Can I buy Bitcoin or Crypto with Bank of America?
Bank of America (BofA) does not currently offer any services for their customers to access digital assets directly through their financial applications. Recently, the Bank of America COO Tom Montag commented that Crypto could add value to banks in the near future - hinting at a possible service offering some time in 2022.
That said, Bank of America is a crypto-friendly financial institution that does allow their customers to deposit funds into licensed and regulated trading platforms.
How to buy Crypto with Bank of America Online
If you are looking to buy crypto from a Bank of America account, we recommend you use a trusted and regulated exchange in the United States like eToro. They allow Bank of America customers to deposit US Dollars instantly and with no fees via an ACH Transfer, or even Debit Card, Credit Card and PayPal.
The guide below provides a quick overview on how to get started.
- Create an account: Sign up to the eToro US trading platform.
- Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen to deposit USD via a Bank of America bank transfer.
- Find your Crypto: Once the USD hits your account, find the Crypto you want to buy on the eToro platform with their 'Discover' tab.
- Execute your trade: Input the USD amount you want to invest and execute your trade.
Bank of America Crypto Policy
The Bank of America has never had any policies that prohibit customers from using licensed cryptocurrency exchanges to buy and sell cryptocurrencies. They will allow you to freely deposit and withdraw US Dollars without customers having to worry about potentially frozen funds.
Bank of America's research desk BofA Global Research has been historically bullish on the space, which indicates that Bank of America will likely integrate digital assets into their service offering soon.
About Bank of America
Bank of America is one of the biggest banks in the United States. It is a diversified financial institution offering banking, investing, asset management, and other financial services for personal accounts and companies. The bank has more than 5,000 branches and 16,000 ATMs across the country.
BofA is licensed by the Federal Deposit Insurance Corporation (FDIC) and is a member of the Federal Reserve System. The bank is also regulated by the Office of the Comptroller of the Currency (OCC).
Bank of America has a good reputation and is generally considered to be a reliable and safe bank. However, like all banks, it has had its share of problems in the past. These include the 2008 financial crisis, when the bank received billions of dollars in government bailout money.
Overall, Bank of America is a large and well-established bank that offers a wide range of products and services. It is generally considered to be safe and reliable, although it has had some problems in the past.