Zelle® has become a popular way to send and receive money quickly and easily. For Bank of America customers, Zelle is integrated directly into their mobile app and online banking platform, offering a seamless experience for digital money transfers. However, like most financial services, Zelle through Bank of America comes with certain limits to ensure security and compliance. Understanding these limits is crucial for effectively using Zelle for your financial transactions. This article will delve into the specifics of Bank Of America Zelle Limits, answer frequently asked questions, and provide a comprehensive guide to using Zelle with your Bank of America account.
Understanding Bank of America Zelle Transfer Limits
Bank of America, like other banks participating in the Zelle network, implements transfer limits to protect both the bank and its customers from potential fraud and unauthorized transactions. These limits are not static and can vary based on several factors, including the type of account you hold and your transaction history. It’s important to be aware of these limits to avoid any disruptions when you need to send money.
While specific limits can be subject to change, Bank of America generally sets daily, weekly, and monthly limits for Zelle transactions. These limits apply to the total amount of money you can send. It’s important to note that these are sending limits; there are typically no limits on the amount of money you can receive through Zelle.
General Zelle Transfer Limits
Bank of America’s Zelle transfer limits are designed to balance convenience with security. Here’s a general overview of what you might expect:
- Daily Limit: This is the maximum amount you can send in a single day.
- Weekly Limit: This is the total amount you can send over a 7-day period.
- Monthly Limit: This is the total amount you can send within a 30-day period.
These limits are rolling, meaning they are calculated based on the last 24 hours, 7 days, or 30 days, not calendar periods. For the most up-to-date and precise limits applicable to your account, it’s always best to check directly within your Bank of America online banking or mobile app, or contact Bank of America customer service.
Factors Influencing Your Zelle Limits
Several factors can influence the specific Zelle send limits applied to your Bank of America account:
- Account Type: Personal accounts and business accounts may have different limits. Business accounts often have higher limits to accommodate business transactions.
- Account History: Customers with a longer and more positive banking history with Bank of America may be eligible for higher limits.
- Transaction History with Zelle: Your past usage of Zelle, including the size and frequency of your transfers, can play a role in determining your limits.
- Security Considerations: Bank of America continuously monitors transactions for security purposes. In some cases, limits might be adjusted based on perceived risk.
It’s important to understand that these limits are in place to protect you and the bank. While they might occasionally require you to plan your larger transactions, they are a crucial part of maintaining a secure digital banking environment.
Frequently Asked Questions About Zelle and Bank of America
To further clarify how Zelle works with Bank of America, let’s address some frequently asked questions:
Is there a fee to use Zelle with Bank of America?
No, Bank of America does not charge any fees to send or receive money with Zelle when using their mobile app or online banking. It’s always a good practice to review your Deposit Agreement and Personal Schedule of Fees for general information on account-related fees, but for Zelle itself, there are no transaction fees.
Am I protected if I don’t receive the item I paid for using Zelle?
Neither Bank of America nor Zelle offers purchase protection for payments made through Zelle. Zelle transactions are similar to cash payments. Once you send money via Zelle, it’s generally very difficult to get it back, even if you don’t receive the goods or services you paid for, or if they are not as described. It’s crucial to only use Zelle with people you know and trust.
How do I receive money with Zelle at Bank of America?
To receive money, you need to enroll your U.S. mobile number or email address with Zelle through Bank of America. The sender will need to use the exact enrolled email address or U.S. mobile number to send you money. Note that only U.S. mobile numbers are eligible for Zelle enrollment; VOIP, landlines, and Google Voice numbers are not supported. If you are not a Bank of America customer, you can still receive money via Zelle by enrolling through the Zelle app.
How do I know if I’ve received money via Zelle?
If you’re enrolled with Zelle through Bank of America, you will receive an email or text alert from Bank of America notifying you of incoming funds. You can also view all incoming and outgoing Zelle payments within your Zelle Activity in your Bank of America online banking or mobile app. If you are not enrolled, the sender’s bank or Zelle will send you instructions on how to enroll and receive your money.
What if I don’t receive an authorization code?
Authorization codes are typically sent via email or text to verify your identity or transactions. If you are expecting an email code, check your spam folder and ensure you are not blocking emails from Bank of America’s online banking email address. For text codes, verify you used a U.S. mobile number, entered it correctly, and that shortcodes 739-81 and 992-17 are enabled with your mobile carrier. Remember, Bank of America will never call you to ask for an authorization code; such calls are likely scams.
How do I send money with Zelle using Bank of America?
To send money, log in to your Bank of America mobile app or online banking and navigate to the “Pay & Transfer” section. Select Zelle®, then “Pay.” Choose a recipient from your contacts or add a new recipient using their name, phone number, or email. You can send one-time or recurring payments. Always double-check the recipient’s name in the “Enrolled with Zelle® as” field to ensure accuracy before sending.
How do I add a new recipient for Zelle?
The easiest way to add a new recipient is during the payment process. When you go to send money via Zelle, you can search for an existing contact or add new contact details (name, phone number, or email address). The system will then check if the recipient is enrolled with Zelle.
Are there limits to how much money I can send with Zelle Bank of America?
Yes, for security reasons, Bank of America does restrict the number of transactions and the total dollar amount you can send via Zelle within 24-hour, 7-day, and 30-day periods. These limits can vary. For specific details on your limits, refer to Bank of America’s Zelle transfer limits page or your account information within online banking.
How long does it take for Zelle money to arrive?
If your recipient is already enrolled with Zelle, the money is typically available within minutes. However, if the recipient is not yet enrolled, they will receive a notification to enroll. Once they enroll, the money usually becomes available in minutes. If a recipient doesn’t enroll within 14 days, the transaction is canceled, and the funds are returned to your account.
Can I request money with Zelle through Bank of America?
Yes, you can request money from others using the Bank of America mobile app. In the Zelle section, select “Request” and enter the recipient’s information. You can even split bills with multiple people. Payment requests can be canceled and expire after 14 days.
Where can I see my Zelle transaction history?
You can view your incoming and outgoing Zelle payments (both pending and completed) in the “Activity” section within Zelle in your Bank of America online banking or mobile app. For older transactions, you may need to check your account statements.
Why is my incoming Zelle payment on hold?
In some instances, Bank of America might place an incoming Zelle payment on hold for review. These reviews are for security purposes, and holds cannot be removed manually. Check your Message Center for alerts and possible required actions. Once the review is complete, the payment will either be processed or fail, with funds being deposited or returned accordingly.
Why is my outgoing Zelle payment pending?
An outgoing payment can be pending for a few reasons:
- Recipient Not Enrolled: If the recipient isn’t enrolled with Zelle, they need to enroll to receive the money. You can cancel the payment while it’s pending if needed.
- Payment Under Review: Bank of America may place a payment on hold for security review. These reviews are usually brief, and you cannot cancel the payment during this time.
- Recipient Bank Delay: In rare cases, the recipient’s bank might cause a delay in processing the payment.
Why did my Zelle payment fail?
Payments can fail for several reasons, including:
- Insufficient funds or closed account.
- Invalid recipient account details (email or mobile number).
- Recipient deletion.
- Security reasons.
- Exceeding applicable limits, including the Bank of America Zelle limit.
- Processing issues.
Can I cancel a Zelle payment?
You can only cancel a Zelle payment if it’s pending and the recipient has not yet enrolled with Zelle. Once the recipient is enrolled and the payment is sent, it cannot be canceled. Always verify recipient information carefully before sending money.
What if my recipient says they haven’t received the Zelle payment?
First, confirm that the mobile number or email you used matches the recipient’s enrolled Zelle contact information. If the payment is marked as “completed” on your end but not received, advise your recipient to check with their bank. Remember, once a Zelle payment is sent to an enrolled user, it’s irreversible.
Can I use Zelle with multiple bank accounts?
Yes, you can use Zelle with multiple bank accounts, even accounts at different banks. However, you must use a different email address or U.S. mobile number for each bank account you enroll with Zelle.
Are all Zelle features available in both online banking and the mobile app?
While you can enroll, send, and view Zelle activity in both online banking and the mobile app, the mobile app offers additional features. These include requesting money, using QR codes for transactions, and faster access via mobile widgets. For the most complete Zelle experience with Bank of America, the mobile app is recommended.
How secure is Zelle with Bank of America?
Bank of America and Zelle employ various security measures to protect your transactions. However, it’s crucial to be vigilant against scams. Bank of America will never call and ask you to send money to yourself or anyone else via Zelle, nor will they ask for security codes over the phone. Treat Zelle payments like cash and be cautious of requests from unfamiliar individuals.
Can I change the account linked to my Zelle profile?
Yes, you can change the deposit account linked to your enrolled email address or U.S. mobile number in your Zelle settings within Bank of America online banking or the mobile app. You can also link up to 5 different email addresses or U.S. mobile numbers, each to a different account, if you wish to receive money into multiple accounts. When sending money, you can choose from any of your eligible deposit accounts.
How do I unenroll from Zelle with Bank of America?
If you no longer want to use Zelle, you can delete your enrolled email address or U.S. mobile number in your Zelle settings. This prevents those contact details from being used with Zelle. Your Bank of America online banking account will remain active unless you specifically close your User ID.
What types of mobile numbers are eligible for Zelle enrollment?
Only authenticated U.S. (or U.S. territory) mobile numbers that belong to you are eligible for Zelle enrollment. VOIP, landlines, Google Voice numbers, 1-800 numbers, and international numbers are not supported.
Will I receive alerts for Zelle transactions?
Yes, when you enroll with Zelle, you will automatically receive alerts for transactions to your registered contact information (email or mobile number). You can customize alert settings within your Bank of America account settings.
Will my recipients see my bank account number when I use Zelle?
No, when you use Zelle, your recipients will not see your account number, and you won’t see theirs. They will only see your name and the email address or U.S. mobile number you’ve enrolled with Zelle.
Can I set up scheduled or recurring Zelle payments with Bank of America?
Yes, you can schedule one-time future-dated payments or set up recurring payment series with Zelle through Bank of America. When initiating a payment, you can choose to make it recurring or select a future date for a one-time payment.
How do I manage scheduled Zelle payments?
You can edit or cancel scheduled or recurring payments up until 11:59 p.m. ET the day before the scheduled payment date. Manage these in the “Payment Activity” section under “Scheduled” in your online banking or mobile app.
Where can I find my upcoming scheduled payments?
Upcoming scheduled payments are listed in the “Scheduled” section within “Payment Activity” in your Bank of America online banking or mobile app. On the payment date, they will move to “Processing” and then to “History” once completed.
Will I receive reminders for scheduled payments?
Yes, Bank of America will send email reminders to your primary email address for scheduled payments, including confirmations, upcoming payment reminders, and notifications if a payment fails. Ensure your contact information is up-to-date in your account settings.
How will Zelle payments appear on my bank statement?
Scheduled Zelle payments will be labeled as “Zelle® Scheduled payment” or “Zelle® Recurring payment” on your bank statement to distinguish them from immediate, one-time Zelle transactions.
Can I use Zelle for business with Bank of America?
Yes, Bank of America offers Zelle for small business accounts. The enrollment process is similar to personal accounts, but you’ll need to use a different email address or U.S. mobile number than you used for your personal Zelle enrollment. Business accounts may also have different, often higher, transaction limits.
Are the Zelle limits different for business accounts?
Yes, typically, business accounts have different and often higher Zelle transaction limits compared to personal accounts. For specific business account limits, consult Bank of America’s business banking resources or contact their small business customer service.
Conclusion
Understanding the Bank of America Zelle limit and how Zelle functions within the Bank of America ecosystem is essential for convenient and secure money transfers. By being aware of the transfer limits, security features, and frequently asked questions, you can confidently use Zelle for your everyday financial transactions while staying protected. Always refer to Bank of America’s official resources for the most accurate and up-to-date information regarding Zelle limits and policies. Remember to prioritize security and only send money to people you trust, treating Zelle transactions with the same caution as cash.
