MMJ Friendly banks?
- Thread starter Pimpernickel
- Start date
um, that's called money laundering which they will add to the other charges.
Personally, I'm a fan of small account to pay bill and the rest goes into the safe I purchased after 2008 meltdown..I pay utilities and such from there and anything else gets paid in cash.
Additionally, small legal businesses LOVE CASH TOO..and if you let them know in advance you'll be paying with cash, often times they will give you nice discount..spin "little guys have to stick together". You don't get, what you don't ask for.
Check Cashing Store (or similar) you can get unlimited debit cards up to 10k each (insured) money orders are free at most of these places now..pay utilities..send cash.
Every time you deposit in 10k or more cash in a bank..by federal law.. they have to fill out a detailed form to sent to the IRS..
Usernamewastaken
Well-Known Member
FYI: every time you do just about anything in the amount of $10k the Feds catch wind of it.... Keep this in mind when money graming funds.
Yup..check cashing store and most latino supermarkets..
fattiemcnuggins
Well-Known Member
yah I've paid mine cash every month for years now. same w cable, phone, trash, sewer***(was really high meant money orders for these). house paymnt gets washed clean before deposit too.
TheMan13
Well-Known Member
There is http://cannabank.com/ on the capital allocation side, not very familiar with them and know they are a part of MediSwipe.
grownbykane
Active Member
a buddy of mine was just denied a mortgage from a bank he has had an account with a long time. one of the reasons he was denied was suspisious activity; they viewed any cash deposit over $100 to be a red flag. I believe he said it was bank of America...
Usernamewastaken
Well-Known Member
There's more to that....
grownbykane
Active Member
he ended up getting approved at another bank, for what its worth...
fattiemcnuggins
Well-Known Member
Possibly not tho B.o.A. are notorious for terrible customer service. robbed me for 100$ in fake bills
somepotname
Active Member
The banks can't let you bank with them if you're involved in an federally illegal business because they can loose their FDIC. Also banks have to report anyone who deposits 10k or more in a week and strongly encouraged to report anyone who deposits 2,500 or more at a time.
Pimpernickel
Well-Known Member
Thanks for all the advice. The banks were Independent and Chemical. I never deposited over 10k at once but possibly within a week. I put the money in the bank figuring it wouldn't hurt, the government knows I have it when I pay my income tax anyway. I pay my taxes because I don't feel like stealing/mooching from everyone.
abe supercro
Well-Known Member
chemical bank. lol
gladstoned
Well-Known Member
People in da UP still take personal checks! lmao.
it's 10k not $100 and if the loser at BOA told your buddy that, he is a liar or does not know what he's talking about and considering the source BOA..my money is down on stupidity..rofl $100 rofl..
That's why before you leave the bank ALWAYS, ALWAYS re-count in front of teller and hold up to light to view security thread EACH AND EVERY ONE..do not be hurried out by impatience of staff or customers because none of those people are going to replace the counterfeit they took in and you walked out the door with..
This is as of yet an unrecognized business federally and even though your state allows, depositing money into a federally regulated bank from illegal activities then TRANSFERRING the monies will bring even more charges..the money you are earning truly cannot be reported in the manner you'd like..contact your CPA.
OK. The banks don't want to deal with the medical marijuana industry because the DOJ has threatened to raid branches that take on their business. This is the tactic that the Obama administration is using to counteract the industry.
First and foremost pay your taxes. This is all being set up to trap people in the industry. Tax evasion is what they have used to bring down people in "underground" industries for a long time. You can however do what someone else suggested and attain prepaid debit cards from check cashing stores, the only problem with that is some entities do not accept these cards. Another option is to take your cash assets to Canada and open a checking account you then can make the trip whenever you are close to hitting the 10k customs max. You then create a recurring electronic deposit from your Canadian bank account to your american personal checking account. This way your bank will not think anything of it. Once again though pay your taxes! Another benefit of opening a Canadian bank account is that if for any reason LEO froze your assets you will still have access to your funds in Canada. I know this sounds like a pain in the ass but if you ever found yourself in a sticky law enforcement situation you will be happy that you have an account that can be used to hire an attorney.
First and foremost pay your taxes. This is all being set up to trap people in the industry. Tax evasion is what they have used to bring down people in "underground" industries for a long time. You can however do what someone else suggested and attain prepaid debit cards from check cashing stores, the only problem with that is some entities do not accept these cards. Another option is to take your cash assets to Canada and open a checking account you then can make the trip whenever you are close to hitting the 10k customs max. You then create a recurring electronic deposit from your Canadian bank account to your american personal checking account. This way your bank will not think anything of it. Once again though pay your taxes! Another benefit of opening a Canadian bank account is that if for any reason LEO froze your assets you will still have access to your funds in Canada. I know this sounds like a pain in the ass but if you ever found yourself in a sticky law enforcement situation you will be happy that you have an account that can be used to hire an attorney.