Cannabis Banking in Washington

Running a cannabis-related business (CRB) in Washington often means balancing mountains of cash, hiring private security, and coordinating weekly armored transport just to deposit earnings. This eats into profit while exposing you to theft, audit risk, and operational inefficiencies.

The problem is, you don’t have too many options for cannabis banking in Washington since marijuana remains a Schedule 1 controlled substance. Traditional banks are wary of working with you. 

You gain access to reliable Washington cannabis banking through our dispensary payment processing and compliance solutions. Solvent bridges the gap between banks and CRBs by streamlining financial oversight. 

Take control of your operation with legal banking, fast payments, and full oversight built for cannabis today!

Background on Cannabis Banking in Washington

Washington was one of the first states to legalize recreational cannabis through Initiative  502 in 2012, launching legal production and retail shortly thereafter. Medical cannabis had already been around for years at this point. It’s fair to call Washington state a cannabis pioneer. Today, the Washington State Liquor and Cannabis Board oversees both cannabis programs. 

But even though the state is highly progressive, the federal government has its own stance on cannabis. It’s still federally illegal, despite a big step forward in the 2018 Farm Bill, which legalized hemp nationwide.

As a result, many financial institutions still shy away from CRBs due to compliance complexity. Banks must comply with FinCEN guidelines, file Suspicious Activity Reports (SARs), and perform intensified customer due diligence for cannabis accounts - a costly and high-risk burden.

This unfortunately leaves legitimate operators without too many options - so many decide their best bet is to just operate in cash or sketchy ATM workarounds. 

O Bee Credit Union (which we’ll talk about below more in-depth) became the first viable option for cannabis banking in Washington over a decade ago. But even then, onboarding is rigorous and capacity remains limited. You need a solution like Solvent that helps you stay compliant. 

Before we get into that, what banks in Washington are “cannabis friendly?”

Who Can You Partner With for Cannabis Banking in Washington?

There’s no need to expose yourself to the risks of cash-heavy operations. While there aren’t too many options for Washington cannabis banking, a few state-chartered institutions have taken it upon themselves to roll out cannabis accounts.

O Bee Credit Union

As we touched on already, this credit union pioneered Washington cannabis banking back in 2014 and supports hundreds of licensed CRBs across the state today - including producers, processors, and retailers.

O Bee Credit Union offers checking accounts with free online and mobile banking, unlimited check writing, bill pay, and mobile deposits. They also have a dedicated cannabis business specialists team to help with onboarding and ongoing compliance. 

Herring Bank

Herring Bank operates a specialized cannabis banking program in Washington with flat-fee pricing, tailored business checking and savings, ACH and wire transfers, online banking, and armored cash pickup services to improve security for high-volume dispensaries and growers. 

Their infrastructure supports direct payroll deposit and tax payment tools for CRBs requiring transparent cash handling. They’re another excellent option for cannabis banking in Washington.

Safe Harbor Financial

Safe Harbor serves cannabis businesses nationwide (including Washington) with a full suite of services such as checking and savings accounts, payroll support, electronic tax payments, cash management, and access to cannabis-specific lending on a case-by-case basis. 

The service has processed billions in cannabis-related funds since launching cannabis banking in 2015, so they’re another safe option for your Washington cannabis banking needs, although this one is a bit less specialized for the state of Washington than others. 

Sound Credit Union

Sound Credit Union offers cannabis business deposit accounts, digital banking, and cash management tools in Washington, though they serve CRBs much more selectively. You may need to jump through additional hoops to open an account.

Although Sound Credit Union isn’t quite as public-facing about its cannabis program as other providers, it’s still a solid candidate for local CRBs.

What Should You Keep in Mind When Looking for Washington Cannabis Banking?

It’s not as simple as seeing which bank or credit union can get you onboarded the fastest, or which has the lowest fees. You need to do your due diligence to ensure you’re picking the right partner for what your operation needs.

Business Accounts Built for Cash

The obvious place to start is ensuring the bank offers business checking and savings that support consistent cash intake and clearly defined deposit thresholds. Look for institutions that allow mobile deposits, flexible limits, and customer support when large sums are involved.

Payment and Tax Infrastructure

Your bank has to support debit card access, multiple check-writing, ACH origination for vendor bills or taxes, wire transfers, and direct deposit payroll. These tools reduce cash reliance and streamline operations, especially around tax deadlines and vendor payments.

Robust Digital Controls

24/7 online and mobile portals with real-time balances, transactional history, and data exports are another essential feature for Washington cannabis banking. 

These systems should also support bill pay and tax payment gateways to keep you compliant with the Washington State Department of Revenue’s requirement for electronic tax remittance. This is something Solvent can streamline through our toolkit, for what it’s worth. 

Secure Cash Handling

High-volume venues need to plan for cash transport. Most of the banks above provide partnerships with armored courier services or in-house options. Just confirm they offer deposit alerts to flag unusual activity or avoid triggering SARs.

Compliance and Risk Management

Whoever you choose to partner with for cannabis banking in Washington should offer visible audit trails, quick turnaround on documentation requests, and support for required attention to bank regulators’ BSA/AML compliance frameworks. 

Institutions that understand FinCEN rules from 2014 onward help you avoid surprises with regulatory filings or account reviews. It’s worth making this a priority for the peace of mind you get.

Fee Structures and Transparency

Cannabis banking comes at a premium; that’s inevitable. But fees should still be predictable. Stay away from institutions with hidden compliance surcharges or random increases. Ask for clear lists of monthly account fees, cash handling costs, tax remittance charges, and onboarding expenses.

Relationship & Cannabis Industry Expertise

Banks with seasoned cannabis banking teams (like those at O Bee or Herring) make onboarding much smoother, and bring tailored support to every interaction. 

A point-of-contact who understands CRB licensing, Washington regulations, and municipal tax setups can prevent compliance lapses and keep your account open. 

Don’t go with a bank that is willing to take a chance on your operation. Choose one that’s been around the block with cannabis banking and knows what comes with the territory. 

Put the Stress of Compliance and Payment Processing in the Past With Solvent

Solvent is the missing link between licensed Washington CRBs and reliable financial services. We help take the hassle out of opening and maintaining a bank account for your business.

You get one membership that opens doors: we pre-qualify your business, introduce you to cannabis-savvy banks like O Bee, Herring, Safe Harbor, and Sound CU, and funnel compliance tools right into your dashboard. This way you don’t have to juggle multiple provider portals.

Instead, you get centralized reporting, document tracking, payment monitoring, and onboarding workflow. Our system automates tasks like deposit tracking, suspicious transaction oversight, audit logs, and compliance documentation.

Solvent also simplifies payment processing with compliant PIN debit systems for your storefront, curbside, and delivery operations. No workarounds or confusing terminals. It’s white-labeled, and funds are available fast.

Every Solvent member receives onboarding support, compliance guidance, and around-the-clock access to US-based customer service. A real human being who understands the challenges of this industry is always available to help when an issue arises.

Easily manage finances, stay audit-ready, and scale operations without being consumed by the logistics of cannabis banking. Whether you’re looking for guidance on Washington cannabis banking, cannabis banking Oregon, cannabis banking California, or anywhere in between, we’re here to make things simple for you. Reach out to get started!

Frequently asked questions

Does Chase do cannabis banking?

Chase does not offer banking services to cannabis businesses. Like most large national banks, they avoid the industry due to federal regulations.

Does Wells Fargo allow cannabis banking?

Same here. Wells Fargo doesn’t support CRBs at this time, as their policies exclude accounts tied to marijuana, even in states where it’s legal.

What is the banking Act for cannabis?

The SAFE Banking Act is proposed federal legislation that would protect banks serving legal cannabis businesses. Sounds great, but it still hasn’t passed - and the outlook isn’t all that optimistic for that to change in the short term. That’s why you need a partner like Solvent.

What are the problems with cannabis banking?

Most banks won’t touch cannabis money because marijuana is still federally illegal, and there is too much due diligence that comes with it. It’s not worth the hassle or risk from their perspective. This leaves CRBs dealing with cash, high fees, and constant compliance hurdles.

Are cannabis bank accounts FDIC-insured?

It depends on the specific partner you go with for cannabis banking in Washington. But if the bank is FDIC-insured and properly serving cannabis businesses under FinCEN guidance, then yes.

What cities does Solvent support in Washington state?

Solvent serves licensed CRBs across all of Washington, including Seattle, Spokane, Tacoma, Vancouver, and Bellingham. We’ve got you covered if you’re licensed in WA!

What types of CRBs can use Solvent?

All of them. Dispensaries, growers, processors, and vertically integrated cannabis businesses rely on the Solvent toolkit to stay compliant and streamline financial oversight.

What’s the next step for using Solvent?

It all starts with a conversation. We’ll walk you through onboarding, verify your license, and match you with the right banking partner and tools all in one place. Take the next step towards securing reliable Washington cannabis banking today!