Why is the monthly fee so high for a business checking account?
Regulatory guidance requires enhanced due diligence for businesses that conduct higher risk activities. The enhanced due diligence includes more stringent monitoring of transaction activity, validation of revenue and expenses, inspections, and review of vendors and customers. Regulations such as the Bank Secrecy Act, Know your Customer, and Customer Information Profile add to the compliance burden and expense. This fee also ensures we maintain a compliant program to help your business remain in compliance and continue to grow, while providing exemplary client service with concierge bankers assigned to each operator.
Why do I need to provide invoices and financial statements?
We are required by law to track nearly every dollar that goes in and out of these accounts due to their federal legal status. To assist us in doing that, we may require things such as contracts, invoices, financial statements, and tax returns to ensure we can prove that we maintain a compliant and transparent cannabis banking program, which we have been doing since 2018.
Lighthouse Biz Solutions
©2022 Lighthouse Biz Solutions, LLC a wholly owned subsidiary of GFA Federal Credit Union. Nothing contained on this website constitutes legal advice. Lighthouse Biz Solutions LLC, has no regulator endorsements, express or implied, related to information contained herein or related to Lighthouse Biz Solutions, LLC. Marijuana remains illegal under the Federal Controlled Substances Act and as such, any information provided on this website regarding the use of the Lighthouse Biz Solutions LLC, to provide financial services to cannabis related businesses (“CRBs”) is based on the guidance issued by the United States Department of Treasury Financial Crimes Enforcement Network (“FinCEN”). Because cannabis remains a controlled substance, all assets related to CRBs and the assets of the financial institutions that service CRBs are subject to seizure by federal authorities. Nothing contained on this website constitutes legal advice and Lighthouse Biz Solutions LLC, encourages you to work closely with your legal advisors to evaluate all information provided.
Lighthouse Biz Solutions, LLC is a wholly owned subsidiary of GFA Federal Credit Union. All deposits are held with GFA Federal Credit Union and are insured by the NCUA up to the maximum value allowed by law. All loans are offered through GFA Federal Credit Union who is an equal opportunity lender.