Bill Pay Fees at Bank of America – Everything You Need To Know

Internal Transfer Services and Payments to Your Bank of America Loan Accounts From An External Account

You may use the Service to transfer funds between your linked Bank of America and Merrill accounts without a fee on either a one-time or recurring basis, including as a payment to a linked installment loan, credit card or mortgage.

There are no receiving limits for Internal Transfers between your own accounts.

1/ Higher limits may apply for Bank of America Private Bank, Merrill or small business accounts.

2/ Transfers to a Bank of America checking or savings account made after the applicable cut-off time indicated above but by 11:59 p.m. on a business day in the State where your checking or savings account was opened, will be posted as of the next business day in your transaction history, but will be included in the balance we use to pay transactions that night. This process may impact when fees apply to your account.

3/ Funds transferred as a payment to an eligible credit card, business line of credit, home equity line of credit during draw period (“HELOC”), installment loan or mortgage (together “Loan Accounts”) after the applicable cut-off time indicated above but by 11:59 p.m. ET will be credited with the date the payment is submitted. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting.

• One-time transfers may be made at any time and are immediately debited from a checking or savings accounts available balance or a credit account’s available credit.
• Future dated or recurring transfers (other than transfers to a Bank of America credit card account) scheduled for a weekend or a non-business day will be debited from the funding account on the prior business day. All other scheduled and recurring transfers (other than transfers to a Bank of America credit card account) will be debited from the funding account at the beginning of the business day requested.
• Future dated or recurring transfers to Bank of America credit card accounts will be debited from the funding account at the beginning of the scheduled transfer date even if the scheduled transfer date is on a weekend or non-business day.
• Future scheduled and recurring transfers (other than transfers to a Bank of America credit card account) can be canceled prior to midnight ET on the business day prior to the date the transfer is scheduled to be made. Future dated or recurring transfers to Bank of America credit card accounts can be canceled prior to midnight ET on the calendar day prior to the date the transfer is scheduled to be made. A one-time immediate transfer cannot be canceled after it has been submitted.
• The best way to cancel a future scheduled or recurring transfer is to follow the instructions on our website. The cancel feature is found in the payment activity section. You may also request to cancel a future scheduled or recurring transfer by calling us at 800.432.1000 for consumer accounts and 866.758.5972 for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925.681.7600.

You may use the Service to make one-time or recurring transfers from a linked Bank of America checking, savings, money market or line of credit account to most checking, savings or money market accounts of other Bank of America customers using their account number.

1/ You may be eligible for higher limits if you add Secured Transfer to receive a one-time passcode on your mobile device or register a USB security key. Higher limits may also apply for Bank of America Private Bank, Merrill or small business accounts.

• One-time immediate transfers may be made at any time and are immediately debited from a checking, savings, or money market accounts available balance or a credit account’s available credit. A one-time immediate transfer cannot be cancelled after it has been submitted.
• One-time future dated or recurring transfers will be debited from the funding account on the beginning of the scheduled transfer date.
• One-time future dated and recurring transfers can be edited or canceled prior to 11:59PM ET on the day prior to the date the transfer is scheduled to be made.
• The best way to edit or cancel a one-time future dated or recurring transfer is to follow the instructions on our website or mobile app. The edit and cancel features are found under the “Pay & Transfer” tab. You may also request to cancel a one-time future dated or recurring transfer by calling us at 800.432.1000 for consumer accounts and 866.758.5972 for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925.681.7600.
• By scheduling a transfer with the Service, including future dated and recurring payments, you agree and acknowledge that we may cancel any such transfer(s) for the following reasons: your payment account is closed or does not have available funds, you are ineligible to use the Service, the recipient’s account number is invalid, the recipient is deleted, for security reasons, applicable limit exceeded, or the transfer otherwise can’t be processed. The transfer may also be delayed or the transfer may be blocked to prevent fraud or comply with regulatory requirements. We will notify you by email if we block or cancel a transfer that you have initiated using the Service.
• You may receive transfers from other Bank of America customers in the aggregate of $999,999.00 per week.
• Internal Transfer send limits for both Sections 2.A and 2.B are set at the customer profile (User ID) and apply to all accounts visible in the “From” dropdown when initiating an Internal Transfer. If you are a small business customer and are not receiving the small business limits, make sure you are logged in with your small business User ID.

• You may use the Service to make payments on your certain eligible Bank of America Loan accounts without a fee, on either a one-time or recurring basis, from your consumer asset account maintained at another financial institution that you have added to Transfers. For payments from your linked Bank of America accounts, see Section 2.A above.
• Payments to your charged-off credit card accounts from your consumer asset account maintained at another financial institution can be for any amount up to $249,999.99.
• Payments to your mortgage or HELOC loan accounts from your consumer asset account maintained at another financial institution can be for any amount up to $99,999.99 with escrow payments limited to $5,000.00.
• You certify that any account you add to Transfers is an account from which you are authorized to make payments, and any payment you make using Transfers will debit an account that you are legally authorized to use. When you add an account maintained at another financial institution, you do not change the agreements you have with that financial institution for that account. Please review those agreements for any applicable fees, limitations on the number of transactions you can make, and for other restrictions.
• Payments to your Loan accounts from a consumer asset account maintained at another financial institution that are initiated by 11:59 p.m. ET will be applied on the same day. It may take up to 2 business days for these updates to be reflected in your account balances, funds availability, and transaction posting.
• If the financial institution upon which your payment is drawn rejects, refuses, or returns the payment, the payment to your Loan account will be reversed and you may incur late payment or other fees. The institution holding your deposit account may impose a returned item or other fee.
• Future scheduled and recurring payments to your Loan accounts from your account at another financial institution can be canceled prior to midnight ET on the calendar day prior to the date the payment is scheduled to be made. A one-time immediate payment cannot be canceled after it has been submitted.
• The best way to cancel a future scheduled or recurring payment is to follow the instructions on our website. The cancel feature is found in the payment activity section of Transfers. You may also request to cancel a future scheduled or recurring payment by calling us at 800.432.1000 for consumer accounts and 866.758.5972 for small business accounts. If you are calling from outside of the continental U.S., call us collect at 925.681.7600.

Online Banking Alerts

We provide four types of alerts:

• General & Security Alerts are sent to you when important changes are made online to your account, such as changing your email or home address, telephone number, User ID or password, or unusual card activity.
  • General and Security alerts are automatically activated and sent to your primary email address. If you choose, you may turn off General alerts, but not Security alerts.

• Automatic Alerts provide you with important account notifications, such as information about a money transfer, insufficient funds or availability of a paperless statement.
  • Automatic alerts are automatically activated and sent to your primary email address only. You may not turn off Automatic Alerts.

• Account Alerts allow you to choose optional alert messages for your accounts, such as payment reminders or transaction alerts for credit or debit card charges.
  • You must select and activate account alerts; you can turn off account alerts at any time.
• Personalized insights and guidance to help manage your finances which are sent through Mobile app push notifications. Insights are automatically activated; you can turn off insights at any time.

Alerts are subject to the following:

• We may add new alerts from time to time, or cancel old alerts. We usually notify you when we cancel alerts, but are not obligated to do so. Because alerts are not encrypted, we will never include your full account number. However, alerts may include your name and some information about your accounts, such as your account balance or due date. Anyone who has access to your messages could view the alert information.

• Alerts will be sent to the email address you have provided as your primary email address for the Services. For General & Security and Account Alerts, you can also choose to have these sent to a secondary email address, a mobile device that accepts text messages (as described in Section 7.B), or a mobile device that can receive our Mobile App alerts through a push notification system. You can control mobile Push notification delivery within the Bank of America mobile app. If your email address or your mobile number changes, you are responsible for informing us of that change. While Bank of America does not charge for the delivery of the alerts, please be advised that text or data charges or rates may be imposed by your carrier.
• We do our best to provide alerts in a timely manner with accurate information, but alerts may be delayed or prevented by a variety of factors beyond our control (such as system failures or misdirected delivery). We dont guarantee the delivery or accuracy of alerts. You agree that we are not liable for any delays, failure to deliver, or misdirected delivery of any alert; for any errors in the content of an alert or for any actions taken or not taken by you or a third party as the result of an alert.
• By use of the Services, you acknowledge that Services-related communications, alerts, or notifications may be sent by us and received by you electronically, including, but not limited to, through email, mobile text messaging, or mobile push notifications, during any part of the day, including outside of normal business hours and between the hours of 9 p.m. and 8 a.m. local time. You agree that the Bank will not be liable for any damages or other liability related to the time of day any electronic communications, alerts, or notifications are sent or received.

• Online Banking Alerts via Text Message

You have the option of adding a mobile phone number to your profile. By adding a mobile phone number to your profile, you are certifying that you are the account holder for the mobile phone account or have the account holders permission to use the mobile phone number for the Services. You are also consenting to receive alerts using auto-dialer technology and to receiving text messages. Text message fees may apply depending on your mobile carrier plan.

You can text STOP to 692632 at any time to stop SMS text alerts that you activated on the Alerts Settings pages. Alerts sent to your primary email address won’t be affected by this action. To restore text alerts, go to the Alerts Settings pages and reactivate the alerts. For help with SMS text alerts, send the word HELP to 692632.

• Security Alerts via Text Message

We may also send credit card, business line of credit and/or debit card security text alerts to your mobile phone number when applicable. Text alerts will be delivered from a short code number which are Free to End User (FTEU), however, data rates may apply depending on your mobile carrier plan. You can opt out of all security alerts at any time by sending the word STOP to any of the short codes below. Opting out of any of the alerts will automatically STOP all security alerts via text message from being sent to you. If you text STOP, you will receive an additional confirmation text acknowledging our receipt of your request. To opt back into receiving all security text alerts, text UNDO to any of the short codes listed below or call us at the number on the back of your card. If you need further assistance text HELP to any of the following codes for more information.

Account restrictions alerts are sent from short code 85594. You can opt out of this alert any time by texting STOP to 85594. Opting out of this alert will automatically stop these account restriction alerts from being sent to you. Text HELP for SMS help, or call us at 800.427.2449

For information about our privacy and security practices and a link to our U.S. Consumer Privacy Notice, go to our website at https://www.bankofamerica.com/privacy

Bank of America -How to Set Up Online Bill Pay

FAQ

How to avoid $12 fee Bank of America?

During each statement cycle, you can avoid the Monthly Maintenance Fee if you do ONE of the following: make at least one qualifying direct deposit of $250 or more to your account; keep a daily balance of $1,500 or more in your account; or join the Preferred Rewards program.

Do banks charge to use Bill Pay?

You can use the standard payment option at no cost. If the biller can receive express payments, this option will appear when you choose the payment date.

How does Bill Pay work at Bank of America?

Bills can come in the mail or electronically (at Bank of America, this is called eBills). You can set the due date for any bill at any time in your online banking account. Your bank will take it from there and pay those companies electronically or mail them a check.

Why am I paying a monthly fee for Bank of America?

Monthly maintenance fees: Charged by financial institutions for account upkeep. Checking and savings accounts from the same bank that offer different types will likely have different fees. Often, a more robust account charges a higher maintenance fee.