In order to process and open your cannabis-related business (CRB) account with Element, please provide all items listed below. Please contact us with any questions at 304canna@elementfcu.org.
Element CRB Account Application (click link below)
CRB Questionnaire (included on page 2 of this form)
Government issued ID for ALL account Owners & Signers
Social security numbers for ALL account Owners & Signers
Your business license (issued from your state)
Your cannabis business license/permit (issued from your state)
List of all DBA (Doing Business As) names (if applicable)
IRS EIN (Employer Identification Number) letter
Corporate resolution, LLC agreement or other business document
Physical address associated with each cannabis business license
Full staff listing - Employee name, role, location of work
Complete cannabis application packet - this is the application packet you submitted to your state to obtain your licensing
Account application fee (Element will assess this fee on your first invoice after your account is verified and approved)
CRB Questionnaire
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Products and Services you expect to utilize (check all that apply)
Checking Account
Savings Account
Online Banking Services
ATM/Debit Card
Wire Transfers
ACH Services
Are you planning any location changes in the next 12 months? If yes, please explain. *
Yes
No
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Business Usage Expectations
List the total average dollar amounts you expect to receive in and pay out on a MONTHLY basis:
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Cole Memo Priorities
Does your business have procedures in place to:
Prevent the distribution of marijuana to minors? *
Yes
No
Prevent revenue from its sales to criminal enterprises, gangs, or cartels? *
Yes
No
Prevent the diversion of marijuana across state lines? *
Yes
No
Prevent state authorized activity from being used as a cover or pretext for the trafficking of other illegal drugs or other illegal activity? *
Yes
No
Prevent violence and use of firearms in the cultivation and distribution of marijuana? *
Yes
No
Prevent drugged driving and the exacerbation of other adverse public health consequences associate with marijuana use? *
Yes
No
Prevent growing marijuana on public lands and the attendant public safety and environmental dangers posed by marijuana production on public lands? *
Yes
No
Prevent marijuana possession or use on federal property? *
Yes
No
Ongoing Monitoring and Due Diligence
Ongoing monitoring of business activity by Element FCU is required under State/Federal regulations. Element FCU may do any of the following enhanced due diligence measures:
Ask you to complete an updated CRB Questionnaire periodically
Conduct site visits of your facilities
Request and review your written procedures for your business operations
Request and review written management and termination practices for your business operations
Request and review written employee screening practices for your business operations
Request and review QUARTERLY financial statement and state tax remittance forms
Acknowledgment and Certification
I hereby certify that I am an authorized representative of this Cannabis-Related Business and have the authority to enter into this agreement on its behalf.
I understand and acknowledge the following:
1. Service Limitations:
Element FCU reserves the right to limit or terminate services to this business at any time after account opening if it determines that any of the Cole Memo priorities listed on page 3 have been violated.
2. Ongoing Monitoring and Due Diligence:
I/we agree to provide all documentation and information requested by Element FCU as part of its ongoing monitoring and due diligence obligations.
3. Failure to Comply:
I understand that failure to comply with Element FCU’s requests for documentation or information may result in the suspension or closure of the account(s).
I confirm that I have read, understood, and agree to abide by the terms outlined above. *