Fee Overview

FEES REQUIRED TO MAINTAIN COMPLIANCE AND TO PROTECT YOUR CASH AND YOUR ACCOUNTFusion Financial

Unlike traditional banks, cannabis accounts have a much higher cost of doing business.

Fusion Financial follows the 2014 FinCEN Guidelines as well as many other best practices to keep your account safe, legal and compliant to avoid audits. Most of the rigorous activity will be performed by Fusion Financial in the first year. To see the activities that necessitate the fee structure, go to our “COMPLIANCE” page. If you are thinking about or currently operating in cash, you might find this “All Cash Business Estimates” document helpful.

Below is the fee overview:

CANNABIS OPERATORS DEPOSIT FEES:

 

All deposits are subject to a fee of 2.39% the First Year (12 months) with a minimum of $1,900 per month or maximum $10,000 per month.

Examples of decreasing fee structure percentage:

  • Monthly deposit of ~$418,000 at 2.39% hits cap at $10,000 fee
  • Monthly deposit of ~$600,000 hits cap at $10,000 fee and the rate is, in effect, equal to ~1.66%
  • Monthly deposit of ~$750,000 hits cap at $10,000 fee and the rate is, in effect, equal to ~1.33%
  • Monthly deposit of ~$1,000,000 hits cap at $10,000 fee and the rate is, in effect, equal to ~1.00%

Beginning the Second Year (13th month,) the fee becomes fixed at 1.95% for all deposits with a minimum of $1,900 per month or maximum $10,000 per month.

*Minimum Account Opening Deposit $100,000 – $2,900 application fee/non-refundable

ANCILLARY SERVICE PROVIDERS DEPOSIT FEES:

All deposits are subject to a fee of .35% fixed with a minimum of $340 per month or maximum $1,000 per month.

*Minimum Account Opening Deposit $1,000 – $499 application fee/non-refundable

PENDING LICENSE ACCOUNT ACCESS AND FEES:

If you have applied for a license and have not yet been granted one, you may still be able to apply for a Fusion Financial Account.

Subject to the verification of your KYC application, you can qualify for deferred monthly maintenance fees ($1,900 minimum) until your MMJ license has been issued and your business is operational!

  1. Open your account HERE
  2. Download the appropriate KYC HERE and upload all required documents to your account with the $2,900 application fee.
  3. Get approved in 5-7 business days!
  4.                 Deposit fee minimum of $1,900/month deferred until fully operational with an approved license.

Once licensed and operational, all deposits are subject to a fee of 2.39% the First Year (12 months) with a minimum of $1,900 per month or maximum $10,000 per month.

Examples of decreasing fee structure percentage:

  • Monthly deposit of ~$418,000 at 2.39% hits cap at $10,000 fee
  • Monthly deposit of ~$600,000 hits cap at $10,000 fee and the rate is in effect, equal to ~1.66%
  • Monthly deposit of ~$750,000 hits cap at $10,000 fee and the rate is in effect, equal to ~1.33%
  • Monthly deposit of ~$1,000,000 hits cap at $10,000 fee and the rate is in effect, equal to ~1.00%

*Minimum Account Opening Deposit $50,000 – $2,900 application fee/non-refundable

Fees are deferred until the license is issued and business is operational. It’s that easy!

PENDING LICENSE INVESTOR DEPOSITS:

We recognize that many investors require you to have an account before they will make an investment in your business.

Now you can open a Fusion Financial account in the name of your business and Fusion Financial will WAIVE the deposit fees on investor funds wired to the Fusion Financial account.

  • 1.  Open your account HERE
  • 2.  Download the appropriate KYC HERE and upload all required documents to your account with the $2,900 application fee.
  • 3.  Get approved in 5-7 business days
  • 4.  Deposit the investor funds directly into your Fusion Financial account via wire transfer before your license is approved and Fusion Financial will waive the fees!

No fees on initial investor funds?  Yes, it’s true!

PRIVATE ACCOUNT INSURANCE:

Fusion Financial is not insured by FDIC with a $250,000.00 limit. Instead, each dollar is insured by a private-rated insurance carrier dollar-for-dollar so that our clients’ high-value accounts are never at risk.

For more information or to apply, go to: Fusion Financial

***You can open an account immediately with a zero balance so you can experience the ease of our platform.  This allows you to see your account online and learn how to navigate through the normal financial processes for bill pay, transfer to other accounts, pay vendors, send outgoing wires and receiving incoming wires. You will not be able to deposit any funds until your KYC application has been processed and cleared.

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Become a member: When you join the Sovereign Friendly Society, you can experience the financial services, insurance options, and investment solutions SFS provides.

Open an account: Open an account with Fusion Financial and get your cannabis (or related) business operating safely, legally, and far more efficiently.

Download the 2014 FinCEN Guidelines

*This service is not being offered in the United States at this time.

Reach out: If you have any questions, please email Info@SovereignFriendlySociety.com or call +1.866.347.3321

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