FAIRBANKS, Alaska–Alaska USA Federal Credit Union has confirmed it has restricted 10 personal accounts linked to people starting a marijuana-related business.
The News Miner, which reported the story, called the decision a “preemptive strike of sorts meant to prevent scrutiny from the federal government as the marijuana industry unfolds in Alaska, but breaking ties with personal account holders is an unusual step at this point, when the marijuana industry is still gearing up. No stores have opened; no product has hit the shelves.”
The News Miner said its investigation found multiple financial institutions in Fairbanks reported they are monitoring accounts but none has taken any action.
In explaining its decision, Alaska USA noted that regardless of what state law might say, marijuana remains illegal on federal law.
According to the News Miner, Alaska USA Federal Credit Union sent a letter last month to account holders applying for a state license for a cannabis business, asking them to close their accounts by Aug. 19.
“Alaska USA is a federally chartered credit union, we do not offer account services to any person or organization engaged in the operation of a marijuana-related business, or any other type of business that violates federal law,” according to the letter from the credit union’s fraud resolution department.