No Crypto Currency Support For These Three Major Banks

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No Crypto Currency Support For These Three Major Banks

Three main banks have clearly announced that they will not provide support for crypto currency. Amongst these three banks were Bank of America, JP Morgan Chase and Citigroup.

The three banks have made a clear announcement that they will not let you buy bitcoin on credit terms. Therefore, if you were thinking of getting involved with Bitcoin and join in the craze, this is definitely bad news especially if you have an account with these three banks.

The three banks have said that they will not permit any crypto currency purchases on their credit cards. The three banks, while speaking to Bloomberg, confirmed that they are going to stop transactions that involve digital currency through credit cards. However, all hope is not lost because Betty Riess, the spokeswoman for Bank of America, said that customers will still be able to use their debit cards.

Therefore, if you are someone who has an account with these three banks and has a credit card only, it is time to get a debit card made because you can still purchase using debit cards.

Moreover, these three banks are joining the leagues of Discover and Capital One who said that consumers would not be able to use their cards for crypto currency transactions. As the bitcoin and other currency craze continues, people are trying to get involved with the currency more and more. A lot of people are looking to buy the currency and would have been hoping ease with which they could have done it. However, after the announcement, it is clear that everything will not be a bed of roses for those interested in buying crypto currency.

There are a number of reasons why banks do not encourage the purchase of crypto currencies using credit cards. One of the major reasons is that crypto currencies are difficult for the banks to monitor. These banks are already looking for signs of money laundering and getting involved in crypto currency gives them all the reason to do further relentless search. They don’t want to take on this hassle.