Topic: Crypto Friendly Banks in 2024 (Read 219 times)

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I looked at WF, there are no branches local to me so I would be treating it as an 'internet bank' at that point, not a big deal but if I can't walk into a local branch Ally has better features / rates then WF.

For the short term, probably sticking where I am until Chase pisses me off again. It's been over a month since I had the issue and have calmed down a bit. For now, going to keep looking and have a plan to jump away next time. Since I have too many things linked to that account it's not just get another bank, it's get another bank and change a lot of stuff. And at the moment I am calmer and the motivation has left.

Thanks all.

-Dave

Not sure which banks are crypto friendly but exchanges do offer crypto debit card
https://coincuban.com/what-can-you-buy-with-cryptocurrency/

Wells Fargo and Coinbase back and forth for years with zero issues.

Also Paypal and Coinbase for years no issues.  Why do I mention this because PayPal works with Synchrony Bank

So if I send to my PayPal balance I can then put that into my PayPal Synchrony bank and get 4.3% fdic

So I always have a few bucks in it getting 4.3% interest

Sure they can be.

Some banks really don't care where ACH and other transfers come in and out of so long as it's coming from a known regulated entity. (Coinbase / Gemini / Crypto.com / etc.)

Others do care for whatever reason and will hassle you / close accounts if you are trading a lot. It all depends on the particular management of the bank and their risk management attitude.

As I said, Chase does not care, they just have started to suck as a bank. My other bank is well known to be outright crypto hostile. More then a transfer or 2 from a Coinbase / Gemini type place and you are going to get your account closed.

-Dave

Am wondering if banks could actually be crypto friendly in the first place because they were being regulated by the same government which controls all their affairs, except for the regions where bitcoin and cryptocurrency have been seen as a legal currency and means of making payment, just as El-Salvador make an enabling environment for the use of bitcoin.

So, still poking around. Was thinking of SoFi since they seem to be semi crypto friendly from what people are saying. BUT, and this is a big one there are a lot of complaints that they are not very responsive to customer issues. So I wind up with the thought that if I want crypto friendly with bad service I can stay with what I have now.

Things like this used to be easier, don't know could just be me but I just don't get the attitude some banks have towards customer service.

I get that it costs money, but it's a 24-7 world out there are people are doing gig work and a ton of other things. Only having a call center that is open 1/2 a day just seems crazy to me. As an example (also picking on So-Fi): https://www.sofi.com/contact-us/     But, there are a lot more like that.

So, if I notice an issue @ midnight with a transaction that should not be coming out of my account I have to wait to talk to someone?
It's not just them, so many of the places I looked at were the same.

-Dave

Living in Europe, I myself was faced with the fact that not all banks work with cryptocurrency, especially when it comes to transferring from a card to cryptocurrency, certain restrictions and blocking begin. I think it also depends on the wallets you use

Serious I thought I found a good post to give some merit until I saw the source url. Isn't it better to keep all the contents in the quote so that readers do not mislead?

This problem is not only in America, it is in other places as well. I am not from America. In my country, there is also a problem in that you have to provide proof of the money that goes into your bank, and cryptocurrency is not supported at all. If money related to crypto-currency comes into the bank, first the government will make a problem and if by mistake someone gets a receipt of yours and sends a fake payment to your account, then your life will become miserable. So I myself have been a victim of this.

They do not even inquire where the money is coming from. It becomes very difficult to prove everything when a work is not legal in the country of operation even though it is not a work that is causing loss or even if there is a crime, restrictions should be imposed on it to harass the people so that the people cannot earn good money. I am strongly against it, but who can fight against the government?

The issue with JPM Chase is although they might be crypto friendly, as a bank they leave a lot to be desired. Years ago their customer service was amazing, now you are lucky if you can get someone on the phone who knows what a bank is. Had an issue that I admit was 100% my fault and all the customer service rep wanted to do was sell me more stuff. How about fix my problem 1st, then sell me things.

Will take a look at some of the other banks mentioned.

Thanks all.

-Dave

Based on the information I know, and information from the internet that I got, there are several banks in the US that are Crypto Friendly Banks, and some of the benefits provided by them

Ally Bank
Ally Bank, a customer-centric traditional online bank, may not directly offer crypto services, but it allows customers to use their accounts with external cryptocurrency exchanges for trading. Ally Bank provides digital tools and services to help customers manage their finances effectively, which can be beneficial for crypto traders. Known for its transparent fee structure and competitive interest rates, Ally Bank is an attractive option for customers looking to optimize their financial portfolio, including crypto investments.

     Key Features of Ally Bank:

• FDIC-insured US bank.
• Higher APYs on fiat than most banks.
• Offers a range of investment options, including crypto funds.

BankProv
BankProv, also known as Provident Bank, is a US-based financial institution specializing in crypto-friendly banking services. It offers accounts for cryptocurrency businesses and asset management services for crypto industry players. BankProv facilitates cryptocurrency exchanges and other businesses while prioritizing compliance with cryptocurrency regulations and anti-money laundering (AML) requirements.
     Key Features of BankProv:

• Competitive interest rates on crypto lending.
• Flexibility to convert crypto to fiat for convenient spending.
• Trusted reputation in the traditional banking sector.

Quontic
Quontic is a US-based community bank known for its willingness to work with fintech companies in the blockchain and cryptocurrency space. It provides business banking solutions for companies involved in crypto and fintech. Quontic offers interest-bearing accounts for cryptocurrencies, allowing users to earn passive income on their digital assets. It also offers a Bitcoin rewards checking account, combining traditional banking services with crypto benefits.
     Key Features of Quontic:

• Traditional bank with crypto-friendly policies.
• Offers Bitcoin rewards checking account with cashback on all purchases.

Cash App
Originally designed for peer-to-peer payments, Cash App has transformed into a comprehensive financial platform. Developed by Square, this mobile app now offers users a full-service banking experience. Users can obtain a Cash App debit card, receive ACH transfers and direct deposits, and venture into traditional stock market investments. Cash App's integration with cryptocurrencies, particularly Bitcoin, sets it apart in the fintech landscape.

     Key Features of Cash App:

• Square, the company behind Cash App, is a strong proponent of Bitcoin adoption.
• Empowers users to invest in both traditional stocks and cryptocurrencies, including Bitcoin.
• Unique capability to deposit and withdraw Bitcoin directly to and from personal wallets, offering users full control and custody of their cryptocurrency assets.

JP Morgan Chase
JP Morgan Chase, one of the largest global financial institutions, has cautiously ventured into cryptocurrencies. The bank introduced the JPM Coin for instant cross-border payments among institutional clients. It offers crypto-friendly banking services to selected exchanges and digital asset firms, with a strong focus on risk management and compliance. JP Morgan Chase also provides institutional-grade research on crypto markets, aiding clients in making informed investment decisions.
     Key Features of JP Morgan Chase:

• Provides crypto-friendly banking services to exchanges and digital asset firms.
• Offers comprehensive institutional-grade research on crypto markets.
• Expertise in compliance and risk management.

It's possible that apart from the banks mentioned above, they won't really care about the crypto transactions we make, or where our money comes from.

The most cryptocurrency friendly bank is JPMorgan Chase.

Months ago, Bitwise has Crypto Market Review in 2023. At page 46, there is a table on cryptocurrency adoption by institutions and it shows JPMorgan Chase is most friendly. This bank is from the US.

Reports from KPMG in 2021 and 2024.
Canada’s investment sector (re)embraced cryptoassets in 2023, new poll shows

Their report in 2021 Banking blueprint for the crypto world.

I'm not from the US, but I believe my info may be useful for the readers of this thread.

In Belarus, all the banks are crypto friendly, if clients' transactions are related to Belarusian exchanges (bynex.by, free2ex.com or dzengi.com) or exchangers (whitebird.io). And these exchanges and exchangers are quite good gateways between fiat and crypto assets.

I am neither Belarusian citizen nor Belarusian resident, but I often prefer Belarusian banks for the money which I use in crypto sphere. I've been doing this for six years without any problem.

Over the years there have been a few discussions about banks that don't care that you have money coming in from and going out to crypto exchanges.

Are there any US people who have been dealing with some bank and a fair amount of crypro transactions that does not seem to care that they are crypto related.

I have had no issues with my current banks when related to crypto things but have become dissatisfied with they service about other things so I'm looking to move at least 1 account elsewhere. So was looking for a bank that does not care where some of the funding comes from.

-Dave