SUMMARY:
Truist Bank does not directly support crypto trading services, but customers can easily transfer funds from Truist accounts to regulated cryptocurrency exchanges such as Uphold.
Uphold is registered as a Money Services Business (MSB) with FinCEN, ensuring secure, compliant crypto transactions for Truist clients.
Can You Buy Bitcoin with Truist Bank?
Truist Bank does not directly support Bitcoin trading or offer crypto custody services. However, customers can still purchase Bitcoin by transferring USD from their Truist accounts to regulated cryptocurrency exchanges approved by FinCEN in the U.S.
Depositing funds into these exchanges can typically be done via ACH bank transfers, wire transfers, or debit cards. Please note that Truist may conduct standard security checks and require additional identity verification for cryptocurrency-related transactions.
How to Buy Crypto with Truist Bank
Truist Bank customers can easily buy cryptocurrencies, such as Bitcoin, Ethereum or Solana, by transferring funds to regulated crypto exchanges like Uphold.
Uphold is licensed by FinCEN, supports over 300 cryptocurrencies, and caters to millions of investors globally. The platform allows Truist account holders to quickly deposit funds via ACH transfers, debit cards, or wire transfers.
Follow these simple steps to purchase crypto with Truist Bank via Uphold:
- Create an Uphold Account: Visit Uphold's website, sign up, and complete the required identity verification process.
- Deposit Funds: After logging in, click "Deposit Funds," choose your preferred payment method (ACH, debit card, or wire transfer), and link your Truist Bank account.
- Choose Your Crypto Asset: Navigate to the search bar, select your desired cryptocurrency, like Ethereum or Bitcoin.
- Confirm and Complete Your Purchase: Enter your investment amount, verify all transaction details, and confirm the purchase.
Truist Bank’s Policy on Cryptocurrency Transactions
Truist Bank does not directly offer crypto trading or custodial services but allows customers to transfer funds from their accounts to regulated cryptocurrency exchanges.
Permitted Transactions:
- Customers can use ACH bank transfers or wire transfers from Truist checking accounts to deposit funds onto FinCEN-regulated crypto exchanges.
- Truist-issued debit cards may also be used for deposits on compliant crypto platforms.
Restrictions and Considerations:
- Truist may conduct enhanced security checks or require additional identity verification on cryptocurrency-related transactions, potentially causing delays.
- The bank reserves the right to temporarily hold, restrict, or reject crypto-related transfers flagged for compliance or security reasons.
- Customers will receive prompt notifications of transaction holds or limitations via Truist's online banking platform, mobile app, or email.
Customers must follow Truist’s crypto transaction guidelines to avoid declined transactions, temporary account holds, or further security measures.
Crypto Fees on Exchanges for Truist Bank Users
When buying crypto with funds from your Truist Bank account, transaction fees vary significantly by exchange. Here's a breakdown to help Truist customers select a cost-effective option:
Uphold Fees
Uphold charges a clear, upfront fee of 1%, which is included directly in the quoted price of each cryptocurrency. Deposits from Truist Bank via ACH transfers, debit cards, or wire transfers typically incur no extra charges.
Coinbase Fees
Coinbase generally has higher transaction fees, averaging around 2% or more, approximately double Uphold's rates. Exact charges vary depending on the payment method, transaction size, and current market dynamics.
Popular Ways to Deposit from Truist Bank to Crypto Exchanges
Although Truist Bank doesn't provide direct cryptocurrency trading, customers can easily fund their accounts on regulated crypto exchanges like Uphold through these methods:
Truist Debit Card
Instantly transfer money to crypto exchanges using your Truist-issued debit card. Transactions are fast but subject to daily transaction limits set by Truist.
ACH Bank Transfers
Deposit funds directly from your Truist checking account via ACH transfer. ACH transactions usually process within 1–3 business days, depending on the exchange’s processing speed and internal verification procedures.
Wire Transfers
For larger amounts or faster processing, wire transfers from your Truist account offer another reliable deposit option. Be aware that wire transfers often incur additional fees and may require further verification.
What is Truist Bank?
Truist Bank, formed from BB&T and SunTrust’s 2019 merger, is one of America’s largest banks. Based in Charlotte, North Carolina, Truist serves over 15 million customers across 17 states with checking, savings, credit cards, mortgages, personal and business loans, and investment services.
Popular accounts include Truist One Checking with no overdraft fees and Truist Wealth Checking for affluent clients. Truist also emphasizes digital services through Truist Assist, an AI virtual assistant available on its online and mobile platforms.
Conclusion
Though Truist Bank doesn't directly offer crypto trading, customers can easily buy Bitcoin and other cryptocurrencies by funding regulated exchanges like Uphold using ACH, wire, or debit card deposits.
To avoid transaction delays or declines, verify Truist’s crypto guidelines beforehand and choose exchanges with clear, low fees for smoother investments.