stmAre you searching online for the Bank of America mobile deposit limit or transfer limit? This is the right page for you. This article reveals all you need to know about the mobile deposit limit for Bank of America.
Founded on the 1st of November 1930 as The Bank of Italy by Amadeo Peter Giannini, The Bank of America (BoA) is a financial services holding company and investment bank with headquarters located in Charlotte, North Carolina.
About the Bank of America
Contrary to insinuations in some quarters, the bank of America is not owned by China (though it has a partnership with The Chinese Construction Bank). It is owned by the United States. Some of the major owners of the Bank of America include Berkshire Hathaway which has 11.9%, The Vanguard with 7.1%, and Blackrock with 6.2 %. Currently, the bank has retail financial centres numbering 4600, a staff strength numbering over 200,000 and ATMs numbering 16,200. The total Assets of the bank are currently valued at $2.819 trillion, while the bank’s total Equity is currently at $272.92 billion.
Services Offered by the Bank of America
Major services offered by the Bank of America include;
- Checking
A checking service is a service that allows someone to cash a paycheck or any other type of check in exchange for a charged fee. With this service, an individual can get access to his or her money without a bank account. This is a service commonly offered by almost all the commercial banks around, and Bank of America is no exception.
- Savings
This is a service where interests are earned on your money stored with the bank. This is because your money saved with the bank is loaned out by the bank to other people for business.
- Loans
Bank of America loan services includes auto loans, home loans, lines of credit, business loans, credit cards, and so on. Unsecure Large Personal loans are not among the loan services offered by the Bank of America.
- Student Banking
The Bank of America student account service is a quite suitable choice for students with limited cash and those who attend an out-of-state college. This is because the account has no monthly maintenance fee and can be started with a low opening deposit. Added to these is the fact that the Bank of America is a nationwide bank.
About Mobile Deposit Limit
Banks of America offer Mobile Banking services. This is a service that allows remote transaction operations by customers with their mobile devices, either tablets or smartphones. Transactions like Mobile Transfers, Mobile Check Deposits; and so on can be conducted with this service. Apart from the Bank of America App, Zelle is an App integrated into the BoA system and can also be used by BoA customers to conduct mobile transactions.
Mobile Check Deposits system is a system that allows you to deposit checks remotely at any location and time. This can be done by taking a picture of the back and front of the check with your mobile phone and depositing it utilizing the Mobile App of the bank.
Mobile deposit services have a limit, that is, mobile deposit transactions have figure limits that they cannot go beyond at a particular period of time. Like other commercial banks, and as common with all financial institutions, the Bank of America also has a transfer limit for its Mobile Deposit Transaction.
What is Bank of America Mobile Deposit Limit (Transfer Limit)?
The deposit limits imposed on customers’ accounts by the bank of America are determined by two factors; the Preferred Reward membership status and how old the account is.
For accounts that are less than 3 months old, the monthly mobile deposit limit is $2,500, but for accounts from 3 months old upward, the monthly transfer limit is $10,000.
As for the Preferred Reward membership customers, $50,000 is the Mobile Deposit Limit for those who have been members for 3 months or longer, while those who are members for less than 3 months have a transfer limit of $25,000.
Bank of America charges no fee for Mobile Deposits. It is free. However, you may be charged data fees or messaging fees by your wireless service provider.
Final Words
This is all about the Bank of America Mobile Deposit Limit. Everything you need to know about the transfer limit has been fully explained here. While you enjoy the service, please kindly hit the share button at the bottom of this post to share. You will be helping many.
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