Wells Fargo bans its customers from using their money to buy cryptocurrency

15 Jul, 2019
by David Borman
Wells Fargo bans its customers from using their money to buy cryptocurrency

It's being reported by Bitcoinist that Wells Fargo, a well known and long established traditional bank, recently made it clear that they do not allow their customers to make purchases of cryptocurrency using their own funds.

The discussion began on twitter when users complained that they were unable to use their Wells Fargo debit cards to make purchases on the Coinbase and Cash Apps.

It wasn't long before a Wells Fargo representative confirmed that the company no longer allows for any type of transaction involving cryptocurrency:

This comes about a year after the bank banned the use of credit cards for crypto purchases, which makes a bit more sense. In this case however, customers aren't even allowed to use their own money to buy cryptocurrency.

Some on twitter find this to be a bit hypocritical, given the other places you can still use a Wells Fargo card.

However you feel, it seems Wells Fargo is deciding what is best for its customers. Only time will tell if this will ultimately hurt the banking behemoth and drive more people to smaller banks and credit unions, which are less likely to dictate how their money is spent.

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