Element Federal Credit Union
“It’s in our DNA to make your financial life better. And to do it in unconventional ways. Ways that are meaningful and helpful to you. Whatever it takes to help, we’re willing to go there. Every team member at Element is empowered to use their special skills and talents to make a plan that works for you. That’s who and what we are. We’re not for everyone, but we’re for a lot of folks.”
- website: https://www.elementfcu.org/
Cannabis Banking Services
“Element Federal Credit Union is known for going places and doing things others won’t. Our creativity and innovative spirit have helped us serve a wide variety of groups and industries. The cannabis industry is no different. Our passion for serving you is what separates us from all others.”
States Served:
- Alabama; District of Columbia; Louisiana; Massachusetts; Maryland; Maine; Michigan; Minnesota; Missouri; Mississippi; New Jersey; Ohio; Rhode Island; West Virginia
Official cannabis banking page: https://www.elementfcu.org/almostcannawv/
Media coverage:
- Credit Union Times: West Virginia CU Lands Contract to Serve State’s Medical Marijuana Business
- The $35.3 million Element FCU is selected over the $2.6 trillion JP Morgan Chase.
- Podcast: How the Cannabis Banking Issue Was Solved in WV – Linda Bodie
- Everything you need to know about the cannabis banking “issue” in West Virginia. It’s no longer an issue thanks to Linda Bodie, CEO of Element Federal Credit Union. EFCU won the RFP to handle funds related to medical cannabis for the state.
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).