Can One Purchase Digital Assets on Suntrust Online Banking?
Currently, SunTrust doesn’t provide users with native services to invest in or trade digital currencies such as Solana, Ethereum or Bitcoin. This means that SunTrust users have to use a governed digital currency exchange platform in the U.S to make USD deposits and begin trading.
SunTrust doesn’t plan to integrate a digital currency exchange platform into its financial service. Therefore, it might be best not to wait on them.
SunTrust Bank Rundown
In 2019, the bank partnered with BB&T, a fellow regional bank, to form a new bank known as Trust, the seventh-largest financial institution in the United States. The bank has over $297 billion in loans and $396 billion in deposits.
Even though BB&T and SunTrust merged, they retained their products and branding. SunTrust provides various banking services with unique perks to clients in the District of Columbia and 10 Southeastern states.
Advantages and Disadvantages
Advantages
- Seamless incorporation with electronic payment apps: The bank allows clients to link SunTrust debit cards, Visa credit cards and Mastercard to Samsung Pay, Apple Pay, Click to Pay, Garmin Pay and Fitbit Pay. This makes no contact payments effortless, regardless of customers’ digital application.
- Numerous methods to get cashback and other benefits: The bank has programs that provide banking clients with customised offers to get cashback through making payments using their credit or debit card at participating outlets. Additionally, if account owners have a reward credit card from the bank, they can boost the cashback they get from that card by 10% if they deposit the cashback in any SunTrust deposit account.
- Text-based, mobile, and online banking: Clients can use the bank’s robust online banking portal to handle their banking tasks. The mobile app provides various services, such as mobile alerts. Clients also have the option of managing multiple banking services through text messages.
Disadvantages
- SunTrust is only available in southeastern states: Even though it’s the seventh-largest bank in the U.S, the bank is only available in the District of Colombia and 10 southeastern states.
- Their website isn’t entirely transparent: The interest rates listed on your web page are based on your location. Therefore, you’ll need to contact customer support to know the rates to expect on accounts that bear interest.
- High-interest rates: SunTrust has higher interest rates compared to other banks.
How to Purchase Cryptocurrency with SunTrust Bank
The fastest and cheapest way to purchase digital assets such as Bitcoin and Ethereum using a SunTrust account is via the eToro platform. eToro provides instant USD deposits and zero commissions on investing in digital currencies.
The eToro site allows users to invest in ETFs, stock, crypto, and commodities. Compared to platforms such as Coinbase, eToro has relatively low fees.
Follow the steps below to set up an eToro account:
- Open a USA eToro account.
- Make a USD deposit from the PNC Bank through ACH transfer.
- Identify the cryptocurrency you wish to purchase.
- Enter the USD amount and purchase.
SunTrust’s Digital Currency Policy
The bank doesn’t have any internal policies that bar its clients from making withdrawals or deposits from authorised crypto exchange platforms. This means it’s safe for users to make USD deposits on sites such as eToro without worrying that their accounts will be frozen.
SunTrust Bank Charges
The eToro sites operate mainly in US Dollars, meaning there are no charges for any deposits in USD from banks like SunTrust. Between the zero commissions on investing and the deposit charges, eToro is the lowest-priced stock brokerage and crypto exchange platform.
