CBD/HEMP Account Requirements and Overview
North Bay Credit Union has been offering banking services to the cannabis industry since 2017 and, given the growth in CBD/HEMP growers and retailers, we are expanding our program to include experienced CBD/HEMP companies who qualify for an account with us. PLEASE NOTE THAT WE ARE NOT ACCEPTING START UP ENTITIES AT THIS TIME. THE BUSINESS MUST HAVE AT LEAST ONE YEAR OPERATING EXPERIENCE.
Our goal is to offer banking services in a completely transparent manner that will exceed the scrutiny of any legal or regulatory review. Should you receive approval for an account with us, here are the requirements for our CBD and Hemp accounts:
- Merchant Processing – if you plan to accept credit cards for payment, you will need to be approved with our preferred Merchant Processor. Once we receive your completed application, we will introduce you to our Merchant Processor. Please note: We will NOT accept any other Merchant Processors and as part of obtaining an account with NBCU, you will be acknowledging this requirement.
- Account Fees – We charge a monthly fee of $250 for each CBD/HEMP Account and one-time non-refundable application fee of $500 when you complete our application.
- North Bay Credit Union Membership – If your business is in Sonoma County, then you qualify for membership with NBCU as a local member of the community. For businesses located outside of Sonoma County, we have several ways you can qualify. If you are already a member of California Cannabis Industry Association (CCIA) or a member of the National Cannabis Industry Association (NCIA), those memberships are allowed. Or, you can join the Sonoma County Farm Bureau as another avenue for membership eligibility. You will need to file with the California Secretary of State to conduct business in California (see https://www.sos.ca.gov/ ). We will also require your corporate documentation (Articles of Incorporation, Bylaws, Coprorate Resolutions establishing authority to open bank accounts, etc.). Please note: if you are a start up stage business, we cannot assist you until the above items are addressed.
- Cash Pick-Up Services – most of our CBD/HEMP accounts do NOT require cash pick-up, but if you receive cash from your customers and you want to deposit those funds with NBCU, then we require the use of armored car service to pickup all cash as we do not allow cash to be brought into any of our branches. This service is ONLY available in California. The armored car fees are debited from your NBCU account as a pass-through fee.