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How Does Bank of America Mobile Deposit Work and How Long Does It Take?
Bank of America mobile deposit makes it easy to add funds to your account using any device with a built-in camera. The mobile app lets you know when you’ve reached your monthly deposit limit. In most cases, funds deposited by the 8 p.m.or 9 p.m. cut-off time are available the next business day. How long it takes for a Bank of America mobile deposit to hit your account depends on the time zone where your account was opened, the type of deposit and when the deposit is made. Check DepositsCheck deposits made before the cut-off time on a business day are usually available the following business day. Cut-off times, based on time zones, are as follows:
If, for example, you opened your account in the Eastern time zone and you deposit a check before 9 p.m. on a Thursday, your funds will be available on Friday. If you make the deposit after 9 p.m. on a Friday, your funds will be available the following Tuesday. Deposits made on a Saturday or Sunday will be available on Tuesday. Deposits made on a federal holiday will hit your account on the first day following the next business day. If the holiday falls on a Monday, for example, your money will be available on Wednesday. When Funds May Be DelayedAccording to Bank of America’s Deposit Agreement and Disclosure, there might be instances where funds availability is delayed. In those cases, you’ll be notified by the next business day. The first $225 of the deposited funds will be available to you the next business day, however. Special rules apply to new accounts. During the first 30 days your account is open, funds from personal check deposits usually are available by the fifth business day after your deposit. When you deposit certified or cashier’s checks, or teller, travelers or government checks, the first $5,525 of each day’s deposits are available before the second business day. The remaining funds are available on the fifth business day after the deposit. TransfersTransfers are handled differently from check deposits. You have immediate access to funds transferred into your account from another Bank of America deposit account. However, when the transfer occurs after 11:59 p.m. ET on a business day, you won’t see it in your transfer history until the next day. Funds transferred on a Saturday, Sunday or bank holiday will show in your transfer history on the next business day. Bank of America Mobile Deposit LimitsBank of America, Member FDIC, imposes limits on total check deposits into your account made via mobile deposit. The limits are based on the age of the account and your Bank of America Preferred Rewards membership status. The Bank of America mobile check deposit limit is $10,000 per month for accounts opened for three months or longer. For accounts opened for fewer than three months, the deposit limit is $2,500 per month. For Bank of America Preferred Rewards members with membership for fewer than three months, there is a $25,000 per month limit. For accounts with membership of three or more months, the limit is $50,000 per month. Bank of America Mobile Deposit FeesThere’s a fee waiver for Bank of America mobile deposit. However, your wireless carrier might charge messaging or data fees. How Does Bank of America Mobile Deposit Work?You make mobile deposits using the Bank of America mobile app, which is available on Google Play and the App Store. Mobile App FeaturesOn either platform, the app is a powerful tool not just for managing your accounts but for organizing your finances as well. Here are some of the things you can do:
The app features Erica, a virtual assistant who can help you use the app and send alerts with financial information and advice. You also can use the app to contact customer service in the event you need live assistance or want to schedule an appointment with an account specialist. Security features such as Touch ID and Face ID protect your accounts against fraud.
How To Deposit Checks With Bank of America Mobile DepositDepositing checks requires just a few easy steps. Before you start, detach the check from any stub or other paper. Then position the check so it lies flat on a dark-colored, adequately lit surface.
In addition to depositing the check, you can use the app to save, print or email a copy of it. Benefits and Drawbacks of Bank of America Mobile DepositMost users should find the Bank of America mobile deposit to be a valuable tool. But there are some drawbacks. Benefits
Drawbacks
Is Bank of America Mobile Deposit the Right Choice for You?Bank of America mobile deposit provides a quick, easy way for customers to deposit money into their accounts. Although there are some exclusions to the types of checks you can deposit this way, the most common — personal, cashier’s and government-issued checks — are compatible. That said, the basic mobile deposit capabilities are standard issue. What sets Bank of America’s mobile app apart from other major bank apps are the virtual assistant and budgeting tool that can help you manage all aspects of your finances, and even schedule a face-to-face meeting with an account specialist. Information is accurate as of June 28, 2022. |