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Even so-called ‘ancillary’ companies which are neither licensed nor ‘touch-the-plant’, find that financial institutions across the US have been nearly universally unwilling to knowingly provide bank accounts or services to companies that disclose or are discovered to be engaged even tangentially or secondarily involved in the legal marijuana industry.
As a result, those whose apparent business or profession is not cannabis-related have often opted not to disclose their involvement with licensees and are likely to avoid detection by the bank depending upon the extent of their public profile in the industry. However even in these instances, banks under pressure from regulators are taking advantage of ever more rigorous software and detection tools now available to more effectively detect and identify this unwanted activity.
Of course, those ancillary providers of goods and services who advertise or disclose their interaction with the industry are at much greater risk, especially now, of having their accounts closed. Depending upon one’s public profile, it’s likely such operations masking the nature of their business risk the continuing harassment and distraction of having their accounts closed several times a year.
To enjoy a stable business checking account as well as other conventional banking services, it’s necessary to fully disclose the nature of your business to the bank. FINCANN can introduce you to local bankers in your state who will transparently welcome your account. Your only cost (over and above conventional bank charges) is our modest advisory fee.
Once a transparent bank account is established, FINCANN can provide a variety of (now-compliant) electronic (cash-free) payment solutions, including MasterCard, Visa, American Express, Discover & JCB, as well as electronic ‘wallet’ programs, ACH debit, and electronic check apps, including shopping cart integration which you can use to accept payment from your customers and clients. We’ll work with you to implement the optimal package for your specific circumstances, especially since market pricing currently ranges from roughly 2.9% to 8.4% with 3-6 month rolling reserves of between 0% - 10%.