Black Hills Federal Credit Union

Black Hills Federal Credit Union says it first opened its doors in 1941. Its branches are in South Dakota, including Rapid City, Custer, Eagle Butte, Hot Springs, Pierre, Sioux Falls, Spearfish, Sturgis and Wall, plus Billings, Montana; the cannabis page does not state a headquarters address. Deposits are insured by the NCUA. The program is run as high-risk business banking, and the page names Austin Trapp as its high-risk business specialist. The credit union says it will help with a cannabis business's banking needs no matter which state it operates in.

Cannabis accounts include checking, dividend-bearing savings and certificates, online and mobile banking with mobile deposit, in-branch service, cash pickup and delivery, ACH payments and origination, wires, employee accounts and consumer lending. It also offers cashless ATMs from Stokes for retail locations. The program serves cultivators and manufacturers, dispensaries, testing labs, delivery services, CBD and hemp businesses and ancillary cannabis-related businesses. Employee accounts let staff bank at the same institution as their employer, and the page lists consumer lending but no commercial loan products for cannabis businesses.

Applicants start a cannabis banking membership through the page, and the credit union says approval generally takes about two weeks. It assesses a cannabis banking fee to cover compliance and due diligence costs but does not publish the amount, minimum deposits or rates. Its offer to work with businesses in any state sets it apart from the state-focused credit unions in this category, such as Sunmark in New York, and makes it one of the few institutions here that out-of-state operators can approach directly.