If you have a job, then direct deposit isn’t a new concept to you. To briefly explain it, it is simply a convenient way to receive money from your employer or the government. Also, if you’re a Bank of America customer, you have another reason to consider setting up direct deposit, and that is to avoid monthly maintenance fees on certain accounts.
Continue reading to learn more about how to sign up for Bank of America direct deposit.
What Is Direct Deposit?
Simply put, direct deposit is the electronic transfer of funds straight into your Bank of America bank account from the person or organization that is paying you, which can be your employer or a government agency. Direct deposit is actually much faster and less expensive than issuing paper checks.
How To Set Up Direct Deposit With Bank of America
There a couple of different ways to setting up your direct deposit with Bank of America. Regardless of which way you choose, you will need to provide information about yourself and your account.
How To Set Up a Direct Deposit From an Employer
All you have to do to set up direct deposit from an employer is to follow these steps:
- Fill out a Non-Federal Direct Deposit Enrollment Request Form. You can find this form on Bank of America’s website.
- Alternatively, you can sign in to Online Banking and download a preprinted Bank of America direct deposit form. This form takes the place of a Bank of America voided check.
- Give the direct deposit form to your employer for processing.
How To Set Up a Direct Deposit From the U.S. Treasury
If you’re expecting any benefits being paid out from the government, such as Social Security and Veterans Affairs payments, you have a couple of options. The first is to complete the process online:
- Visit GoDirect.gov to set up direct deposit.
- Complete the online form.
The next would be to call the U.S. Treasury or schedule an appointment at a local Bank of America branch during regular business hours.
Bank of America Direct Deposit Frequently Asked Questions
Here are some popular questions that people have when they first set up their Bank of America direct deposit.
How Do I Know If My Direct Deposit Is Set Up With Bank of America?
To know if you have correctly set up your direct deposit with Bank of America, simply wait for the first direct deposit to hit your checking account or sign up for notifications from Bank of America that will text you or email you when you receive the deposit into your checking or savings account.
What Time Does Direct Deposit Go Through Bank of America?
Direct deposits can be set up for same-day, next-day or two-day processing. The money should be in your bank account by the opening of business the day you’re supposed to receive the direct deposit.
Does Bank of America Process Direct Deposits on the Weekend?
As long as your direct deposit doesn’t land on a weekend, you’re good because Bank of America doesn’t process direct deposits on the weekend. They generally do their banking on regular days which are Monday through Friday, except for bank holidays.
How Long Does It Take for Direct Deposit To Start?
Starting and processing times for direct deposits can vary depending on factors such as who is issuing the payment. As long as the information you submit is correct, you should be able to receive direct deposits in three to seven days.
Does Bank of America Offer Early Direct Deposit?
Bank of America does not offer early direct deposit. They are simply posted on the first available banking day.
You might be wondering to yourself now if you should set up a Bank of America direct deposit. Simply put, if you are a Bank of America customer, then it makes sense to set up direct deposit for recurring payments. It’s a convenient way to receive money but it can also help you save money because it helps waive maintenance fees. For more posts like this, check out our list of bank guides and Bank of America promotions!