Banking Update 9/28/11: Feds calling in their Banking Marker!

First, what we all already know: The Federal Government bailed out the banks in 2009. They are now calling in that marker. The feds and the current administration won’t recognize the growing need for Medical Marijuana and the States right to let their people decide what is best for them. The Fed, however, has not been able to stop us so they are turning to a tactic they used against drug cartels in the 80’s and terrorists since 9/11/01. They are going after the money. In this case, they are calling in a favor from the banks that they bailed out in 2009. They can’t stop the States from following the will of their people, so now they are forcing banks to kick out their MMJ clients and stop them from giving us accounts.

Here is a quick update of the current banking availability as of today:

CSSB Bank (Colorado Springs Savings Bank aka Herring Bank) is offering an extension to the accounts that having been ordered to leave by September 30, 2011. If you need an extension while you are looking for a replacement bank it may be available However, it is not automatic, you must call and ask for the extension.

Denver Bank has suspended accepting new applications while they work through the tremendous number applications that they have received in recent weeks. When they lift the suspension, they will be accepting applications for a Guardian merchant account and the business must be located in the Denver Metro or Boulder area.

Tech Center bank is still accepting application if your business meets their criteria, however, the bank will run a Google search of your businesses DBA name in if the search comes up as an MMJ related business, they will decline the account. (I know, WTF)

High Country Bank will accept applications if the business is located in Fremont and/or Chaffee counties.

Versa Bank will accept applications if your business is located in the Larimer County / Ft. Collins area. Of course we are fighting other fights in the Ft. Collins area.

There is a bank in Las Vegas, NV that is accepting applications. It seems to be a very MMJ friendly institution. The one caveat is that you must make a personal visit to the bank to open the account. (I can only assume that the bank is funded by the Las Vegas Tourism board.)

There are some smaller banks in some small outlying towns that may accept applications. If you are in an outlying area, check with the banks in your area.

As for the MMJ Credit Union that we are hearing about, they have formed the necessary committees and are working through the processes to get up and running. For more information or updates, visit www.csmcc-net.org