Fee Overview

FEES REQUIRED TO MAINTAIN STRICT COMPLIANCE AND TO PROTECT YOUR CASH AND YOUR ACCOUNT

 

Unlike traditional banks, cannabis banks have a much higher cost of doing business.

Fusion Bank doesn’t just follow, but exceeds the 2014 FinCen Guidelines as well as many other best practices to keep your account safe, legal and fully compliant and avoid audits. Most of the rigorous activity will be performed by Fusion Bank in the first year. Below is the fee overview. To see the activities that necessitate the fee structure, go to our “Compliance” page.

MMJ Operators Deposit Fees:

All deposits are subject to a fee of 2.39% the First Year (12 months) with a minimum of $1,900 per month or maximum $10,000 per month.

Beginning the Second Year (13th month,) the fee becomes fixed at 1.95% for all deposits with a minimum of $1,900 per month or maximum $10,000 per month.

*Minimum Account Opening Deposit $100,000 – $2,900 application fee/non-refundable

Ancillary Service Providers Deposit Fees:

All deposits are subject to a fee of .35% fixed with a minimum of $340 per month or maximum $1,000 per month.

*Minimum Account Opening Deposit $1,000 – $499 application fee/non-refundable

Pending License Account Access and Fees:

If you have applied for a license and have not yet been granted one, you may still be able to apply for a Fusion Bank Account.

Subject to the verification of your KYC application, you can qualify for deferred monthly maintenance fees until your MMJ license has been issued and your business is operational!

  • 1.  Open your account HERE
  • 2.  Download the appropriate KYC HERE and upload all required documents into your account with the $2,900 application fee.
  • 3.  Get approved in 7-10 days and start banking!

All deposits are subject to a fee of 2.39% the First Year (12 months) deferred until fully licensed and operational with a minimum of $1,900 per month or maximum $10,000 per month

Beginning the Second Year (13th month,) the fee becomes fixed at 1.95% for all deposits with a minimum of $1,900 per month or maximum $10,000 per month.

*Minimum Account Opening Deposit $50,000 – $2,900 application fee/non-refundable

Fees are deferred until license is issued and business is operational. It’s that easy!

Pending License Investor Deposits:

We recognize that many investors require you to have a bank account before they will make an investment in your business.

Now you can open a Fusion Bank account in the name of your business and Fusion Bank will waive the deposit fee on investor funds!

  • 1.  Open your account HERE
  • 2.  Download the appropriate KYC HERE and upload all required documents into your account with the $2,900 application fee.
  • 3.  Get approved in 7-10 days
  • 4.  Deposit the investor funds directly into your Fusion Bank account.

No fees on initial investor funds?  Yes, it’s true!

Private Account Insurance:

Fusion Bank is not insured by FDIC with a $250,000.00 limit. Instead, each dollar is insured by a private-rated insurance carrier dollar-for-dollar so that our clients’ high-value accounts are never at risk.

For more information or to apply, go to: Fusion Bank

***You can open an account immediately with a zero balance so you can experience the ease of our platform.  This allows you to see your real bank account online and learn how to navigate through the normal banking processes for bill pay, transfer to other accounts, pay vendors, send outgoing wires and receiving incoming wires. You will not be able to deposit any funds until your KYC application has been processed and cleared.   DMCA.com Protection Status