Protect and monitor your money in a FDIC-insured online account with no limits to cash, ACH, or wire deposits.
Deposit money, pay employees, write checks, transfer money and more without fear of any sudden shutdowns because you’re a cannabis business.
Earn a 1% return on excess money in a revenue-generating account.
Confidently transact with your partners, employees and customers in your business name. Be wary, some other solutions offer to hold your money in their business account and transact on your business’ behalf. Under these circumstances, the money is not protected. Don’t give your money away.
Cash is inconvenient and can pose security risks. Get cash picked up from the safety of your place of business. Schedule convenient cash pick-ups from your location of choice. Quickly get access to your funds so your business can run smoothly.
Your money is always held at a FDIC-insured bank. Run your business with the peace-of-mind knowing your hard-earned money is in good hands.
Is your cash working for you or against you? Your funds can grow in an account that returns 1% interest. With no restrictions to deposit amounts, enjoy potentially limitless amounts of interest revenue.
With flexible payments, you can send and receive money via ACH, wire or check. Our cash pick-up services let you accommodate your partners cash payments with security and convenience. Manage payments easily with hassle-free invoices. Get paid quickly by specifying payment due dates and terms on electronic invoices.
Your time is valuable. Be smart and efficient using one place to manage your business finances. View balances, monitor activity, make payments, send invoices, write checks and more through the Online Account Center.
Dama Financial is a financial services business founded by banking and payments industry veterans that, working with its U.S. based sponsor bank partners, provides solutions and services for cash-intensive businesses.
Our simple Fee Schedule is available when you register to access the Account application. A fee is charged on most deposits and is inclusive of partner bank fees. Armored cash courier service will be quoted and billed separately based on the pickup location(s).
Cannabis businesses applying for an account are required to have a valid, active state-issued cannabis license. No cannabis license is required for ancillary businesses.
Automated Clearing House (ACH) is an electronic network used to make financial transactions in the United States between participating depository institutions. Rules and regulations that govern the ACH network are established by NACHA and the Federal Reserve. ACH is commonly used for business-to-business payments and federal, state and local tax payments.
Your vendors and other payees can be set up in the online account center. Each payee will undergo a due diligence review and must be approved by us before you can pay them. Once a payee is approved, you can pay them electronically or by check through the online account center.
Your cash will be picked up and transported by a secure, armored courier service for deposit into your bank account. You may schedule cash pickups as needed (fees apply). You can log into your account to check the status of deposits.
Deposits at our partner banks are FDIC-insured up to $250,000 per account.
Yes. transactions will be reported on a quarterly basis. Dama Financial and its bank partners operate in full compliance with the Bank Secrecy Act of 1970 (BSA), sometimes referred to the Anti-Money Laundering Law (AML), or BSA/AML. The law requires financial institutions (traditional banks, credit unions and thrifts, as well as non-bank financial institutions and money services businesses) in the United States to assist U.S. government agencies in detecting and preventing money laundering.
Additionally, Dama's bank partners are required by law to perform anti-money laundering checks and to keep specific records of events that could signal the occurrence of money laundering. We and our banking partners operate in accordance with FinCEN's guidelines on providing financial services to marijuana-related businesses. This includes filing a quarterly report containing all financial transactions, filing Currency Transaction Reports (CTR) relating to cash transactions exceeding $10,000 in one business day, and filing a Suspicious Activity Report (SAR) if a transaction may be illegal or an attempt to launder funds from illegal activity. Reports are filed electronically with the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury.