What You’ll Learn
- In this article we’ll explore the benefits of banking with a cannabis-friendly credit union.
- Find out where you can find dependable banking services if you work in the cannabis industry.
In a recent blog post, we explored the real-life benefits of having a dependable bank account. But if you work in the cannabis industry, all banks and credit unions are not created equal. Choosing to do your banking with a cannabis-friendly credit union has many advantages. Not only do you get access to banking services you can count on to be there when you need them, you also know that your financial institution understands the unique challenges you face as someone who works in the industry.
If a bank or credit union has not openly claimed they accept cannabis money, and cannabis professionals as members or clients, then you could be risking quite a bit of financial heartache by banking there. You may have to hide where you work in order to get an account, which then makes getting a home loan, car loan, or other type of service that requires employment checks almost impossible to get. You might also be risking losing access to your accounts and your money completely if your bank finds out where you work and decides to take action against you.
We understand your challenges because we’ve been providing banking services to the cannabis industry since 2014. We’ve seen the impact having your bank account frozen can have on your life. Take the story of Sunny and his family, for instance. Not long after they got their cannabis cultivation business up and running, their previous bank froze all their accounts and funds—including all personal accounts.
At Salal, we take great pride in being able to help members like Sunny and his family. With Salal’s help, Sunny was able to get a new business banking account. Now, with access to standard banking services that most companies take for granted, this multi-generational family business is stronger than ever.
Another Salal member, Chantel, also shared her story about how a cannabis-friendly credit union can keep you moving forward—in this case, literally. Chantel had just bought a new car. It seemed like a done deal. 10 days later, the dealership called. Her car loan had been denied simply because she worked for a cannabis business.
As Chantel noted, not only was Salal able to help her get a new auto loan and keep her car, we were able to lower her interest rate from 17% to 8%—saving her money. Because, as a member-owned financial institution, a credit union is focused on helping you thrive, not making a profit for stockholders.
Supporting the Wider Cannabis Industry
The benefits of doing your everyday banking with a cannabis-friendly credit union go beyond your personal finances. It also supports the cannabis industry as a whole. How? With support from members like you, a cannabis-friendly credit union is able to provide similar banking services to even more people and businesses in the industry. The positive benefits get amplified. As we like to say here at Salal, there’s “power in together.”
You Are Welcome Here
We’re here for you. Salal has been a national leader in providing full-service banking for cannabis businesses and their employees. Find out more about exclusive membership benefits for people in the cannabis industry.