Cannabis Banking News from Albuquerque Journal
Today, the @AbqJournal shared an important story about how difficult banking cannabis can be.Full Story
Jun 14, 2021, 17:13 PM
Many banks and credit unions have zero appetite to open an account for businesses that are related to the cannabis industry, even if those businesses don’t grow, transport, or sell plants. But at Aery, we do.
The Financial Crimes Enforcement Network, or FinCEN, regulates credit unions banks and regularly publishes guidance for bankers. FinCEN does not have a requirement to close an account because a business is a vendor or supplier to a CRB. But, those accounts are scrutinized to a higher degree, and many banks and credit unions either can’t, or don’t want to, go through the extra work. As a result, most banks and credit unions will close an account for an ancillary business.
We won’t. Because we’re a credit union, that means you’re also an owner. And, when you succeed, we all do.
At Aery we have a trained group of personal bankers on hand and their job is to work with all types of CRB accounts and CRB-related accounts.
There are two tiers of ancillary accounts we work with: those that deal substantially with businesses that sell cannabis, such as landlords, who see a substantial amount of their business from a plant-touching CRB; and those who do a little bit of business with a CRB, such as a vendor. Many banks and credit unions don’t like to commit the resources to file the reports that go along with the added scrutiny of a CRB. But, at Aery our team can help make sure your ancillary business maintains the banking services you need.
Often banks will discover a CRB transaction, and out of caution will close an account. And, while several online companies pledge to offer banking solutions for your business, they are often no more than a payment processor, which means higher fees without an added benefit of a checking account. Becoming a member of Aery and US Eagle FCU means that your account is backed by 85 years of experience in New Mexico.