Frequently Asked Questions

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.