It’s hard enough finding a bank that works with CBD companies. Much less a bank that actually works for CBD companies. With Fresno First Bank, you’re connected to a variety of products and services designed for the unique needs of CBD companies.
10 Questions Every CBD Company Should Ask Its Bank
1. What are your merchant processing rates?
Many CBD companies find themselves getting squeezed or jumping through hoops to keep transaction rates down. At Fresno First Bank, our rates are always competitive, and will vary depending on your company transactional risk and volume.
2. How long is the process to set merchant processing? You’re ready to process transactions yesterday. That’s why Fresno First Bank is set up to help you implement a merchant processing solution as seamlessly as possible. If you provide a complete package of required information all at once, the process can be completed in as little as 2 weeks, and in some cases sooner than anticipated.
3. Are there reserves on merchant accounts?
A merchant account reserve is a set amount of money set aside as a security deposit by an acquiring bank like Fresno First Bank. We determine reserves case by case, assessing each business’s transactional risk in a timely manner.
4. What makes you different from other banks?
We can’t speak for others, but at Fresno First Bank, we’re an acquiring bank, which means we accept and process credit and debit transactions on your behalf. In fact, we’re among the first and the few acquiring banks in the country that processes for CBD and hemp merchants. With us, you’ll never be handed off to a middle man, agent, or third party. You deal directly with local decision makers who can make things happen.
5. What about account fees for a CBD company?
All CBD and Hemp accounts are required to be an analysis account. At Fresno First Bank, our fees are based on account activity and transaction type, and offset with balances on your accounts.
6. Do you have an underwriting fee?
Yes. At Fresno First Bank, our current underwriting fee is $250 and is non-refundable. Merchant processing fees may vary.
7. How quickly can I open a checking account?
You want to secure your money as quickly as possible. At Fresno First Bank, if you provide a complete package of information up front, we can usually complete our due diligence and have an account opened for you within 2 weeks.
8. How many branches does FFB have in the US?
While the big banks have a large and widespread footprint of branches, at Fresno First Bank, we are a single-branch Community Bank located in Fresno, CA. However, our online platform enables you to operate anywhere in the US seamlessly, without ever setting foot in a branch.
9. My CBD business is new. What kind of account restrictions can I expect?
Every case is different, and we evaluate each on its own merits. For new businesses in CBD, some restrictions may apply when opening business accounts. However, there are exceptions.
10. My CBD business is scaling. Are you able to support my growth?
Unlike many other financial institutions, we see vast and untapped opportunities within the CBD industry. That’s why we’re so excited to support your business growth without any interruptions or caps. Because CBD doesn’t need another roadblock. It needs a true financial partner.