Learn About Our Cannabis Banking Program

Podcast Transcription

Money Talk is a podcast brought to you by PFCU, where we will share tips and tricks and talk to the experts on all things finance related. Join us as we cover everything from credit and loans to cybersecurity and careers. No matter where you are in life, PFCU is here for you.

Thank you for joining me on this episode of PFCU’s Money Talk podcast, I’m your host, Maddy. For this episode, let’s talk about PFCU’s Cannabis Related Banking. I’m going to talk about the basics and background of what we offer, if you are a cannabis business or employee, please reach out to the experts on PFCU’s team. You can learn more and reach our team by visiting our Cannabis banking page on our website or giving us a call.

Although it’s becoming more popular for financial institutions to be offering banking solutions for cannabis businesses, there’s still not a plethora of options for these businesses and we are excited to be here as one of those institutions for them. Some different products and services we have available for cannabis businesses include savings accounts, checking accounts, business debit cards, payroll services, wire transfers, ACH and more. Like I said, our website has a lot more information.

Now let’s talk about the parameters that cannabis businesses kind of have to fall within in order to take advantage of any of our services. It’s really pretty simple, the business must be a Michigan business, we can't do out of state. And as long as the business has the correct documentation and they're following the guidelines that the state of Michigan provides them, then we work with a compliance site called Green Check Verified, and they go through all of the documents that are needed.

If you’re anything like me, you might be wondering what kinds of needs are being met by having this program. Let’s talk about what these businesses are getting now that they maybe didn’t have before. 

Like I said before, it’s super exciting to be able to offer this, you know, cannabis businesses are much more common and they need financial institutions for those services that any other business would need.  And not only that but we're able to offer banking for even the employees of the cannabis businesses. These members have experiences of their accounts being shut down because they’re cannabis employees. What an inconvenience and really, major setback to have your fund refunded only because a payment came through from a cannabis business. We’re happy to give employees this option as well. They’re the ones that make up the business.

Alright, with that being said, please reach out to us if you are interested in learning more, have questions, or would like to open an account. I’ve said once, twice and I’ll say again, we have our cannabis page on our website and there’s a really easy online form you can complete so one of our dedicated knowledgeable team members can reach out to you, there’s also a ton of great information on there too.

As always, thanks for listening.

Money Talk is a podcast brought to you by PFCU. PFCU offers many products and services to fit your needs from our various loan and account options to our team of financial coaches to help you reach your goals. Make sure to take advantage of the many conveniences PFCU offers, such as the mobile app, mobile wallets, bill pay, and more. Visit our website at pfcu4me.com to learn more. PFCU is an equal housing lender and is federally insured by the NCUA.