Cannabis Banking

WHAT WE OFFER

Frequently Asked Questions

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What kind of fees will you charge?

No upcharge on commercial account fees; no deposit percentage fee, no per account/share fee, just a flat monthly fee.

Can a Direct CRB deposit cash in the branch?

Yes, if approved by the Credit Union; no cash deposits will be allowed at the Credit Union's ATM, IBK (Kiosk), or Night Drop.

Can the businesses own / operate a cash dispensing ATM with this account?

Yes, depending on specifics (replenishment, settlement, servicing, etc.).

Do the businesses have access to online / mobile banking?

Yes – full access to online and mobile banking!

Can the business have a debit card?

Yes, your business can have a debit card for business purchases. Plus, we offer instant issues debit cards so you can get your debit card the same day! 

Can the business order checks?

Yes, Valley would gladly order you checks for your checking account.

Will there be fees for CRB employees who want to open their accounts with Valley?

No, there are no CRB fees charged on employee accounts. 

What types of accounts will you offer?

Business Savings, Business Money Market, Business Checking, Business Dividend Checking, and Business Certificates. 

What documents do I need to open a Cannabis account?

Documents / Information Required At Application (Direct CRBs)

1. Most recently filed federal and state tax return
2. County permit (if applicable)
3. Property title or lease (confirms business address and right to occupy the premises)
4. Vendor list / source of significant deposits (outside of sales)
5. Policies and procedures (employee handbook, standard operating procedures, employee manual, etc.)
6. Cannabis License
7. Most recent balance sheet / income statement
8. Verification of EIN
9. Business formation documents:
1. LLC – Articles of Organization
2. Corporation – Articles of Incorporation
3. Partnership – Partnership Agreement
10. Bylaws, Corporate Resolution, Operating Agreement, Meeting minutes:
1. Documentation to substantiate individuals authorized to conduct financial activity on behalf of the business entity
11. Business plan
12. Bank statements (last three months, if currently with another financial institution)

Documents / Information Required At Application (Indirect CRBs)

1. Most recently filed federal and state tax return
2. Vendor list (list of licensed cannabis businesses your entity derives revenue from)
3. Most recent balance sheet / income statement
4. Verification of EIN
5. Business formation documents:
1. LLC – Articles of Organization
2. Corporation – Articles of Incorporation
3. Partnership – Partnership Agreement
6. Bylaws, Corporate Resolution, Operating Agreement, Meeting minutes:
1. Documentation to substantiate individuals authorized to conduct financial activity on behalf of the business entity

 Documents / Information Required At Application (Hemp)

1. Most recently filed federal and state tax return
2. County permit (if applicable)
3. Policies and procedures (employee handbook, standard operating procedures, employee manual, etc.)
4. License (State, Tribal, USDA)
5. Most recent balance sheet / income statement
6. Verification of EIN
7. Business formation documents:
1. LLC – Articles of Organization
2. Corporation – Articles of Incorporation
3. Partnership – Partnership Agreement
8. Bylaws, Corporate Resolution, Operating Agreement, Meeting minutes:
1. Documentation to substantiate individuals authorized to conduct financial activity on behalf of the business entity

Documents / Information Required At Application (Hemp Derived Cannabinoid)

1. Most recently filed federal and state tax return
2. County permit (if applicable)
3. Policies and procedures (employee handbook, standard operating procedures, employee manual, etc.)
4. License (State, Tribal, USDA)
5. Most recent balance sheet / income statement
6. Verification of EIN
7. Business formation documents:
1. LLC – Articles of Organization
2. Corporation – Articles of Incorporation
3. Partnership – Partnership Agreement
8. Bylaws, Corporate Resolution, Operating Agreement, Meeting minutes:
1. Documentation to substantiate individuals authorized to conduct financial activity on behalf of the business entity
9. Certificate of Analysis (COAs for hemp derived cannabinoid products)

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