Depositing Funds into Your Bank of America Account

Quick answer

• Bank of America offers multiple ways to deposit funds, including ATMs, mobile app check deposit, in-branch tellers, and direct deposit.
• For cash deposits, ATMs or in-branch tellers are usually the most straightforward.
• Mobile check deposit via the Bank of America app is convenient for checks.
• Direct deposit is the easiest method for regular income like paychecks or government benefits.
• Always verify deposit limits and processing times with Bank of America, as they can vary.
• Ensure you have your account number and any necessary identification ready for in-person or ATM deposits.

Who this is for

• Individuals who bank with Bank of America and need to add funds to their accounts.
• New Bank of America customers learning the various deposit methods available.
• Anyone seeking the most efficient or convenient way to deposit money, whether cash or check.

What to check first (before you act)

Goal and timeline

Before you deposit money, consider why you’re doing it and when you need the funds to be available. Are you depositing to cover an upcoming bill, build up savings, or simply replenish your checking account? Knowing your goal helps you choose the best method. For instance, if you need funds immediately, a cash deposit at an ATM or teller is best. If it’s for savings and the funds aren’t needed urgently, a mobile deposit might suffice, but be aware of potential hold times.

Current cash flow

Understand your current financial situation. How much money do you have coming in and going out? This helps determine how much you need to deposit and how frequently. If your cash flow is tight, you might need to prioritize deposits that make funds available quickly. If you have a surplus, you can plan for larger, less urgent deposits into savings.

Emergency fund or safety buffer

Do you have an adequate emergency fund? Before depositing extra money into long-term savings or investment accounts, ensure you have a readily accessible buffer for unexpected expenses. A common recommendation is 3-6 months of living expenses. If your emergency fund is lacking, consider depositing some of your funds there first.

Debt and interest rates

Evaluate any outstanding debts. If you have high-interest debt (like credit cards), it might be more financially beneficial to use the money to pay down that debt rather than depositing it, especially if your savings account interest rate is significantly lower than your debt’s interest rate. Compare the interest you’re paying on debt versus what you could earn in interest on a deposit.

Credit impact

While depositing money doesn’t directly impact your credit score, how you manage your accounts does. Ensure your deposits are made in a timely manner to avoid overdrafts, which can lead to fees and negative reporting to credit bureaus. Maintaining a healthy balance through consistent deposits can indirectly support good credit habits.

Step-by-step depositing money at Bank of America

1. Identify your deposit type: Determine if you are depositing cash or a check.

• What “good” looks like: You know exactly what you’re depositing.
• Common mistake and how to avoid it: Not having the correct deposit type ready. Avoid this by confirming what you have before heading to an ATM or starting the mobile process.

2. Choose your deposit method: Select from ATM, mobile app, in-branch teller, or direct deposit.

• What “good” looks like: You’ve chosen the method that best suits your deposit type, urgency, and convenience.
• Common mistake and how to avoid it: Using an inconvenient method. For example, trying to deposit a large amount of cash via mobile app (which isn’t possible). Avoid this by understanding the limitations of each method beforehand.

3. Gather necessary information/items: For ATM or in-branch, have your debit card and account number ready. For mobile, have the check and your smartphone. For direct deposit, have your Bank of America account and routing numbers.

• What “good” looks like: You have everything you need before you start.
• Common mistake and how to avoid it: Forgetting your debit card or account number. Avoid this by making a quick mental checklist or writing down the numbers if necessary.

4. For ATM Deposits:

• What to do: Insert your debit card, enter your PIN, select “Deposit,” choose the account, and follow the on-screen prompts for cash or check. For cash, insert bills when prompted. For checks, endorse them on the back and place them in the designated slot.
• What “good” looks like: The ATM successfully accepts your cash or check and provides a receipt.
• Common mistake and how to avoid it: Not endorsing the check or depositing it incorrectly. Avoid this by carefully reading the ATM instructions and ensuring the check is signed on the back.

5. For Mobile App Deposits:

• What to do: Log into the Bank of America mobile app, select “Deposit checks,” choose the account, enter the check amount, and take clear photos of the front and back of the endorsed check.
• What “good” looks like: The app confirms the deposit submission and provides a reference number.
• Common mistake and how to avoid it: Blurry photos or not endorsing the check. Avoid this by finding a well-lit area, laying the check flat, and ensuring both sides are clearly visible and signed.

6. For In-Branch Teller Deposits:

• What to do: Approach a teller, present your ID, deposit slip (if using one), and the cash or check you wish to deposit. State the account number and the amount.
• What “good” looks like: The teller confirms the deposit and provides a receipt.
• Common mistake and how to avoid it: Not having proper identification or a completed deposit slip. Avoid this by checking Bank of America’s requirements for ID and filling out deposit slips accurately beforehand.

7. For Direct Deposit:

• What to do: Provide your employer or the paying entity with your Bank of America account number and the Bank of America routing number. You can usually find these on your checks or by logging into your online banking.
• What “good” looks like: Your funds are automatically deposited into your account on payday.
• Common mistake and how to avoid it: Providing incorrect account or routing numbers. Avoid this by double-checking these numbers before submitting them to your employer.

8. Verify the deposit: After completing the deposit, check your account balance online or via the mobile app to confirm the funds have been credited.

• What “good” looks like: The deposit appears in your account balance, though it may be pending.
• Common mistake and how to avoid it: Assuming the deposit is immediately available. Avoid this by understanding that some deposits may have a hold period.

9. Keep your receipt/confirmation: Hold onto any ATM receipts or mobile deposit confirmations until you see the funds reflected in your account.

• What “good” looks like: You have proof of your transaction if any issues arise.
• Common mistake and how to avoid it: Discarding the receipt immediately. Avoid this by keeping it until the transaction is fully processed and verified.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Depositing a check without endorsing it	The deposit may be rejected or delayed.	Sign the back of the check with your name and “For Deposit Only” (or as instructed by Bank of America).
Using blurry photos for mobile deposit	The mobile deposit will likely be rejected.	Retake photos in good lighting, ensuring the check is flat and fully in focus.
Not checking deposit limits	You might exceed daily or per-transaction limits, causing the deposit to fail.	Review Bank of America’s deposit limit policies for ATMs, mobile, and in-branch.
Depositing cash at an ATM with a torn bill	The ATM may reject the bill, or it could get jammed.	Ensure all bills are in good condition and not torn or folded excessively.
Forgetting to log out of mobile banking	Unauthorized access to your account if your phone is lost or stolen.	Always log out of the app after completing your transaction.
Incorrectly entering account/routing numbers	Direct deposit or transfers will go to the wrong account or fail.	Double-check all numbers before submitting them to your employer or for transfers.
Not waiting for funds to clear	You might overspend, leading to overdraft fees.	Monitor your available balance and wait for funds to clear before making large purchases.
Depositing a post-dated check	The bank may not accept it until the date shown, causing delays.	Deposit checks on or after their issue date.
Using an ATM not equipped for cash deposits	You’ll have to find another method or ATM.	Verify the ATM’s capabilities before attempting a cash deposit.
Not confirming the deposit receipt	You may have no record if an error occurs.	Always take and keep your ATM or teller receipt until the deposit is fully reflected.

Decision rules (simple if/then)

• If you have physical cash to deposit, then use a Bank of America ATM or an in-branch teller because these methods are designed for immediate cash handling.
• If you have a check and are short on time, then use the Bank of America mobile app because it allows for quick deposits from anywhere.
• If you want your paycheck automatically deposited without any action each payday, then set up direct deposit because it’s the most convenient method for recurring income.
• If you need funds to be available immediately, then deposit cash at an ATM or teller because mobile deposits and some check types may have hold periods.
• If you are depositing a very large amount of cash, then go to an in-branch teller because ATMs often have lower deposit limits for cash.
• If you receive government benefits or retirement income regularly, then set up direct deposit because it ensures funds arrive reliably on schedule.
• If you are unsure about the deposit limits for a specific method, then check the Bank of America website or contact customer service because limits can vary.
• If you are depositing a check made out to multiple people, then ensure all payees endorse it as required by Bank of America because missing endorsements will cause rejection.
• If you are depositing a check from a foreign country, then consult with a Bank of America teller because these checks often require special handling and may have longer hold times.
• If you are depositing funds to avoid an overdraft, then prioritize methods that make funds available fastest, like ATM or teller deposits, because you need the money in your account quickly.
• If you are depositing money into a savings account, then consider the timeline; if it’s for long-term goals, mobile deposit might be fine, but if you need it sooner, an ATM or teller is better.
• If you are depositing a large check that needs to clear quickly, then consider visiting a branch and speaking with a teller to inquire about expedited processing options, if available.

FAQ

How quickly will my deposit be available?

Availability times vary. Cash deposits at ATMs and tellers are often available immediately or by the next business day. Mobile check deposits may take 1-2 business days, and some checks may be subject to longer holds. Always check Bank of America’s specific policies.

Can I deposit money into someone else’s account?

Yes, you can typically deposit cash or checks into another person’s Bank of America account at an ATM or in-branch, provided you have the correct account number. For checks, it must be made out to the recipient, or you may need their authorization.

What are the limits for depositing money at Bank of America?

Deposit limits can vary by method (ATM, mobile, teller) and account type. For ATMs, there are often limits on the number of bills or checks. Mobile deposit limits are usually daily and per-check. Check with Bank of America directly for the most current figures.

What happens if I deposit a check into the wrong account?

If you realize you’ve deposited into the wrong account, contact Bank of America immediately. They can help rectify the error, but it’s crucial to act fast.

Do I need my Bank of America debit card to deposit at an ATM?

While having your debit card is the most common way, some Bank of America ATMs allow you to initiate a deposit using just your account number and verification, though it might be a more limited process.

What is the routing number for Bank of America?

The routing number is essential for direct deposits and electronic transfers. You can find the correct routing number for your region on the Bank of America website or by logging into your online banking. It’s crucial to use the correct one for your state or territory.

Can I deposit foreign currency?

Bank of America typically accepts deposits in U.S. dollars. For foreign currency, you would usually need to exchange it at a currency exchange service or a bank that handles foreign currency transactions before depositing the U.S. dollar equivalent.

Is there a fee for depositing money?

Generally, there are no fees for depositing cash or checks via Bank of America ATMs, mobile app, or tellers. However, certain international wire transfers or specialized services might incur fees.

What this page does NOT cover (and where to go next)

• Detailed information on specific account types and their unique deposit features.
• Next: Explore Bank of America’s account offerings for checking, savings, and money market accounts.
• International wire transfers or money orders.
• Next: Look into Bank of America’s services for international remittances or inquire about money order processing.
• The process for opening a new Bank of America account.
• Next: Visit a Bank of America branch or their website to learn about account opening requirements.
• Specific details on dispute resolution for fraudulent deposits.
• Next: Review Bank of America’s fraud protection policies or contact their customer support for assistance.
• Advanced banking strategies like cash management for businesses.
• Next: Seek out Bank of America’s business banking solutions or consult with a financial advisor.