myCannabis Banking
Plant your seed of opportunity and grow your business with myPSFCU.
Why bank with myPSFCU?
It has been five years since voters legalized recreational marijuana in California, making California’s cannabis market the largest legal market in the U.S. Despite this historic milestone, these cash-intensive businesses remain under banked and underserved, leaving large amounts of cash floating around in our communities. The future of cannabis is clear: it will be one of the biggest industries in California and, possibly, in the country. Providing banking access to these entrepreneurs will help legitimize the industry and help protect our communities.
For years, myPSFCU has focused on serving the underbanked and underserved communities in the greater Los Angeles area. The local cannabis industry is an important part of our community and serving this industry fits our mission as a credit union. myPSFCU partners with our CRB members to help grow their business by offering business solutions that are tailored to fit their unique business needs. Learn why myPSFCU is the ideal banking partner for your cannabis business.
Planning to make a deposit? Schedule your in-branch deposit by using this link.
Why myCannabis Banking?
A more secure way to manage your hard-earned money.
With myCannabis Banking members enjoy a variety of business solutions that include financing, payroll, cash management services, electronic payments, and Online and Mobile Banking account access within 14 of business days of receiving the account application fee1. Grow your Cannabis business with #myCannabisBanking.
A safer business for you and your employees.
With myCannabis Banking, worry less about cash management, tax, and vendor payments. Allow myPSFCU to help manage your risk by getting your cash off the streets and into financial institutions where it belongs. Leave the money matters to us so you can have more time for your business.
Our trusted partner, Bankcard International Group (BIG), offers the industry’s most transparent, compliant, and proven cannabis payment processing merchant accounts.
- Transactions are for exact dollar amounts, which means:
- NO cash handling
- Less confusion, costly mistakes, and access to cash
- NO need for drivers to carry any money
- Your Customers will NOT be billed for “Out of Network” fees, which will make them happy!
- Works in full transparency with the debit networks
- Sales have proven to increase by with PIN Debit solutions!
- Costs less than cash handling and transportation fees!
- Full Bank and Processor Disclosure
- Accurate descriptors with your correct DBA and address on receipts and bank settlement reports.
- NO Convenience fees
- NO Checkout confusion
- Credit card ready when there is federal change. Be the first to accept credit cards by not having to apply for a new account.
A better community through equity and opportunity.
myPSFCU was built on community and the local cannabis industry is an important part of our communities. Our local cannabis businesses reinvest in their community, creating jobs and supporting other local businesses and providers like plumbers, electricians, accountants, lawyers, etc. Serving this industry is in line with our mission to serve the underserved and under banked and focus on the community. myPSFCU also supports the movement to promote equitable ownership in the cannabis industry and is now accepting applications for membership from qualified Social Equity owners.
myCannabis Referral Program
Let your fellow business owners know about us and earn up to $100 for every qualified referral!
- Qualified referrals must open a myCannabis account.
- You will receive the $100 in your savings account within a month after opening an account.
1myPSFCU typically processes account applications and moves to open an account within 14 business days of receiving the account application fee. Prior to submitting your application, please ensure you have all required documentation compiled (Business Formation Documents, Corporate Bylaws or Operating Agreements, licensing information, etc.). Our ability to process your application in a timely fashion depends on your ability to submit all required documentation.
Your Story, Our Community
Inspire other future business owners! Get featured on our social media pages and newsletter by sharing your experiences and get a $20 Starbucks gift card from us!
Get in touch now for more information.
myCannabis Contact Form
"*" indicates required fields
As Seen On
Refer a Friend
