Alaska USA Federal Credit Union (Anchorage, AK) has closed accounts of members starting marijuana companies. If the bank or credit union employee, or the procedures in general, are unusually obstructive then neglect it and move on. If they require you have an account with them for at least six months ahead of permitting you to apply for a debit card, then you absolutely want practically nothing to do with them.
It presents a substantial competitive difference that credit unions can take advantage of in competing with banks but it also introduces the danger that a credit union can inadvertently destroy worth for its membership by focusing too intently on the maximization of monetary overall performance of the credit union These subjects will be the focus of future writings.
You can decide on to diversify these cash holdings by having income in bank accounts overseas, where the cash is held in a distinct currency, or use valuable metal coins that retain their worth more than time and are very easily convertible into cash.
The examination of a typical Canadian credit union’s Mission or Objective will typically reveal that the credit union is focused on the monetary well-being of its members, being inclusive, offering the merchandise, services, information and guidance to its members that will support members advance their private economic literacy and nicely-getting, concern for enhancing the financial and social well-getting of the communities in which the credit union operates, and the like.
The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule imposing – for the first time – anti-funds laundering (AML) system and Consumer Identification Plan (CIP) specifications for banks without having a federal functional regulator, like non-federally insured credit unions.