If you have been sweating out in your endless search for Bank Of America Zelle limits for all types of accounts and transactions, then read this article that has given a simplified and straightforward explanation just for you.
Everything you need to know about the Bank Of America Zelle limit is contained in this article. From individual accounts through Small Business, Merrill Lynch to Private accounts. You will find them all here. So read with full attention as we begin.
What Is Bank Of America Zelle?
Bank Of America Zelle is the term used to refer to the coalition of Bank of America and Zelle. Zelle is a peer-to-peer payment network that partners with banks to carry out its function for sending and receiving money.
In 2021,Bank of America launched the Zelle widget that allows customers with a Zelle account to transact with the service through the Bank Of America mobile app or online banking service. This fusion is what is referred to as the Bank of America Zelle.
Are There Bank Of America Zelle Limits?
Yes, there are limits placed on how much you can transact using the Bank of America Zelle. There is a maximum minimum limit for any type of Bank of America account that you are using with Zelle.
Reasons For Bank Of America Zelle Limits
The major reason for limiting your Bank of America Zelle transaction is for security purposes. Also, this is done to control the inflow and outflow of cash in society in line with government policies.
What Are The Bank Of America Zelle Limits?
The Bank Of America Zelle limit is the term used to refer to the margin of transaction that a Bank of America customer can carry out through the use of Zelle. That is to say, the total amount of money or transaction that you are not allowed to exceed while using Zelle with Bank of America.
In this, there are the maximum limits and minimum limits in different transactions such as sending money, receiving payments, the type of account, as well as daily, weekly, and monthly limits, etc. We will discuss each of them to your understanding as we move on.
Bank Of America Zelle Transfer Limits
To begin with, we are going to be looking at the Bank Of America Zelle limits for transfers. This means the maximum and minimum amount of money that you can send from your Bank Of America Zelle account.
And in this, I would like to let you know that the transfer limit is dependent on the type of account that you are operating hence there Are different bank of America sending or transfer limits for individual accounts, small business accounts, Private accounts as well as Merrill Lynch wealth management clients. So we will take each of them below.
Bank Of America Zelle Limits For Individual Accounts
Let us see the Bank Of America Zelle limits for an individual account. And by this, we mean the maximum and minimum amount of funds that you can transfer or send from your Bank of America Checking or Savings account using the Bank of America Zelle.
For an individual account, the minimum amount of money to transfer is $1. You can not send any amount of money that is lower than that.
Bank Of America Daily Transfer Limit For Individual Accounts
The maximum amount of money that can be transferred with your individual Bank of America Zelle account is $3500 daily. And for each day, you are not allowed to make more than 10 transfers. That is, if you are going to make 10 transfers in a day, the total of them put together should not be more than $3500.
Bank Of America Zelle Weekly Limit For Individual Accounts
Just as there is a Bank of America Zelle limit for daily transfers, there are also limits for weekly transfers. And this refers to the maximum amount of money that can be sent in a week or 7 days period. Let us see the limit below.
The weekly transfer limit for individual Bank of America Zelle accounts is $10,000. And you have a maximum of 30 transfers a week. And as explained above, you are not allowed to perform more than 30 transfers in a week. And the total of all the 30 transfers must not exceed $10,000.
Bank Of America Zelle Monthly Limit For Individual Accounts
So this is the last in this category. Individual accounts with Bank Of America Zelle also have monthly limits. The monthly transfer limit for a Bank of America Zelle individual account is $20,000. And the maximum number of transfers is 60.
This is to say, within 30 days, you can not transfer more than $20,000 and you must not carry out more than 60 transfers. Now that you have seen the Bank of America Zelle limit for individual accounts, let us see the limits for other types of accounts.
Bank Of America Zelle Limit For Small Businesses
If you have a small business account with Bank of America Zelle, this section has your transfer limit. The Bank of America Zelle limit for small businesses is $15,000 daily and a maximum of 20 transfers a day. You must not exceed this limit.
Also, there are weekly transfer limits for small business accounts just like you have with individual accounts. In 7 days, the transfer limit is $45,000. And the maximum number of transfers for each week is 60. I believe you already understand that this means you would not exceed $45,000 with 60 transfers put together in 7 days.
Furthermore, there are monthly transfer limits for small business accounts too. The Bank of America Zelle monthly limit for small businesses is $60,000 and a maximum of 120 transfers. You can not exceed this within 30 days.
Bank Of America Zelle Limit For Merrill Lynch Account
The Bank Of America Zelle limits for Merrill Lynch account is the same as the limit for Small Business accounts. The only difference, however, is the number of transfers that you are allowed to make within the limited period. That is, you are allowed to transfer $15,000 daily and a maximum of 15 transfers in a day.
The weekly (7 days) transfer limit for the Bank of America Zelle Merril Lynch account is $45,000 and a maximum of 30 transfers pit together. While the monthly or 30 days transfer limit for the Bank of America Zelle Merrill Lynch account is $60,000 and a maximum of 60 transfers.
Bank Of America Zelle Limit For Private Accounts
For a Bank Of America Zelle private account, you can make a maximum of $25,000 and 15 total transfers daily. Then your weekly transfer limit is $60,000 and 30 transfers. For 30 days (monthly), you can make transfers of up to $ 100,000 and a maximum of 60 transfers.
Bank Of America Zelle Receiving Limits
There are no limits to how much you can receive on your Bank of America Zelle account. The limit is placed on the money sent and not the one coming. The transaction can only be declined if the recipient does not have a Bank of America account.
When Does My Bank Of America Zelle Limit Reset?
The Bank of America Zelle limit resets at the end of each day for the daily limit. That is by midnight, the limit will reset. Similarly, the weekly limit resets at the end of each 7 days and so also does the monthly limit.
See also, Bank of America Zelle Fees.
Can I Increase My Bank Of America Zelle Limit?
Our research did not find any information about increasing the Bank of America Zelle limit. However, you may be able to increase the limit by contacting your bank branch. Or contacting Bank Of America Customer Service.
Summary
We have succeeded in taking you through the Bank of America Zelle limits for various transactions and different types of accounts. We discussed the Bank Of America transfer limit for individual accounts, Small Business accounts, Merrill Lynch accounts as well as Private accounts we also showed you the receiving limit and when it resets. If you wish to increase your limit, contact Bank of America Support for further inquiries.