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So I thought we could use a good/bad bank list here, for both recreational and medicinal business (because the Feds treat them as the same thing), as well as ancillary businesses.
Last week I had my bank account shut down by KayBank for working in an ancillary business to Cannabis producers! That's like KeyBank closing the account of the water company for selling water to Cannabis growers. Nothing I did with the account violated any Federal banking rules or laws. That is the reason I started this thread. It's unheard of (at least to me and people I've asked) for a bank to close the account of ancillary business, so it's safe to say I'm not happy with KeyBank.
This thread is meant to collect experiences with banks in our industry. Please post if you've had a good or bad experience with a bank. And please add some context.
As a general guide, community and credit union banks are those more likely to knowingly serve legal and above the board Cannabis producers, processors, and sellers. I'll add a few banks I know of that will serve this industry.
In this way I hope we can make a useful list to save other people the huge headaches I'm having right now.
The Feds released guidelines for banks that want to serve our industry, but sadly the guidelines are not bright lines, they're more opaque. So many banks won't deal with the Cannabis industry. I think in 2015 or 2016 things may change on the Federal level, at least things look like they going to change...
Currently most growers, processors, and sellers either use a bank that knows what they're doing and is okay with it, or they're not telling the bank (which is a bad idea, too risky because the bank can close the account without notice and take all the money).
See next post for my starting list.
Last week I had my bank account shut down by KayBank for working in an ancillary business to Cannabis producers! That's like KeyBank closing the account of the water company for selling water to Cannabis growers. Nothing I did with the account violated any Federal banking rules or laws. That is the reason I started this thread. It's unheard of (at least to me and people I've asked) for a bank to close the account of ancillary business, so it's safe to say I'm not happy with KeyBank.
This thread is meant to collect experiences with banks in our industry. Please post if you've had a good or bad experience with a bank. And please add some context.
As a general guide, community and credit union banks are those more likely to knowingly serve legal and above the board Cannabis producers, processors, and sellers. I'll add a few banks I know of that will serve this industry.
In this way I hope we can make a useful list to save other people the huge headaches I'm having right now.
The Feds released guidelines for banks that want to serve our industry, but sadly the guidelines are not bright lines, they're more opaque. So many banks won't deal with the Cannabis industry. I think in 2015 or 2016 things may change on the Federal level, at least things look like they going to change...
Currently most growers, processors, and sellers either use a bank that knows what they're doing and is okay with it, or they're not telling the bank (which is a bad idea, too risky because the bank can close the account without notice and take all the money).
See next post for my starting list.
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