If the customer is registered with their debit card, they will not be able to pay you through Zelle.
Español: ¿Cómo enviar y recibir dinero con Zelle en Bank of America?