Have questions about Dama Financial by Leaflink?

We have the answers.

From access to banking to cash management, we are excited to offer cannabis businesses the tools and resources they need to thrive.

FAQs

  • Who is Dama Financial?

    Dama Financial is a financial services business founded in 2016 by banking and payments industry veterans that, working with its U.S.-based partner banks, provides solutions and services for cash-intensive businesses in highly regulated industries. In 2024, LeafLink acquired Dama Financial to expand their financial service offerings to the cannabis industry.

  • What are the fees?

    Our transparent fee schedule is available when you register to access the Premier Account application. A fee is charged on most deposits and is inclusive of partner bank fees. Armored cash courier service and Smart Safes will be quoted and billed separately based on the pickup location(s).

  • Do I need a state-issued marijuana business license?

    Cannabis businesses applying for an account are required to have a valid, active state-issued cannabis license. Additionally, businesses can be eligible for a Premier Account if they are pre-operational in the process of receiving their state-issued license.

    No cannabis license is required for ancillary businesses.

  • What is ACH?

    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.

  • How do I pay my vendors and taxes?

    Your vendors and other payees can be set up in the Online Account Center (OAC). 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 OAC.

  • Where will my cash be taken?
    Your cash will be picked up and transported by a secure, armored courier service for deposit into your Premier Account. You may schedule cash pickups as needed (fees apply). You can log into your account to check the status of deposits.
  • Are my transactions reported to the federal government?
    Yes. Transactions will be reported on a quarterly basis. Dama and its partner banks operate in full compliance with the Bank Secrecy Act of 1970 (BSA), sometimes referred to as 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 Financial’s partner banks 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 the Financial Crimes Enforcement Network’s (FinCEN) 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 FinCEN, a bureau of the United States Department of the Treasury.
  • Can I use a mobile app?
    Yes! Our mobile app supports all the banking features you have come to expect, allowing you to bank at your own convenience.
  • How do I reach a Dama Financial Representative?
    Call 877-401-3262 or send an email to info@damafinancial.com

    Current Dama Financial clients should contact their dedicated relationship manager, or email clientservices@damafinancial.com

    Business hours are Monday-Friday, 9am-5pm PST.
  • Can I link my LeafLink and Dama Financial accounts?
    We are working on a seamless integration that will streamline financial operations for your business. More information coming soon!

Ready to get started?

Apply Now Book a Demo

© Dama. All Rights Reserved. All trademarks and brand names belong to their respective owners. All rights reserved. © 2018 – 2024 Dama

LeafLink Financial Services, LLC, Inc., providing services under the Dama Financial brand, is a fintech company, not an FDIC-insured bank. Banking services are provided by OMB Bank, First Option Bank and Dart Bank, Members FDIC. Deposits in checking and savings accounts are held by our banking services partners. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. Fees, terms and conditions apply to depositing funds into and using your accounts. Account Terms and Conditions and Fee Schedules are available when you apply for an account with one of our banking service partners.

The business access debit card is issued by Dart Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

The purchasing credit card is issued by First Option Bank, Member FDIC, pursuant to a license from Visa® U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. All trademarks and service marks belong to their respective owners.