Breaking the Bank: Banking Options for Operators

Financing a business in this space is a little like trying to buy a house with a duffel bag full of twenties — everyone wants to spend it, but nobody wants to touch the money. A lot of folks, especially in the early days, joined the first bank that doesn’t turn them away. signing whatever is put in front of them, waking up months later drowning in fees so predatory they should’ve come with a red warning label. Without some gentle guidance, you can get lost fast.

Green Check

Even when you finally get in, the real education begins. Banks rely on tools like Green Check, a compliance platform that verifies every dollar you deposit against your POS and state traceability system. It’s how they prove to regulators that you’re above board. But that verification isn’t free. It rolls downhill in the form of analysis fees — one-time onboarding costs, ongoing monthly monitoring, transaction charges, and whatever else gets tucked into the fine print. And that’s before you factor in armored-car carriers ferrying your cash to vaults in Colorado, each leg of the journey billed back to you with processing charges, bag fees, and fuel surcharges.

Counting Fidies…

Most operators don’t learn any of this until they’re already locked into a banking relationship that bleeds them dry. That’s why what Erika from Carver Family Farms did stands out. She not only presented at the NASCUS Banking Symposium, after realizing just how many options existed; and started collecting details from every institution in the room — fees, rules, carriers, hidden costs, all of it. Then she did something rare: she shared it.

Carver Family Farms is known for producing top-tier flower and solventless products, but this move shows the other side of who they are — a community outfit looking out for other operators. Erika’s list isn’t just a directory; it’s a lifeline. It helps people sidestep predatory fees, compare banks fairly, and make decisions with eyes wide open. In an industry where information is often guarded or sold, having a fellow operator pull back the curtain is exactly the kind of grassroots support the community needs.

Institutions Actually Banking the Industry:

View The List Here

CannaFirst Financial

One of the more transparent options.
– App fee: $500
– Monthly: $400 for plant-touching, $50 for non-plant
– ACH: $50 setup; $10–$20 per file depending on volume
– Wires: $20 domestic / $75 foreign
– Uses Green Check
– Debit cards: yes
– Carriers: Empyreal
They claim onboarding takes a week. Treasury team is actually reachable.

Dart Bank

The “you’ll pay but we’ll answer the phone” option.
– App fee: $500 (half refunded if declined)
– Monthly: $500
– ACH: unlimited
– Wires: $10 incoming, $25 domestic outgoing, $50 international
– Compliance via Shield
– Carrier: Empyreal
They emphasize they don’t charge for cash deposits; you negotiate directly with the courier.

Farmers Bank & Trust

Straightforward, steady.
– Monthly: $500
– ACH: $35/month
– Wires: $35/month
– Cash deposit fee: 4 cents per $100
Not much flair, but predictable.

First Financial Credit Union

A more “local credit union” flavor.
– App fee: $300 (non-refundable)
– Monthly: $250
– ACH/Wires available
– Cash night drop fee: 0.5%
– Uses Green Check
– Card limits: $2,000/day, can’t buy product with card
– Carrier: Empyreal
They also charge for inspection audits.

Herring Bank

Popular with smaller operators.
– No upfront fees
– Monthly: $350 (micro special)
– Annual admin: $600
– Wires: yes
– Monthly sales report required
– Carriers: Respond NM, Blue Line, Empyreal
They’ve been actively recruiting in NM and seem to understand the pain points.

Pima Federal Credit Union

The star of the CANM meeting.
– No app fee
– Monthly: $250 for THC-touching accounts
– ACH/Wires available
– Extra fees for other account types
– Compliance: internal (not Green Check)
– Carriers: TBD
– Cash deposit fee: 0.15%
Some perks like remote deposit and positive pay.

Prism Bank

Up-and-coming and aggressively courting NM.
– App fee: $249
– Monthly: $450
– ACH: $45/month (waived for CRBs)
– Wires: $20 domestic, $35 international
– Ancillary: $100/month
– Interest: 1.49% on CRB savings
– Compliance: Shield with full BioTrack UBI integration (no more manual uploads)
– Carrier: Empyreal
This one is becoming a contender.

Regent Bank

Big in Oklahoma, now expanding.
– App fee: $200 (waived for some)
– Monthly: $500 / $250 for micros
– ACH/Wires: standard rates
– Money Market: $100K minimum
– Compliance: Green Check
– Carrier: Empyreal (via Respond NM)
Old-school banking with a dedicated compliance team.

Safe Harbor Financial

One of the most established national players.
– App fee: $500
– Monthly: $300
– ACH: yes
– Wires: $30–$20
– Annual: $300
– Compliance internal
– Carrier: Empyreal
They waive ATM fees for micros if you install in-store machines.

Shore United Bank

They’ll bank you, but with limits.
– No app fee
– Monthly: $350
– ACH: $50/month
– Wires: no outgoing wires allowed (incoming domestic only)
– Compliance: internal
– Interest accounts maybe available
A narrow lane, but a lane nonetheless.

Southwest Capital Bank

Local, pricey, rigid.
– App fee: $2,500
– Monthly deposit tiers 0.85%
– ACH and Wires: standard
– Compliance: Green Check
– Minimum balance: $100
– No over-the-counter deposits over $1,000
They model heavily after US Eagle but with slightly better tiers.

US Eagle / Aery Group

The legacy 800-pound gorilla — and they charge like it.
– App fee: $500
– Monthly: tiered percentages of deposits (minimum $500, max ~$15K)
– Annual: $1,000
– ACH fees stacked
– Wires: $50 outgoing, $20 incoming
– Ancillary deposit fee: incoming funds 0.50%
– Compliance: Shield
– Carrier: Respond NM (avg $382/month), Blue Line, Empyreal
This is the most expensive option across the board.

Key Themes You Can’t Ignore

• Green Check & Shield dominate the compliance field.
• Pima, Herring, Prism, and CannaFirst are the most operator-friendly.
• US Eagle remains the most expensive by a long shot.
• Armored carriers are the second tax no one warned you about.
• Some banks still quietly route vault deposits to Colorado.
• Fees stack fast — ACH, wires, analysis, compliance, site visits, courier charges, minimum balances, interest rules.
• Micros get hammered unless the institution has special pricing.
• Full BioTrack API integration is rare — Prism and Shield appear to be moving in that direction.

Respond NM

The workhorse. Not cheap, not fancy, but predictable.

Merchant Pickups:
– 2x per week (Wed & Sat)
– $247.87 per month

Change Orders:
– $10 per order

Bag Verification / Processing:
– $7.50 per bag (bag limit: $75K)

Excess Cash Fees:
– Covers first $50K
– $.20 per $1,000 above that
– Up to 5 items per delivery included
– After that: $1.50 per item

Special Deliveries:
– Priced case-by-case

Fuel Surcharge:
– Based on RM prior month CPG ($3.659 example) + 8%

Average Monthly Total:
– $382

They’re the most established player. Expensive on extras, but consistent.

Blue Line

Bare-bones, flat-fee, and a little rougher around the edges.

Merchant Pickups:
– Once per week
– $110 per pickup (Tuesdays)
– Weekly minimum = $440 per month

Change Orders:
– $20 per order
– Must be submitted by Friday

Bag Verification / Excess / Special Delivery:
– Not offered

Fuel Surcharge:
– None

Average Monthly Total:
– $460

Blue Line is simpler but pricier month-to-month once you add change orders.

Empyreal Logistics

The national carrier trying to dig into NM territory.

Merchant Pickups:
– Will match Respond NM
– $45 per stop

Change Orders / Bag Fees / Extras:
– Structured to match your existing contract
– Often negotiates lower or flat rates

Average Monthly Total:
– Varies, but if they stick to $45/stop, you’re looking at:
– Weekly: ~$180/month
– Twice weekly: ~$360/month
– Comparable to or cheaper than Respond, depending on volume

Empyreal tends to be the most flexible. They know the market is price-sensitive and under-banked, and they’re willing to undercut incumbents to get your business.