Direct deposit is a convenient way to receive money from your employer or the government. If you’re a customer with Bank of America, Member FDIC, you have another reason to consider setting up a direct deposit: It’s a way to avoid monthly maintenance fees on select accounts. Keep reading to learn more about how to sign up for Bank of America direct deposit and how it works.
What Is Direct Deposit?
Direct deposit is simply the electronic transfer of funds straight into your Bank of America bank account from the entity that is paying you, which might be your employer or a government agency. Direct deposit is faster and less expensive than issuing paper checks.
How To Set Up Direct Deposit With Bank of America
There are multiple ways to set up a Bank of America direct deposit. No matter which method you choose, you need to provide information about yourself and your account.
What Is Needed for Direct Deposit?
Here’s the information you need to set up a direct deposit:
- Bank of America account number
- Bank of America routing number
- Employer’s name and address
How To Set Up a Direct Deposit From an Employer
You may be able to set up direct deposit with your employer’s payroll system online. If not, follow these steps to set up a direct deposit from your employer:
- 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
For benefits being paid by the federal government, such as Social Security and Veterans Affairs payments, you have three options. The first is to complete the process online:
- Visit GoDirect.gov to set up direct deposit.
- Complete the online form.
Should You Utilize a Bank of America Direct Deposit Form?
If you are a Bank of America customer, it makes sense to set up a direct deposit for recurring payments. Not only is it a convenient way to receive money, but it can also bring you significant savings. For example, Bank of America Advantage Plus Banking® checking account holders can waive the $12 monthly maintenance fee when they have at least one qualifying direct deposit of $250 or more made to their accounts. That’s a savings of $144 per year.
Bank of America Direct Deposit Form Frequently Asked QuestionsOnce you begin the process of setting up direct deposit at Bank of America, you'll probably have some questions. Here are some common ones:
- How do I know if my direct deposit is set up with Bank of America?
- What time does direct deposit go through with Bank of America?
- Does Bank of America process direct deposits on the weekend?
- Bank of America does not process direct deposits on the weekend. Banking days are regular business days – Monday through Friday, except for federal bank holidays. At Bank of America, direct deposits post on the first available banking day.
- 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?
- No, Bank of America does not offer early direct deposit. Direct deposits post on the first available banking day.
This article has been updated with additional reporting since its original publication.
Information is accurate as of Feb. 21, 2023.
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