Key Takeaways: Truist Bank does not offer any products or services which enables its customers to buy or sell cryptocurrencies directly through its online banking platform. The only method available to Truist users is to transfer USD from their account to a FINRA-licensed crypto broker.
If you are looking to get started quickly, we recommend a platform like eToro US who offers fast and cheap deposits from Truist Bank. You can trade over 70 Cryptos and stake them to earn interest.
- Fast and Cheap USD deposits from Truist Bank.
- Trade 70+ Cryptos on a Trusted and Regulated platform.
- Low and variable trading fees with tight spreads.
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
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How to buy Crypto with Truist Bank account
Customers of Truist Bank will need to find a cryptocurrency exchange based in the United States that accepts ACH Bank Transfers from Truist Bank. The platform must be licensed by The Financial Industry Regulatory Authority (FINRA) according to relevant laws and regulations.
We recommend the eToro trading platform because they are licensed and offer fast USD Deposits from Truist Bank. Simply follow the guide below to get started.
- Sign up to the eToro USA platform.
- Visit the ‘Deposit Funds’ screen and select USD Bank Transfer.
- Find the transfer details and deposit from Truist Bank.
- Select the Crypto you want to buy and select ‘Buy’.
Truist Bank Crypto Policy
As at time of writing, Truist Bank does not have any adverse policies that would prohibit their customers from depositing US Dollars into a cryptocurrency exchange. This means that you do not need to worry about the possibility of the bank freezing your funds, or account at Truist Bank.
Generally across the United States banks have become a lot more friendly towards cryptocurrencies, and many expect Truist Bank to offer crypto to their customers later in 2022 or in early 2023.
Truist Bank Deposit Fees
Depositing USD into eToro from a Truist Bank account incurs a 20bps fee (0.2%), which is considerably cheaper than alternative platform like Coinbase who charge over 2.99% per deposit.
About Truist Bank
Truist Bank, formerly SunTrust Bank, is a bank headquartered in Atlanta, Georgia that provides financial services for consumers and businesses in the United States. The company operates 2,200 branches and over 4,000 ATMs across 11 southeastern states.
Truist Bank offers a variety of deposit products including checking accounts, savings accounts, money market accounts and certificates of deposit (CDs). For consumers, the bank also offers personal loans, home equity loans and lines of credit, auto loans and credit cards. In addition, the bank provides a range of services for businesses including small business loans, commercial real estate financing, lines of credit and Treasury management services.
The company's history dates back to 1891 when it was founded as the Commercial Travelers' Savings Bank. In 1902, the bank changed its name to SunTrust Bank and in 1993, the company acquired Crestar Financial Corporation, expanding its operations into Virginia and Washington, D.C. In December 2019, SunTrust announced it would merge with BB&T to form Truist Financial Corporation. The merger was completed in September 2020.
Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and is an Equal Housing Lender.
If you are looking for a bank that can provide you with a full range of financial services and products, then Truist Bank may be a good choice for you. However, it is important to compare all of your options
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.