Kellogg Community Credit Union + Green Check

Tell us about KCCU, your mission and your field of membership.

Kellogg Community Credit Union (KCCU) has established a cannabis related business (CRB) program, Thrive, to support local business partners, expand services to an under-serviced industry, and positively impact community safety.  KCCU was founded by Kellogg employees and has grown to offer service to the entire State of Michigan!

How did KCCU come to the decision to offer services for cannabis-related businesses?

KCCU saw an opportunity to help Michigan-based cannabis businesses grow and thrive. This partnership with our cannabis businesses allows us to positively impact our communities and support our business partners.

In a mature cannabis market like Michigan, what are some market trends, opportunities, and challenges you can highlight?

With so much growth in the cannabis space, particularly provisioning centers, it can be challenging for businesses to break into their markets. Time spent searching for the best banking options, traveling to and from inconveniently located branches takes up valuable time that could otherwise be spent growing these businesses. Banking with KCCU gives you access to 12 conveniently located branches throughout Southwest Michigan and a team of dedicated individuals behind you every step of the way.

Please describe the types of businesses you work with and your current and future goals for your program.

KCCU currently offers banking services such as business checking, savings, money market, debit cards, domestic wires, and online banking to growers, consultants, cultivators, labs, and provisioning centers. We are looking to expand our membership reach, with an eye toward future lending opportunities as the program grows.

How do KCCU’s business development team and compliance work together to ensure a new CRB’s safe and successful onboarding?

KCCU utilizes the Green Check platform to ease the application and onboarding process. The Compliance team manages the intake and evaluation of information, while also focusing on member satisfaction.

Could you describe the products and services you offer to cannabis-related businesses and how you differ from other institutions providing services to the cannabis industry?

KCCU offers a competitive flat fee structure, no hidden costs, and dividend eligibility for our cannabis members.

How do you market your program to CRBs to grow your portfolio? Can you give examples, e.g., attending industry events, collateral, email, or social media efforts?

KCCU’s business development team is very present in our communities, attending and organizing events for business leaders in Southwest Michigan.

What feedback have you received about your program from cannabis businesses in your community?

Our cannabis business members appreciate our flat fee structure and easy access to our internal banking partners.

Why did KCCU choose Green Check as its cannabis banking partner?

KCCU partnered with Green Check due to the options in system to monitor and communicate with our cannabis members. This access allows KCCU to monitor for compliance, eases document collection, and helps to promote transparency between us and our members.

What has the experience been like working with Green Check Verified?

Green Check Verified has been an excellent partner to KCCU. Whether it be training, troubleshooting, or best practices advice, our Green Check team is always there to support us and our members.

Do you have any advice for other financial institutions considering entering the space?

Communication is key! Consult with your internal departments and your Board of Directors. Keep your auditors and examiners aware of your intent to enter the cannabis banking space and be sure to listen to feedback.

Do you have any advice for cannabis businesses looking to secure better banking services?

Don’t settle! Whether it be insurance or financial services, you are not alone and you can find support that best suits your needs. Keep in mind who manages your account and how. KCCU manages cannabis businesses in-house, so you will always have access to our knowledgeable team members.

If a cannabis-related business would like to learn more about working with KCCU, what is the best way for them to contact you?

You can find KCCU on the Green Check Marketplace, on our website (kccu4u.org/business/thrivecannabis), or via email at thrive@kccu4u.org. We look forward to working with you!

Kellogg Community Credit Union