Cannabis Banking Services | Community Invest

The Community Invest – Cannabis Banking Services is a community development program that gives qualified banks and credit unions access to state impact investment capital through lower-rate time deposits. These additional financial resources help financial institutions implement or expand basic banking services for cannabis-related businesses in Illinois.

By increasing access to banking services, the program helps cannabis-related businesses, their employees, and the ancillary businesses that support them:

• Make deposits
• Write checks
• Process payroll
• Accept electronic payments
• Pay taxes, fees, and other charges
• Complete other routine banking transactions safely and efficiently

The program also helps reduce the risks associated with large amounts of cash on business premises. In doing so, it supports fraud deterrence, anti-money laundering efforts, and crime prevention.

Through this program, the Treasurer’s Office partners with approved financial institutions to expand banking access for cannabis-related businesses that may otherwise have limited or no access to traditional banking services because of federal laws.

Program Benefits

• Provides financial institutions with a 2-year term deposit with variable monthly rates based on Federal Overnight Excess Funds
• Supports financial institutions so they will provide cannabis-related businesses with reasonable banking fees
• Enables cannabis-related businesses to access banking services that help build operational capacity and better serve their communities
• Promotes the transition of an all-cash cannabis market to a fully banked, regulated, and transparent market

Download and share the Cannabis Banking Services Program Flyer.

Cannabis-Related Businesses, Ancillary Businesses, and Their Employees

Through this program, the Treasurer’s Office partners with approved financial institutions to provide banking services to a cannabis-related business that would not otherwise have access to, or would have limited access to, banking services due to federal government statutes.

Financial Institutions

How to Apply

Step 1:  Become an Approved Program Depository

To participate in Community Invest – Cannabis Banking Services Program, financial institutions must be or apply to become an approved depository with the Treasurer’s Office. For more information and request forms to become an approved depository, please visit:

           •  Become an Approved Program Depository

Step 2:  Review Eligibility and Submit Application

Approved depositories (see Step 1) seeking to determine their eligibility and apply for funds under the Community Invest – Cannabis Banking Services Program must review the terms and conditions and submit the following application with their funds request:

• Community Invest – Cannabis Banking Services Program Application

Step 3: Required Metrics Form

Funds for this effort must be used for the community’s benefit to promote and facilitate banking services for cannabis-related businesses.  Financial institutions must use the form available at the link below to substantiate their progress toward these objectives.

• Community Invest – Cannabis Banking Services Economic Development Metrics Form.
  • (Optional) Community Invest – Cannabis Banking Services Economic Development Metrics Spreadsheet (Automatic Download in Excel).

Daily Rates

Visit the Community Development Linked Deposit page to view the applicable impact investment deposit rates for Community Invest – Cannabis Banking Services Program.