Updated: Apr 11, 2022
Updated: April 11, 2022
What is Auto-Transfer from Bank of America?
Auto-transfer allows for you to transfer funds from your EDD Bank of America account into your personal bank account automatically anytime new funds from your EDD unemployment hit your BoA account. This way you never have to log in to transfer funds - it does it for you!
Do I have a need to set up Auto-transfer for any reason?
Not at all - it's all about convenience. Setting up auto-transfer is completely up to each individual claimant. Most people prefer the convenience of having their EDD unemployment benefits accessible from an account that they use more regularly. During the pandemic, there were a lot of fraudulent claims and some people prefer using their own personal banking accounts instead of leaving any funds on their EDD debit card.
With that being said, we do recommend setting up auto-transfer and/or transferring any existing benefits that are in your Bank of America EDD account. We recommend this especially for anyone who had any issues with their ID verification and are potentially receiving a large lump sum in back pay. While the EDD branch of Bank of America is a legitimate bank, they often place more restrictions and limitations on certain claimant’s accounts for various unknown reasons. This can potentially result in a claimant only being able to withdraw or spend a certain amount of money each day and their account being frozen repeatedly for making too large of a transaction.
How Do I Set Up Auto-Transfer?
It's very easy and only takes two steps:
1. Set up auto transfer
Sign into your account: https://prepaid.bankofamerica.com/eddcard/verify/signin
Go to "My Money" and click "Transfers"
Scroll down and go to Recurring Transfer and Transfer-To Accounts
For Amount: You can choose “Full Deposit” for the full amount to be transferred or you can specify.
For When: Change to "After Each Deposit”
This makes it so every time money is deposited into the account from EDD, it will initiate a transfer.
Connect it to your bank of choice by adding the corresponding account and routing number.
When EDD deposits the money into the debit card, it will automatically be transferred to a bank account of your choice.
2. Set up text alerts
Go to "My Settings" and click "Alerts"
Add your phone number or e-mail address -- whatever you prefer for notifications.
Check off "Value Load" - you'll get a notification for when money gets deposited
Check off "Funds Transfer Requested" - and you'll get a notification when money gets transferred
That’s it!! Now you don’t have to constantly sign in and monitor your account for when EDD is extra slow in processing your funds.