Wright-Patt Credit Union
“Banking shouldn’t be hard and at Wright-Patt Credit Union (WPCU), we make it easy. With Member Center locations throughout Southwest and Central Ohio, 40,000+ lower-to-no-fee ATMs, thousands of Shared Branching locations nationwide, we are proud to be the trusted financial home of 500,000 members.
We offer all the services and conveniences available from a traditional bank, but what really sets us apart is our commitment to helping you live the life you want to live. At WPCU, we believe everyone deserves a caring financial partner who builds hope and improves well-being. It’s why we do what we do. As your credit union, our goal is to be the best organization you have ever experienced and the best place our partner-employees have ever worked.”
- website: https://www.wpcu.coop/en-us
Cannabis Banking Services
“As the leading Marijuana-related Business (MRB) program with the largest MRB market share in the state of Ohio*, WPCU provides a wide range of banking services to qualified, licensed, and legally operating businesses involved in medical marijuana to help them safely grow and manage their business. Our goal is to normalize the treatment of cannabis companies by providing access to standard commercial banking products to include ACH, wire, and online banking at competitive rates.
In addition to providing secure cash transport service options for our MRB businesses via direct contractual arrangements with our preferred cash transport service partner, WPCU also offers a PIN/debit payment solution to provide clear, safe, and accurate cashless payments, as well as a newly authorized lending program for plant touching businesses.
After thorough due diligence, including consulting with the Ohio Division of Financial Institutions (ODFI), Department of Commerce (DOC) and elected state officials, WPCU made the decision to offer limited banking services to qualified, licensed and legally operating businesses involved in medical marijuana. Without banking services, these businesses would be forced to operate on an all-cash basis, which can result in community safety issues and criminal activity. In addition, WPCU believes that legally operating businesses in Ohio have a right to banking services. With an emphasis on the safety of members and the communities the credit union serves, WPCU believes a responsibly banked industry is a safer industry.”
States Served:
- Ohio
Official cannabis banking page: https://www.wpcu.coop/business/mrb-banking
Media coverage:
- Crain’s Cleveland Business: Marijuana companies craving conventional credit struggle to find it, absent banking reforms
There were 706 U.S. depository institutions actively banking marijuana businesses as of midyear 2021, according to FinCEN — or about 7% of the country’s 10,300-some commercial banks, credit unions and savings institutions. Scott Everett, vice president of new ventures and member business services at Wright-Patt, said these fees may seem high to the cannabis industry. But they’re necessary, he said, in order to manage customer accounts that require more extensive monitoring. And the costs have come down as the regulatory burden has lessened, as regulators become more comfortable with the credit union’s record-keeping.
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).