The direct deposit method is a quick and easy method to receive money in your bank account from your employer. You can also receive the social security benefit amount or tax refunds using this option.
Let us guide you on how to set up your direct deposit with the Bank of America and what information you require.
What is a Direct Deposit?
Direct deposit means the electronic transfer of money from the payer to a receiver’s bank account directly without using a paper check or any other instrument.
The Bank of America also offers direct deposits to its customers. The direct deposits may come from your employer or the US treasury. It may be for a single payment or recurring monthly payments like your salary deposits.
It’s an alternative money transfer option to depositing a paper check into a payee’s bank account. This method is faster and cheaper than check deposits in many ways.
What Information Do You Need to Set Up Direct Deposit?
You’ll need only a few things to set up a direct deposit with your employer or to receive money from the US Treasury.
- Your Bank of America account number.
- Your Bank of America routing number.
- Your Employer details including name and address.
Once you know this information, you can then download the prefilled direct deposit form or fill out the form using some convenient options easily.
Follow these simple steps to set up your Bank of America direct deposit and get paid faster.
The first step is to gather the information listed above. You can find the bank account and routing numbers from your paper check if you have one. Alternatively, you can find this information in your online banking account.
The second step is to register for online banking and create an account with the Bank of America. If you are already enrolled, log in using the credentials.
The third step is to download the prefilled direct deposit form from the menu. If you can’t find the form, you can fill it out online too.
Verify your account details, name, address, and employer details before printing it. Once confirmed, you can then download and print the form.
Finally, provide the direct deposit form to your employer’s payroll office. Some employers may ask for a void check, paper check, or any other instrument to verify your bank account details.
The confirmation to set up the direct deposit comes from the payer and the Bank of America services cannot confirm it unless you receive the first payment.
How to Set up a Bank of America Direct Deposit from Your Employer?
An easier way to set up direct deposits is to complete the process from your employer’s payroll office. If they cannot set it up for you, provide them with the direct deposit form of your bank.
You can use the prefilled direct deposit form or complete one using online banking with Bank of America. Follow the same steps mentioned above and complete the form.
Then, provide a copy of this form to your employer and confirm the first payment as soon as you receive it. Your online direct deposit form can also be used as an alternative to a void check.
How to Set up a Bank of America Direct Deposit from US Treasury?
You can take a similar approach to set up a direct deposit from US Treasury too. There are three options to set direct deposits to receive your social security benefits from the treasury.
You can enroll for direct deposits online at www.fiscal.treasury.gov/GoDirect. Then, complete the form online there by providing essential details.
The second option is to call the US Treasury office at 800.333.1795. Provide your identity details and social security number and your direct deposit setup should be confirmed in a few minutes.
The third option is to visit a Bank of America branch. The customer support services can guide you through the process for further convenience.
What are the Benefits of Using a Direct Deposit?
You can receive a paper check or money order every time from your employer and deposit it in your bank account every month. Alternatively, use the direct deposit setup to save time and hassle.
Direct deposits are also faster than depositing paper checks and money orders. Since you do not need an account deposit manually, the direct money transfer from your employer will take a few minutes.
It’s a convenient option for recurring monthly payments like receiving salary or employer benefits. You can also split the amount received from your employer that you have to do separately if received through a paper check.
You can use direct deposits to receive social security benefit amounts or tax refunds quickly and conveniently.
You do not need to visit a bank branch to deposit money in your account anyway. Also, it reduces the risk of a lost or stolen paper check.
How to Contact the Bank of America Customer Support?
You can visit the nearest Bank of America branch to complete the setup for the first time or make any changes like changing the bank account or employer details.
Alternatively, you can reach out to the Bank of America support center through the phone helpline at 844.375.7028.
The phone helpline is available from Monday through Friday 9 a.m.-midnight E.T, and Saturday till 8 p.m.
FAQs on Direct Deposits with the Bank of America
Let’s answer a few frequently asked questions about direct deposits with the Bank of America quickly.
What are the Bank Charges for Direct Deposits?
There are no bank charges for this service from Bank of America. Confirm with your employer if they have any extra charges.
How long does it take for direct deposit to start?
It depends on the payer like your employer making the direct deposit. Usually, it may take around three to seven business days from the start to complete the process.
How to Find the ABA Routing and Bank Account Numbers?
You can find the bank account and routing numbers from your paper check easily. If you don’t have a paper check, log in to your online/mobile banking account and view this information.
How Do I Know My Direct Deposit Has Been Confirmed?
Bank of America cannot confirm if your direct deposit setup is fully functional. Only your employer can confirm it once you receive the first payment.
For further convenience, you can activate transaction alerts from Bank of America for free.
Where Can I Get My Prefilled Direct Deposit Form?
The pre-filled direct deposit form is available in your online banking account system. Alternatively, you can ask for one from a branch or complete it by yourself through your online banking account.
Does Bank of America Do Direct Deposits on Weekends?
Direct deposits and other fund transfers are processed on working bank days only. So, if your direct deposit is initiated on the last working day, it may get completed on the first working day of the next week.
Does Bank of America Offer Early Direct Deposits?
No, there is no option to receive early direct deposits from the Bank of America currently.
What time does direct deposit go through with Bank of America?
Direct deposits and online fund transfers are processed on the same day for most banks these days. Even if your direct deposit is processed after banking hours, you should expect the money in your bank account the next banking day.
