Transfer Now

What it is: Transfer Now is an easy, fast and secure online way for our personal customers to move funds to and from Bank of Ann Arbor and other financial institutions.

How it works: All Personal Online Banking users will see an option for External Transfers under Accounts when logged into Online Banking. Feature is not available while in Mobile Banking.

Image of the Transfer Now main menu

What the user sees:

Image of the Transfer Funds screen

Setting it up: Before a transfer can be made, the user must verify ownership of the account at the other financial institution. Funds can only be transferred between accounts with same ownership. User should select Add New Account from the External Transfer page in Online Banking. Users have two options for account ownership verification: real-time and trial deposits. The real-time verification process is the default as it allows the user to proceed promptly with the transfer. However, the users will be asked for their log-in credentials at the other financial institution including any challenge questions. If the user does not want to use this method they can select the trial deposit method by clicking link in Information box. Information icon

Image of the Account Verification screen

Who it's for: Personal customers, only between US accounts. Funds can only be transferred between accounts with same ownership.

Who will like it: Our clients with accounts at other financial institutions, especially those who like to move funds between money market, savings or brokerage accounts.

What's delivery speed? Customers choose. They can select either Next day or 3 day option. Transfer Now will inform customer at time of request if next day is not available for the requested financial institution. Recurring transfers can also be scheduled.

How much does it cost?

  • $2.50 per transfer to an account outside BOAA (external) for next day service
  • $0 for transfers to an account outside BOAA for three day service
  • $0 for incoming transfers from other financial institution

What are the dollar limits?

There are no limits on the number of transfers that can be made, only dollar amount limits. Users can find limits by click on information box. Information icon

  • Next day (in or out) $2,000 per transaction or per day, $5,000 for month.
  • Three day (in or out) $5,000 per transaction or per day, $10,000 for month

Image of the Transfer limits Window

Is there a hold on funds?

  • Incoming funds are generally not placed on hold, but BOAA reserves the right to hold funds on an individual basis.
  • Outgoing funds are immediately placed on hold regardless of speed of transaction.

More information can be found by clicking on Information icon.

How does a customer learn more about Transfer Now?

There is an extensive list of FAQs a user can access by selecting Help when on the External Transfer screen while within Online Banking.

Online & Mobile Banking

Michigan's 2017 Best and Brightest in Wellness

Michigan's 2017 Best and Brightest in Wellness®