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The Application Process


How to apply

Step 1

Register and accept account terms and fees.

Step 2

Complete account application.

Step 3

Dama verifies the information you provided.

Step 4

Phone interview and on-site visit.

Our goal is to provide CRBs with a safer, more convenient way to manage business transactions.

We know that operating a cash-based business can be challenging, posing risks to the business and its employees, as well as its customers and the local community. We believe CRBs should have access to banking services similar to those offered to other more traditional types of businesses.

Working as an Agent of our bank partners, we help CRBs:

Less cash on hand

Create a safer environment for their employees and customers by reducing the amount of cash on hand.

Payment solutions

Pay vendors, utilities, taxes and employees electronically or by check.

Payables

Pay vendors, utilities, taxes and employees electronically or by check.

Efficiency

Run their business more efficiently.

We learn about each prospective Client’s business and its compliance management programs.

Our extensive due diligence process follows Know Your Customer (KYC) guidelines associated with the Bank Secrecy Act (BSA). We learn about your organization through a phone consultation and verify the information you provide in your Account Application. Lastly, we conduct an on-site visit to each of your locations, helping us understand your business operations and security.

Our trusted Bank partners provide access to banking services.

Once your application has been approved, we’ll provide you the name of the bank that will hold your funds, the routing and account numbers. Dama Financial manages the delivery of services on behalf of our bank partners.

We stay current on ever-changing regulatory and compliance requirements.

The federal government considers marijuana an illegal substance yet many states have legalized marijuana for medical use, and some for recreational use as well. This has created complexities and confusion among state regulatory agencies and business owners. Dama Financial practices strict compliance with regulatory and FinCEN guidance and stays up-to-date on state laws and regulations related to CRBs.