What bank are you using to purchase cryptos? U.S. Residents

bank
cryptocurrency

#1

I’m trying to open a bank account solely to purchase through coinbase/gdax. I have been using a credit card to make purchases and paying it off monthly but with my card set to expire, recent reclassification to a cash advance, wanting to make larger purchases and coinbase no longer accepting credit cards i need to link an account.

So i asked my local PNC bank if i could open a checking account to use for making purchases through coinbase. I was straight forward with my intention of wanting to purchase Bitcoin with this account as i didnt want any issues to pop up later. I was told they had never had been asked this question and would look into it. After two days i finally received a call saying that it had something to do with being money services and would not allow me to make any transactions involving coinbase.

I have also asked my local US bank and they stated no as well. Said they had recent seminars/training that lumped btc in with criminal activities and they would not allow it either.

I found this article listing crypto friendly banks and i am thinking about signing up for the Simple online banking account.

Does anyone use the Simple online Banking? If so what do you think and if not what on ramp are you currently using to get into crypto?

This is certainly a roadblock to on-boarding new users and a hindrance to those already in the space so lets create a list of viable options!


#2

I just use my local bank and have never had any problems. Even when Coinbase generated a few duplicate transactions that I had not authorized they reversed those charges for me with no problems. Maybe you shouldn’t bring up the issue of using Coinbase and just set up the account and not let the bank know what your intent is for that account.


#3

I use Wells Fargo and they have given me 0 shit. At this point I don’t think they want more negative publicity.


#4

May end up doing that, just wanted to avoid this situation


#5

what’s nice about Coinbase, your bank auto withdraws like any on line purchase and same when you cash out, deposit dollars, but you purchase a coin, you need bank acct.


#6

You can purchase bitcoin without a bank account if you have access to a btc atm or local bitcoins, etc. Which you can then use to purchase any coin you like.

I just don’t want to be closed out of my primary bank for purchasing bitcoin. As @CryptoFalcon stated, may be best to open an account just for crypto at another bank and not mention intentions.


#7

I use Keybank no hassle account. Haven’t had one issue.


#8

I agree give the bank the least amount of information as possible. Its none of their business anyway, its not like your using your money to buy russian spies and rig 2016 elections with bitcoin :sunglasses:. Chase is alright I think. I don’t like Coinbase anymore I think they forgot where they came from and sold out their retail customers for the institutional wall street money. Might want to by your BTC from some else.


#9

Local credit union worked fine. Didn’t say anything to them, just did it. Besides, the megabanks are evil.


#10

CapitalOne. No issues.


#11

Wells Fargo. No issues.


#12

US Bank with no issues at all.


#13

Use a credit union checking account


#14

I use US bank and don’t have any problems


#15

I ended up going to key bank and so far so good( I did not ask about crypto when opening account). Weird that several of you are using US bank with no issues when i was told at my local branch they would not allow crypto purchases. From my experience of asking at several banks it seems that many of the people working there really dont know much about btc/crypto.

Some responses to my question “can i purchase bitcoin with an account here” ?

  1. Never been asked that, i will get back to you
  2. What is bitcoin
  3. We just had a seminar recently that said we need to look out for cryptos along with gambling, money laundering, etc, etc.
  4. We cant process that because it involves money services (or something along those lines)

#16

Carl from “The Moon” said his (Swedish) bank just cut him off from transactions to exchanges even though it worked in the past. So that’s definitely going around.

My credit union still works.


#17

I actually have pnc. I use it for coinbase regularly. there are no fees for ach, but if you use your debit card there are two fees. one was a 5.00 cash advance fee, the other was an international POS fee. it was like 3.00 for every 100.00

Just letting you know your local pnc has zero idea what they are talking about lol


#18

Chase wouldn’t let me link my card to coinbase for some reason but yeah US bank let me