MMJ Friendly banks?

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Pimpernickel

Well-Known Member
Twice now I've been flagged by the loss prevention team at my bank for irregular cash deposits. They ask what I do, I tell them I'm a state licensed MMJ provider and show them my cards, then they close my accounts.

Anyone using a bank that knows they are a caregiver and doesn't mind?
 
abe supercro

abe supercro

Well-Known Member
sure wld be nice tomcat.File a dba for your real business.Now stop mentioning what has been getting you in trouble, wouldn't that be a decent start?
 
mtgeezer

mtgeezer

Well-Known Member
No bank is MMJ operation safe. The government wants to let you build up accounts, claim you're running an illegal operation and close you out and steal all your cash, cars, real estate and everything else. And do you know the funny part? You have no recourse, they can do as they please. Every state has the same problem.
 
Usernamewastaken

Usernamewastaken

Well-Known Member
Since when do you have to answer a bank as to where your money is coming from? Who the hell do they think they are, the IRS or something?

as has been stated, if this is a reoccurring issue for you start up an llc for "bobs good times joy rides" or something of the like
 
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schuylaar

Well-Known Member
Pimpernickel said:
Twice now I've been flagged by the loss prevention team at my bank for irregular cash deposits. They ask what I do, I tell them I'm a state licensed MMJ provider and show them my cards, then they close my accounts.

Anyone using a bank that knows they are a caregiver and doesn't mind?
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Taxes and the like are my business..I would need the details to give you the correct direction.

You are making deposits in excess of 10K cash? Also, why are you interested in paying taxes on something that is not recognized by the feds at this time?
 
ProfessorPotSnob

ProfessorPotSnob

New Member
^ I concur , anything under 10k is safe to deposit , now do this multiple times in a week and the flags will be raised . I made this mistake once selling inherited Gold while depositing the cash from said transactions .
 
slumdog80

slumdog80

Well-Known Member
Yeah structuring is a big deal and may have been what got OP flagged in the first place.

The IRS is fine with anything, as strange as that sounds but, it's true.
 
ProfessorPotSnob

ProfessorPotSnob

New Member
Oh and never let them know your a Caregiver as its none of there damn business in the first place . I hate to admit this but no financial institutions are medical marijuana friendly from my knowledge , some wont even deal with Hydro stores :(

It is Bullshit but reality , stow your money into investments outside of the legal system and you ll be rewarded later on for your endeavors .
 
theexpress

theexpress

Well-Known Member
make some friends who own there own bizzness resteraunt, night club, bar, ect. give them lil bit every week and they can write u a check then its official...
 
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Kervork

Well-Known Member
My fucking god... Were you stoned when you did this? There are soooo many things you can do with cash besides create a fucking paper trail that leads straight to your sphincter.

So why is this a bad idea? Say the IRS decides to take a look at your finances. They see big cash deposits. They find out it was from an illegal enterprise (in the Feds view). They claim you did not pay taxes, and even if you did pay taxes, you owe more taxes because you can't deduct expenses from a criminal enterprise.

If you earned your cash sucking cock would you just bounce right up to the bank and tell them? I think not. WTF would you tell them you were growing pot?
 
st0wandgrow

st0wandgrow

Well-Known Member
I deal with a lot of cash in my business and as has already been mentioned anything over $10k and they have to file a SAR (suspicious activity report). This was part of the Patriot Act after 9/11. I would do the following if I were you:

- Do NOT disclose what you are doing. There is absolutely no reason to do so.
- Try to keep your deposits consistent. I would do a deposit for a similar amount every week, or bi-weekly. It will look like the proceeds of a payroll check that you have cashed if you're making regular deposits of similar amounts every Friday for example. That may mean you have to sit on some cash for a few days, but so be it.
 
st0wandgrow

st0wandgrow

Well-Known Member
Kervork said:
My fucking god... Were you stoned when you did this? There are soooo many things you can do with cash besides create a fucking paper trail that leads straight to your sphincter.

So why is this a bad idea? Say the IRS decides to take a look at your finances. They see big cash deposits. They find out it was from an illegal enterprise (in the Feds view). They claim you did not pay taxes, and even if you did pay taxes, you owe more taxes because you can't deduct expenses from a criminal enterprise.

If you earned your cash sucking cock would you just bounce right up to the bank and tell them? I think not. WTF would you tell them you were growing pot?
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There are also things you can't do with cash, thus the need for a checking account.

Have you ever tried sending in cash to pay your electric bill?
 
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