Although the sale of cannabis related products is now becoming more common, what is not changing is the view of banks and whether or not they will allow cannabis product transactions. In general, every regular bank that you contact, they simply do not want any of the money that you are earning through the sale of cannabis products to be attributed to their bank. Part of the reason has to do with federal regulations regarding cannabis. It is still regarded as a Schedule I substance, despite the fact that tens of thousands of reports have clearly shown that it has medicinal properties. That is why you must find banks that will not have a problem with this, plus you will also need a high risk merchant account provider that will allow you to do these transactions.

How Most Sellers Have Done Transactions For Years

If you have been purchasing marijuana for many years, you know that some of the companies only work on a cash basis. They are not even able to deposit the cash that they received from their customers. That is because of how banks look at the sale of marijuana. Slowly, however, there are some banks that are getting on board. They do not mind the money coming into their bank from cannabis related transactions because their state has legalized marijuana, CBD oil, and all other cannabis related products. These of the banks that you will need to find, and they are not that hard to locate. There are actually more of them than ever before.

How To Find A Bank That Will Work With Your CBD Business

You can find several banks within a few minutes that are advertising on the web, offering their services to CBD related businesses. Whether you are selling marijuana, or you strictly sell CBD, they are going to work with you regardless. They have the law behind them, specifically in states where the people have voted to legalize marijuana. Marijuana contains THC, and if that is legal, then there should be no problem with CBD which does not contain any type of mind altering components.

Ways To Evaluate And Choose One Of These Banks

There are several ways that you can evaluate the banks that you have found. First of all, consider their online reputation. You may go to forums where people just like you are selling CBD, and they will have recommendations for banks that they are using. Another way that you can do this is to go to their websites, look at testimonials, and also consider how much they are charging for their services. Based upon all of this information, you can make a logical decision on choosing one of these banks that will allow you to put your money in your bank account.

Does It Take Long To Set Up With One Of These Banks?

It doesn’t take very long at all to set up an account with one of these banks. If you have worked with one of these banks in the past, you are not going to have a problem. It’s a simple form that you will fill out, either in person, or you can simply do this on the web. They will ask for your business information, personal information, and once you are approved, they will provide you with everything that a standard bank would. This will include a checking account, checks, a bank card, and access to your account on the web.

Are There Any Concerns When Working With These Banks?

There are some people that are often concerned about working with banks that are not that well-known. Since you are limited to banks that will allow CBD sales to reside in their checking and savings account, you really have to focus your attention on what other people are saying. For example, if you have colleagues that have used one particular bank for many years, and they have had no problems, this is an indication that this bank might be the best choice. You may have a couple of these, and you will simply choose them based upon the options that they provide you with and how much they will charge you to have an account with their company.

Is Your Money Going To Be Protected At A Federal Level?

As you can probably imagine, the federal deposit insurance that is often associated with regular Banks is not going to be available for you. That is because, at a federal level, the sale of cannabis is still considered to be in a legal type of transaction. You will need to find out how your money will be protected by these banks. They will likely have bonds that are protecting your money. The larger banks that allow you to set up an account will likely have the most protection.

Will These Banks Work In A Similar Way To Normal Banks?

For all intents and purposes, these banks are no different than a regular bank. They are simply less well-known. They are also banks that are willing to take on the potential risk of allowing money to go through their bank from the sale of cannabis products. You will have access to your online account, and you will have a debit card to extract your money. Your only concern is whether or not the bank is reputable, and if it has been doing these transactions for quite some time.

Now that you understand why regular banks will not allow CBD businesses to work with them, you now know that you have to find an alternative type of bank for these types of transactions. It is difficult enough to have to find a high risk merchant account, but you must have a place where these transactions can deposit the money. You will eventually find a bank that is willing to work with you and that will offer reasonable fees for any services that they offer. These banks are becoming more prominent, and in a few short years, they may become more common.