Renowned banks in the United States make it easier for account holders to add funds to their accounts through mobile deposit. Bank of America is one of them. As a Bank of America account holder, you can now use any mobile device with an integrated camera to deposit money into your account.
However, you might encounter a Bank of America mobile deposit limit alert on the dedicated application. This happens when you reach your monthly deposit limit. What about the Bank of America mobile deposit funds availability?
The mobile deposit facility ensures the deposits are available by the next business day. If you are a beginner, queries regarding mobile deposits at Bank of America are quite common. Don’t worry; this guide will help you overcome those confusions.
Bank of America’s Mobile Deposit Limits
What is the Bank of America mobile deposit limit? Yes, the bank limits how much money customers can add to their accounts monthly. On a related note, the bank decides the mobile deposit limit on terms of the following factors:
- The membership status of the Bank of America account holder
- The age of the bank account
If you are a Bank of America Preferred Rewards member, then here is the estimated mobile deposit limit for you per month:
- $25,000 if your membership is 3 months old or newer.
- $50,000 if you have been a Bank of America Preferred Rewards member for more than 3 months.
However, the Bank of America Preferred Rewards membership program is optional for being capable of adding funds through mobile deposit. Still, the membership just extends the monthly mobile deposit limit.
Here’s the monthly mobile deposit limit you can expect if you are not a member of the Bank of America Prefered Rewards:
- $2,500 if it has been less than 3 months since you opened an account at the Bank of America.
- $10,000 if you have a Bank of America account for more than 3 months.
How Long Do You Have to Wait for Bank of America to Process the Mobile Deposit?
Apart from the Bank of America mobile deposit limit, most customers stumble upon this question. You may need help accessing your deposited money to your Bank of America account immediately. How long does it take to make your deposit accessible by Bank of America?
Well, the overall period may vary depending on your deposit type, the time zone where you have a Bank of America account, and the time of the deposit. What types of checks does Bank of America accept with Mobile Check Deposit?
Reportedly, they only accept checks from U.S. financial institutions in U.S. dollars. Here are the checks that are eligible for a mobile check deposit by Bank of America:
- Business checks
- Personal checks
- Cashier’s checks
- Treasury/Government checks
So, when can you accept the mobile deposit to be accessible? Generally, they become available on the same business day before the particular cut-off time. Otherwise, Bank of America accepts your mobile check deposit on the next business day. However, the cut-off times in different regions are different, such as:
- Pacific: 8 p.m. PT
- Eastern: 9 p.m. ET
- Mountain: 8 p.m. PT
- Central: 9 p.m. ET
- For accounts opened in areas like Western Kansas, New Mexico, and El Paso, Texas: 9 p.m. ET
Continued…
Funds can be delayed and remain inaccessible if there’s any issue with processing the check deposited by the mobile deposit process. However, the bank informs the customer if there’s a problem with the fund. In addition, the bank will let you know when you can accept the funds to be available for use.
The same notification will allow you to cancel the deposit if you want to. Remember that the first $225 of your deposited funds can be available by the next business day.
Furthermore, when your account is relatively newer, you can come across specific terms and conditions. New customers can wait up to 5 business days to get their check funds deposited in their accounts.
For tellers, cashiers, or government checks, you can access the first $5,525 of the check, which should be available to you before the next business day. However, the remaining amount can be available by the 5th business day.
Remember, the following items are not accepted by Bank of America mobile deposit:
- Checks issued by foreign banks
- Traveller’s checks
- Third-party checks
- U.S. savings bonds
- Checks not payable in U.S. dollars
- Image Replacement Documents or IRDs
- Money orders
What about Transfers?
The Bank of America mobile banking facility assists in handling transfers, too. The main difference between a mobile check deposit and a transfer is that the recipient can immediately access the money. However, one should initiate a transfer before 10:45 p.m. on a business day.
Otherwise, the recipient will receive the money by transfer on the next business day. On a related note, Bank of America doesn’t consider Saturday, Sunday, or any public holiday as a business day. So, the transaction will appear in the next business day’s history.
Fees Charged by Bank of America for Mobile Deposit
Does Bank of America charge its customers for mobile check deposits? Fortunately, the bank doesn’t charge customers for using the mobile deposit service. You can access their mobile banking app as a Bank of America account holder.
Indeed, the app is free for installation. Additionally, the app doesn’t charge anything. However, your wireless carrier might charge you for data and messages. Therefore, you can check out your carrier charges to know what to pay.
Depositing Checks Via Bank of America’s Mobile Deposit Facility
How does Bank of America’s Mobile Deposit work? First, you must download the Bank of America Mobile App from the App Store or Google Play Store, whatever is available on your smartphone. Apart from enabling you to deposit checks, the mobile app offers the following features:
- Monitoring account activities
- Transferring funds between 2 Bank of America accounts
- Reviewing loan and credit card balances
- Paying bills and scheduling regular bill payments
- Keeping your budget on the desired track by using the budgeting and spending tool
- Sending money via Zelle
- Tracking special offers
Moreover, you will find a virtual assistant, Erica, on the app. The virtual assistant helps you with handling your in-app activities. Moreover, you can directly contact the customer support team of Bank of America through the mobile app.
The best part of the app is the security integration through Touch ID and Face ID. So no one else can access your accounts. However, how can you deposit a check with Bank of America Mobile Deposit? Endorse or sign the rear side of the check you want to deposit.
Next, place the check on a dark-coloured surface for better visibility. Now, you have to follow the instructions below:
- Explore the Bank of America Mobile App and enter your account by providing the necessary information.
- After that, tap on the link, ‘Deposit Checks’.
- The app will now instruct you to photograph your check’s front and rear sides.
- Next, enter the amount you want to deposit in the account.
- Verify the deposit details and tap on the Deposit button.
Pros and Cons of Bank of America Mobile Deposit
The first and foremost benefit of the Bank of America Mobile Deposit service, is getting funds without visiting a bank. Additionally, you can get a pretty handsome Bank of America Mobile Deposit limit per month if you are eligible. However, there are some cons of using the mobile deposit facility.
Let’s review the pros before discussing cons:
- Quick, secure and safe check deposits.
- Funds from government and cashier’s checks are available by the next business day.
- You can print, save, and send copies of checks you deposit.
Reportedly, we found the following drawbacks of the Bank of America Mobile Deposit:
- New accounts can’t access funds from personal check deposits for up to 5 days.
- Additionally, you can’t use mobile deposit for money orders, third-party checks, and foreign bank checks.
- On top of that, you have to abide by the monthly Bank of America mobile deposit limit.
The app keeps track of how much of the deposit amount is remaining.
Final Words…
Hopefully, the guide helps you with the Bank of America mobile deposit limit and other related queries. Overall, Bank of America offers a quick and straightforward way to deposit checks and access funds. Besides this, the mobile app provides basic and advanced features to keep your financial health well-maintained.
Ensure you keep your mobile device connected to the internet while using the app. In addition, use the latest OS for your device. Don’t forget to update the Bank of America mobile app regularly.
