Financial institutions have been in the news this month for a number of reasons. In Vermont a bank that was offering banking services to the cannabis industry has announced that they will no longer be doing so. According to reporting from Heady Vermont the Brattleboro Savings & Loan bank decided to discontinue their cannabis banking services due after the costs associated with compliance would have put them in a position where customers would have to pay high fees. A press release from BS&L noted that they were one of the first Vermont financial institutions to offer banking services to the cannabis industry. The bank has said that they will refund existing customers’ application fees and keep accounts active for at least 90 days as their clients move to other banks.
Find the full story from Heady Vermont on their website here: https://headyvermont.com/2023/03/01/brattleboro-savings-loan-to-close-all-cannabis-banking-accounts/