Can You Acquire Bitcoin and Crypto with Bank of America?
Bank of America presently doesn’t provide services that allow clients to access digital assets via their banking apps. Tom Montag, the Chief Operating Officer of Bank of America, has said that cryptocurrency could be of significant utility to banks in the coming years, implying that digital assets could be available in 2022.
If you want to purchase cryptocurrency with your Bank of America account, we suggest using eToro, a reputable and licensed platform in the United States.
Overview of Bank of America
Bank of America was founded 24 decades ago. It was the only bank in the United States when BankAmerica and NationsBank merged in 1998. It has grown into a worldwide financial services corporation that serves many American families.
With over 4,300 locations, Bank of America serves about 66 million consumers and small businesses. It has the largest market share of customer deposits in the United States and is the leading small-scale business financial institution. This review of Bank of America will assist you in determining whether or not its deposit accounts are suitable for your needs.
Pros and Cons
Pros
- More excellent rates and borrowing discounts through exclusive rewards: Bank of America offers clients more excellent rates, lending discounts, and better rewards on specific credit cards with a more extended engagement period with the bank. With roughly 4,300 locations and 17,000 ATMs, Bank of America incorporates many branches and ATM networks, making users sure to withdraw their funds anywhere in the U.S.
- Minimum charges for checking and savings accounts: Customers can open these accounts for as little as $100, making it more straightforward to switch their banks.
Cons
- There are no high-yield savings account alternatives: Customers cannot enjoy attractive rates due to the absence of a high-yield savings account.
- ATM costs are neither waived nor compensated: As aforementioned, Bank of America has many branches and ATMs all over the United States; therefore, any client can locate one nearby. Whenever a client uses a different ATM, they will be charged $2.50 plus the costs charged by the other bank.
- Certificate of Deposit (CD) rates aren’t competitive: There are Certificates of Deposit (C.D.s) offered with terms from one month to ten years. However, the interest rates are low — a maximum of 0.05 percent. The low rates frequently harm clients’ potential to earn a reasonable price on their funds.
How to Acquire Crypto with Bank of America
If you want to purchase cryptocurrency with your Bank of America account, we suggest using eToro, a reputable and licensed marketplace in the United States. You can deposit U.S. dollars promptly and without costs through an ACH transfer, a credit card, debit card, or PayPal.
The following guide gives you a summary of how you can start.
- Go to eToro and create your account.
- Using Bank of America or other options, deposit your USD.
- In the “Discover” option on the left, look for the cryptocurrency you wish to purchase.
- Enter the USD amount and click “Buy”.
Crypto Policy of Bank of America
Users of Bank of America have never been prohibited from buying and selling cryptocurrency via approved trading platforms. Consumers can transact U.S. dollars without the fear of getting blocked.
In the past, BofA Global Research has been optimistic about cryptocurrencies, implying that the bank may include digital products into its service package in the near future.
