Cannabis Account Requirements and Overview

North Bay Credit Union has been offering banking services to the cannabis industry since 2017. Through our partner HigherGrowth LLC, we offer a complete cannabis banking platform that includes NCUA insured business checking accounts, on-line access and mobile banking, electronic bill payments, ACH and wire transfers, debit cards and merchant processing services.  Virtually any cannabis operator in the United States may qualify for an account.  Start your application now at https://highergrowth.tfaforms.net/9.

We do not believe in price gouging or "nickel and diming" our members.  We charge a flat monthly fee that covers all of your banking costs.  The fee is determined based on the risks and complexities of your business.  

Once approved, you will be expected to comply with the following requirements:

  • Allowing access to your Point of Sale (POS) system and your METRC key
  • Arranging for cash pick-up by our armored car service-provider and providing the supporting invoices/documents to your Compliance Team 48 hours in advance of the cash pick-up;
  • Providing 48 hours’ notice for all outgoing wires;
  • Communicating all account changes within two business days (signers; investment raises; new locations, etc.);
  • Ensuring that your balance is enough on the last day of the month to cover your account fees.

Failure to comply with these requirements may result in account closure.

In addition to providing you with bank accounts for your cannabis business, we also have established relationships with vendor partners that many of our cannabis accounts have found to be extremely useful. We can introduce you to:

  • ATM Provider – NBCU requires that all ATMs are serviced by a third party company, and we’d be happy to introduce you to an experienced ATM service provider;
  • Cashless Payment Solutions (i.e. cashless ATMs) – If you are looking for solutions to reduce cash, we’d be happy to introduce you to a service provider;
  • Payroll Companies – NBCU is processing for several cannabis payroll companies should you need those services;
  • ACH Payment Processing - NBCU supports multiple cash-alternative payment solutions. If you are looking for a cashless way to process payments, we can introduce you to several solutions.
  • Lending Partners - NBCU does not make loans to commercial enterprises but we work with others in the financial services industry who we can refer you to for your borrowing needs.

And finally, once your account is approved, we are happy to welcome your employees to North Bay Credit Union where they would be eligible for banking services with North Bay Credit Union under your business membership. We make it easy for them to sign-up online at: www.northbaycu.com. Additionally, we offer home mortgage loans and car loans to cannabis employees throughout California.

We strive to process account applications and open an account within 5 days of receiving the account application fee.  Prior to submitting your request for an application please ensure you have all your documentation prepared (corporate organizational docs, financial statements and financial projections, tax returns, licensing information, lease agreements, insurance docs).  Our ability to process your application is highly dependent on how well prepared you are.  

We look forward to helping you process your cannabis transactions under normalized banking that promotes the saftey of your employees, your customers and the communities in which you operate.