STEP TWO: COLLECT SIGNATURES
We make the process of getting a cannabis banking account quickly easy by using the above mentioned documents to compile all CIPs needed. You’ll then receive a pre-filled CIP for every owner and the entity. All you have to do is review, edit if necessary, and approve.
- CIP (Customer Information Profile) – Each owner (someone with 10% or more of an owner percentage), controlling executive, and account signer will need to complete the document.
- Entity CIP – The purpose of this document is to collect general information about the entity.
- Entity and Individual W9 Form – US financial institutions ask customers to complete W9 forms in order to obtain personal identifying information (Name, Address, Tax ID) to report income paid to you to the IRS.
Once you’ve verified that all CIPs needed are correct, all you have to do:
- Gather signatures/initials from all parties
- Submit the entire document, not just the signature page
STEP THREE: INTERNAL REVIEW
Once you’ve submitted your completed paperwork, your heavy lifting is done! Celebrate with your favorite beverage (or strain) of choice as our onboarding specialists get to work verifying your documents.
This is where our team of compliance experts kicks it into high gear. We work with the bank to get your application reviewed and approved so you can get a cannabis bank account as quickly as possible. (Ideally in as few as 5-10 business days!)
Ready to get started? Apply now so our Financial Solutions Consultants can get to work connecting you with the banking services you need!