The Bank of America is one of the many banks that allows cash transactions using Zelle. In this article on the Bank of America Zelle limit in 2021, I will be answering the many questions that border around the Bank of America Zelle limit in 2021 and much more.
The Bank of America Zelle limit in 2021 for an individual account is $3,500 per day and $20,000 in a month. For a small business and the Merrill Lynch account, the Zelle limit is $15,000 per day and $60,000 per month, while the Bank of America Zelle limit for Private Bank accounts is $25,000 per day and $100,000 per month.
Zelle Pay (popularly referred to as Zelle) has become a payment platform for sending and receiving money worldwide. Making international transactions has proven to be a daunting task as most platforms seem to segregate between countries, and they usually come with gruesome charges. The acceptance Zelle is getting is proof that the platform is offering customers top-notch services.
It is important to note that the Zelle transfer limits vary from the type of account you operate, and it is divided into daily, weekly, and monthly basis. As we proceed in this article, I will show you all the disparities in the Bank of America Zelle limit in 2021 regarding the account type and timeframe disparity. Let’s go.
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Bank of America Zelle Limit 2021
To protect users of Zelle Pay, a limit has been imposed on the amount of money that can be sent and the number of transfers that can be made. The Bank of America Zelle limit is three thousand five hundred dollars per day and twenty thousand dollars per month. However, this Zelle transfer limit is subject to the kind of account as I have explained below.
Bank of America Zelle Limit for Individual Account 2021
All payment platforms have daily limits, and this is because they are trying to prevent fraud and keep the accounts of their users safe. Another reason why banks and payment platforms impose limits on transactions is to maintain a steady cash flow and equity.
For the Bank of America Zelle limit for an individual account, customers can send up to $3,500 per day and make a total of ten transfers daily. Still, on the individual account limit, the weekly Zelle limit for transactions is $10,000, and customers will not be allowed to transfer more than 30 times in a week. Lastly, the Bank of America Zelle limit for individual accounts in a month is $20,000 and a minimum of 60 total transfers.
While Zelle Pay imposes limits on transfers, there is no limit to how much you can receive. This means that the Zelle limit, as we are discussing, only affects transfers made from your Bank of America Zelle account, but you can receive as much money as is sent to you without limits.
Moving further, let’s look at the other bank account types and what kind of limit is placed on them.
Bank of America Zelle Limit for Business Account 2021
The Bank of America Zelle limit for business accounts is divided into daily, weekly, and monthly transactions. The Bank of America Zelle limit is $15,000 per day for twenty transfers if you operate a business account. Every week, you will be allowed to make up to sixty transfers at a limit of $45,000.
The monthly Bank of America Zelle limit for business accounts is $60,000 in 120 monthly transfers. As I explained, while there is a limit you what you can send using Zelle, there is no limit to what you can receive via the platform.
Bank of America Zelle Limit for Merrill Lynch 2021
Both the business account and the Merrill lynch account have the same Zelle transfer limit. The only difference between these account types is the total amount of transfers allowed. While the small business account allows 20 daily transfers, 60 weekly transfers, and 120 monthly transfers, the Merrill Lynch account allows 15, 30, and 60 transfers, respectively.
The Bank of America Zelle limit for Merrill Lynch is $15,000 for not more than 15 total transfers daily. The weekly limit is $45,000 and up to 30 total transfers, while the monthly Zelle transfer limit for a Merrill Lynch account is $60,000 in 60 total transfers.
Next, we would look at the Zelle transfer limit for Private Bank accounts.
Bank of America Zelle Limit for Private Bank 2021
Having a Private Bank account with the Bank of America, you can make up to $25,000 and 15 total transfers daily. Every week, the Zelle transfer limit for a Private Bank account is $60,000 for not more than 30 transfers and every month, you are allowed to make up to $100,000 transfers but not more than 60 monthly transfers.
Can I Send $5,000 through Zelle?
The Zelle daily limit for an individual account is $3,500 per day, which means if you own an individual account, you cannot send $5,000 through Zelle. However, if you have a business account, Merrill Lynch account, or a Private Bank account, you can send $5,000 through Zelle.
Sending money through Zelle is dependent on the account type you have. While you cannot send $5,000 through Zelle in a day using an Individual account, you can send more than that when using any of the other account options.
If you must make a payment of $5,000 through Zelle, then you would have to spend $3,500 once and then wait till the next day to send the remaining $1,500. That’s the only way you can send $5,000 using an Individual account on Zelle Pay.
Is There a Limit on Zelle Bank of America?
Yes. Zelle places a limit on transactions performed on its platform, and according to them, the limits to cash transactions are placed for security reasons. Zelle limits the amount of money and the total transfers customers can carry out in a specific period.
How to Increase Zelle Daily Limit for Bank of America?
Increasing your Bank of America Zelle limit may not be feasible on paper but there is no harm with inquiring at your bank branch. The Bank of America allows Zelle users to transfer up to $3,500 per day on an individual account but small business account can transfer up to $15,000 per day. It is safe to say that by upgrading your account, you could increase your Zelle daily limit for Bank of America but this may not be allowed.
Does Zelle Do Instant Transfers?
Yes. Zelle transfers are performed instantly. When you send money using Zelle, the recipient will receive it a few minutes after the transfer is successful on your end. However, transfers made on weekends or after 7 pm EST on weekdays will be processed on the next business day.
Final Thoughts on Bank of America Zelle Limit 2021
Zelle is offering one of the best services when it comes to sending and receiving money. It is available to banks such as the Bank of America, JP Morgan Chase Bank, Wells Fargo, Capital One, Morgan Stanley, Ally bank, PNC, the US Bank, etc.
I am optimistic you found value reading through my research on the Bank of America Zelle limit for 2021. Now you know the Zelle transfer limit that is operational on your Bank of America account. Conclusively, it is vital to note that this Zelle transfer limit is only for Bank of America customers as there are chances the limits would be different in other banks.