All email addresses you provide will be used just for sending this story. And, it’s not … Sign up now! Today, I attempted to deposit a money order via Bank of America Mobile Deposit, after thoroughly checking in the Help section under “Acceptable Items” that Money Orders were, indeed, able to be deposited in this way. There was an unknown error. Before snapping photos of her money order with Bank of America's mobile deposit app, April took the time to make sure that money orders were permitted. Bank of America’s money order fee is $5. The current per money order limit at Bank of America is $1,000.00. Make deposits of new money of at least $20,000 directly into that eligible personal savings account within 30 days of enrolling. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. Deposit a money order to an existing bank account the same way as a normal check. Cynthia Measom is a personal finance writer and editor with over 12 years of collective experience. From banking to investing to retirement, our newsletter has you covered. (Please note that if your checking or savings account has been open for less than 6 months, you’ll be limited to redeeming a maximum of $1,000 per day). Many banks sell money orders, including Bank of America. Cardless ATMs . Filling out a Bank of America Deposit Slip is simple, follow the instructions below. Some banks let you, and some don’t. A money order is a document that can be used in many ways similar to a check. Under certain circumstances, however, the fee may be waived. She … Some of the banks that enable ATM deposits of money orders include Chase, TD Bank, and Wells Fargo. When finished, you can print out your deposit slip for no charge. Fees are subject to change. P… Bank of America, N.A. For cashier’s checks, recipients may receive the money immediately when they cash the check. If you are a Bank of America Preferred Rewards customer, you can get a money order for free, which can make a trip to the nearest branch worth it. Bank of America also has "cardless ATMs," meaning you can use your phone to order a withdrawal in advance of an ATM visit. If you have to pay for a Bank of America money order, you’ll pay $5. 100 N Tryon Street, Suite 115. Am I eligible for the new round of stimulus, and when will my payment arrive? The new year may not have brought the immediate slew of good news that many had hoped. You can transfer money between your Bank of America accounts once you have linked these accounts to your ATM/debit card for ATM access. Even if Bank of America allows it in theory, I wouldn’t trust the process enough to try it. Here’s a look at how other bank’s fees compare. In the event Bank of America, N.A. ", "How To Watch Out for Money Order Scams. It may be necessary to cash a money order before deposit if a bank does not allow the deposit of money orders. Have a bank account To deposit a money order to the bank, you will need to have a bank account. Transfers require enrollment in the service and must be made from an eligible Bank of America consumer or business deposit account to a domestic bank account or consumer debit card. At these banks, you are not able to cash a money order then deposit the funds into someone else’s account, but you can still deposit a … Information is accurate as of Nov. 11, 2020. Customers must contact their branch or look at their personal schedule fees to find out if they qualify for free money order services. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. How To Fill Out a Money Order: A Step-by-Step Guide, What Is a Money Order? Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. In the midst of a pandemic, with job losses piling up, a fear of touching cash on the rise, and more of us stuck at home than ever and therefore not visiting our local brick-and-mortar branches, a... A world without banking is a world that's difficult to even imagine in modern times. A cashier’s check, USPS money order (but not a money order issued by another entity), or certified check can provide you up to $5,000 in funds within one business day. Deposit in Person Deposit in person with a bank employee because deposits at ATMs or through your mobile device will take longer to clear. Get answers to your questions about Bank of America deposit accounts. And if you already have banking business you need to take care of in person, it makes sense to get the money order you need in one stop. She attended the University of Texas at Austin and earned a Bachelor of Arts degree in English. Bank of America charges a $5 fee for a money order. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. © 2021 GOBankingRates. ", $0 for personal checking accounts, $5 for savings accounts. More Americans than ever are navigating online banking thanks to social isolation, while banks have been placed at... GOBankingRates’ comprehensive analysis of the Best Banks of 2021 paid significant attention to checking accounts, which are many customers’ entry point to banking. … Applies in all states. The general steps are: Sign the back of the money order and write your bank account number beneath your signature. If you do not provide this information to the FDIC access to your insured funds will be delayed. See How Easily You Can Get One, Cashier's Check vs. Money Order: Here's the Difference. Well, fine. Those with an account that has been active for less than 90 days are allowed to deposit 1,000 dollars a month. Add any other relevant information, such as an account number. Money orders are not available in Arizona, California or Nevada. 9 a.m. - 6 p.m. Eastern For official contest rules, please go to: gobankingrates.com/best-banks/official-rules/. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The Bank of America mobile check deposit limit are $10,000 per month for accounts opened for 3 months or longer; for accounts opened for fewer than 3 … I probably wouldn’t try it myself. We respect your privacy. You can learn more about GOBankingRates’ processes and standards in our editorial policy. Whether you are looking for a routing number, setting up a direct deposit, or looking for a SWIFT code for international deposits - get your questions answered. You might be surprised to learn that many people still write checks. You can transfer money between your Bank of America accounts once you have linked these accounts to your ATM/debit card for ATM access. Verify your identity in the app now to sign in to Online Banking. Deposit in Person Deposit in person with a bank employee because deposits at ATMs or … Direct deposit is a convenient way to receive money from your employer or the government. Member FDIC. One of the most common scams is a buyer asking a seller to accept a money order for payment that’s for more than what is owed. Then, the buyer asks the seller to deposit the money order and give back the difference. A cashier’s check, USPS money order (but not a money order issued by another entity), or certified check can provide you up to $5,000 in funds within one business day. Whether you are looking for a routing number, setting up a direct deposit, or looking for a SWIFT code for international deposits - get your questions answered. Flagscape OGIO® Men's Endurance Force Long-Sleeve Top 1446963 $31.95 Editor's Note: This article originally appeared on Consumerist. With the Fed announcing in December that they would... Like almost everything else, banking has changed significantly during the pandemic. There are two ways: one is by showing up in person at a Bank of America branch location and ask the bank clerk to deposit the money order in your bank account and then the money order … If the money order is made out to you, simply sign it and bring it to your bank to deposit it. Bank of America also has "cardless ATMs," meaning you can use your phone to order a withdrawal in advance of an ATM visit. Am I eligible for the new round of stimulus, and when will my payment arrive? The seller might not realize the money order is fake until it’s too late. For more details, plus alternative ways to deposit money orders, see below. bankofamerica.com . We will walk you through each step of filling out a Bank of America Deposit slip. However, with more and more national and online banks, consumer choice is more extensive than ever. Please try again later. Bank of America's money order fee is $5. She lives 200 miles away from the nearest Bank of America (yes, there is such a place in this country) and can’t go to a branch or ATM to deposit it. The fee is waived for Preferred Rewards customers. If you’re a Bank of America customer, you have another reason to consider setting up a direct deposit: It’s a way to avoid monthly maintenance fees on select accounts. I used to get money orders from BoA every month from 3 - 6 years ago. Open the mobile app and take photos of the front and back of the money order. fails, the FDIC may require information from you, including a government identification number, to determine the amount of your insured deposits. Many banks sell money orders, including Bank of America. These offers do not represent all available deposit, investment, loan or credit products. Although there are some exclusions to the types of checks you can deposit this way, the most common — personal, cashier’s and government-issued checks — are compatible. Take photos of the front and back of the check with your smartphone — just select the Front of Check and Back of Check buttons. Check out GOBankingRates' picks for the Best Online Banks of 2021. Major banks with a ban on depositing cash into another’s bank account include Chase, Wells Fargo, and Bank of America. All Right Reserved. Keep your receipt in case you need to track or cancel the money order. Did they stop offering them or was I just dealing with a mean or inexperienced teller? Recipients have 14 days to enroll to receive money or the transfer will be canceled. Under certain circumstances, however, the fee may be waived. Advertiser Disclosure: Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. (Getty Images) Depositing a big amount of cash that is $10,000 or more means your bank … Unlike a check, however, it’s a guaranteed method of payment, which means that it’s considered more secure. Select the account to receive the deposit, enter the amount and tap Continue. Here are some tips to be avoid falling victim to a money order scam. 1.980.387.6075. You can visit your nearest local branch to get a Bank of America money order — unless you’re in one of the states where the bank doesn’t issue them. That has been active for less than 90 days are allowed to deposit it you are the... 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