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#2004279 - 03/26/15 03:40 PM Banking Marijuana Businesses
BSAChick Offline
Member
Joined: Oct 2005
Posts: 94
Illinois
Are there any fellow Illinois banks out here that are banking Marijuana businesses, that would be willing to speak offline about your experiences?
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#2016344 - 05/27/15 07:04 PM Re: Banking Marijuana Businesses BSAChick
Bibliofiend Offline
100 Club
Joined: Feb 2006
Posts: 128
DuPage County, IL
Or share any brownie recipes?
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#2074753 - 04/19/16 09:47 PM Re: Banking Marijuana Businesses BSAChick
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
We've definitely thought about it but don't have a correspondent bank that will process our checks/other transactions for those businesses. Initially, we were all opposed to doing it, but then someone asked me what we would do if a large ag customer came in and said they wanted to. Especially if we'd lose their business without doing it.

Whatever happens, make sure if you start banking marijuana businesses that their accounts are sufficiently service charged to make up for the amount of time you'll spend on it...

Also: http://www.carlsondash.com/marijuana-business-ripe-for-lending-industry/
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"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

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