Community Choice Credit Union
“At the heart of every community are the people who nurture it. We’ve been nurturing our community since 1935, following the lead of a few neighbors who gathered in the Redford Township, Michigan home of Arthur and May Jenkins. Each putting $5 into a bowl, there to borrow in anyone’s time of need, neighbors created a safe and convenient place for their money, with access at any time.
Today, we’re still in our neighbors’ living rooms. In fact, we’re in their cars, their back pockets, in their gym bags, riding along in their work trucks, and joining them on their family vacations. That’s because we are our members’ personal advisor and financial confidant, always there – anytime, anywhere. “
- website: https://www.communitychoicecu.com/
Cannabis Banking Services
“We offer a full suite of tools and services for cannabis companies, owners, and employees through Choice Cash services. Our extended experience with cannabis banking is the advantage you need to optimize your business.”
States Served:
- Michigan
Official cannabis banking page: https://www.communitychoicecu.com/business/cannabis-business-services/
Media coverage:
- Detroit Free Press: Michigan marijuana businesses couldn’t find banks to take their cash, lend money
- Mike Bahoura, who is a cannabis business attorney in Bloomfield Hills, also owns the dispensary Pure Lapeer. Back in 2019, he said, only one credit union was willing to accept deposits for Pure Lapeer — Live Life Federal Credit Union in Fraser, which was a trailblazer for accepting deposits. Now, the list of credit unions and smaller banks willing to open accounts and take deposits is building. He’s also working with Community Choice Credit Union in Farmington Hills and now in the process of opening an account with Citizens State Bank, which recently had a grand opening for its Royal Oak branch.
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).