Overview and requirements

Managing your business finances just got easier with Dappr Financial Account and Dappr Cash Card.

Managing your business finances just got easier with Dappr Financial Account and Dappr Cash Card. In this support article, we'll explore the key features and benefits of these two powerful tools, designed to streamline your day-to-day financial operations and provide you with greater flexibility and control over your business finances.

Business account

Dappr Financial Account is a feature-packed business cash-equivalent account that empowers you to efficiently manage your funds in a way equal to that of a regular business financial account. Dappr cannot brand our financial account service as a bank account as Dappr is NOT a bank. With no minimum balance requirement and convenient access through our user-friendly platform, Dappr Financial Account offers you the financial freedom you need to focus on growing your business.

Key Features:

1. Seamless Integration: Dappr Financial Account seamlessly integrates with our all-in-one platform, enabling you to effortlessly track your transactions, payments, and balances in one centralized place.

2. No Monthly Fees: Say goodbye to unnecessary fees. Dappr Financial Account offers no monthly maintenance fees, allowing you to keep more of your hard-earned money. Terms apply.

3. Easy Money Transfers: Enjoy hassle-free money transfers with Dappr Financial Account. Send and receive funds via ACH transfers or domestic wire transfers with ease. You can also deposit checks through Dappr's mobile app.

4. Real-Time Notifications: Stay informed about your account activity with real-time notifications. Receive alerts for deposits, withdrawals, and other important updates.

5. Instant Deposits: Access your funds faster with instant deposits from your sales balance to your Dappr Financial Account. No more waiting for funds to clear.

Dappr Cash Card

The Dappr Cash Card is a powerful tool that complements your Dappr Financial Account, offering you a convenient and secure way to make business purchases. Accepted wherever Visa credit cards are, the Dappr Cash Card empowers you with greater purchasing power and control.

Key Features:

1. Visa Commercial Credit Card: The Dappr Cash Card is a Visa Commercial Credit Card, giving you worldwide acceptance and the ability to make purchases at millions of locations.

2. Virtual and Physical Cards: Choose between a virtual or physical card, based on your preference. Virtual cards allow for online purchases, while physical cards provide you with a tangible payment option.

3. Secure Transactions: Enjoy peace of mind with secure transactions. The Dappr Cash Card utilizes advanced security measures to protect your financial information.

4. Transparent Fees: We believe in keeping things simple. The Dappr Cash Card comes with transparent and competitive fees, ensuring you are aware of any charges.

5. Easy Expense Management: Simplify your expense tracking with the Dappr Cash Card. Monitor and categorize your business expenses effortlessly within the Dappr platform.

With Dappr Financial Account and Dappr Cash Card, managing your business finances becomes a breeze. Enjoy the convenience of a feature-packed money-management account and a versatile payment card, all integrated into our comprehensive platform. Take control of your finances and focus on what matters most – growing your business. Sign up for Dappr today and experience the future of business finance management.

Eligibility requirements

To be eligible for Dappr Financial Account and Dappr Cash Card, you must meet the following criteria:

1. Residence and Nationality: For Dappr Financial Account, sole proprietors must reside in the United States and have a U.S. Social Security Number or Taxpayer Identification Number (TIN). For businesses, they must be based in the U.S., registered as a U.S. LLC or Corporation, and have a U.S. Employer Identification Number (EIN). Additionally, the user and any party with ownership in a user's legal entity must be a national of an eligible country.
2. Legal Entity Requirements: Non-U.S. resident owners of a U.S.-based legal entity must satisfy specific non-resident requirements.
3. Business Activities: The user must not offer any products or services that are illegal in the United States. Additionally, certain industries and business practices are restricted, including the adult industry, arms trading, casinos or gaming, cryptocurrency, marijuana-related businesses, and others. Further details below.

4. Compliance with International Sanctions: Users must not be engaged in any business dealings with individuals or entities based in, or known to have substantial ties to, certain countries and territories, including Cuba, Iran, North Korea, Syria, Russia, and territories occupied by the Russian Federation within the internationally recognized borders of Ukraine.

5. Other Considerations: While not explicitly mentioned, Dappr reserves the right to assess and evaluate each application on a case-by-case basis to ensure compliance with applicable regulations and company policies.

Please note that meeting these eligibility requirements is crucial for successfully opening a Dappr Financial Account and obtaining a Dappr Cash Card. It is essential to review and understand the detailed eligibility criteria provided in our support articles and ensure your business aligns with these requirements before applying.

For any further clarification or assistance, our dedicated support team is ready to help you through the application process.

Prohibited and restricted business types

The businesses and business practices in the following categories are either restricted or prohibited from using Dappr Financial Account. Financial network rules or the requirements of our financial services providers might determine whether Dappr can provide services. In some cases, a business in one of the categories may use Dappr Financial Account after getting explicit approval from Dappr.

Warning

Businesses that offer illegal products or services are never eligible to use Dappr or Dappr Financial Account.

Prohibited business types

The businesses and business practices in the following categories are classified as prohibited and are therefore not eligible to use Dappr Financial Account:

• Adult industry, escort, or dating services

• Arms trading—retail or manufacturing

• Casinos or gaming

• Cryptocurrency

• Marijuana, tobacco, or illegal drug products and services

• Money services and currency exchange

• Unfair, predatory, or deceptive practices, including multi-level marketing and pyramid schemes

• Payday lending and tax anticipation programs

• Stock promotion

• Tattoo and massage parlors

• Waste or hazardous material management

Restricted business types

The following categories of businesses and business practices are classified as restricted and subject to enhanced review:

Regulated industries such as:

• Virtual currencies and cryptocurrencies, non-fungible tokens (NFTs), and mining services

• Investment and brokerage services

• Insurance services

• Debt collection, debt relief, and credit restoration agencies

• Bail bonds

• Lending and cash advance services

• Student loan assistance companies

• Unregistered charities

Businesses that may pose elevated financial risk such as:

• Art dealers, antique dealers, or auction houses

• Import, export, and freight transport of physical commodities

• Jewelry, gems, precious metals—dealers or wholesalers

• Games of skill and chance, including lotteries, fantasy sports, and sweepstakes

• Direct marketing businesses, including telemarketing, “As Seen on TV”, and door-to-door sales

• Telecommunication or surveillance equipment providers

• Talent and model agencies

• Vehicle sales

• Secondhand shops and pawnshops

• Warranties and lifetime guarantees

• Travel agencies, including tour operators, hotel reservation services, and resort promotions

• Pharmaceutical, vitamin, and supplement sales

Politically exposed persons

Dappr screens users’ applications to identify if any are a politically exposed person (PEP). All PEPs are subject to enhanced review.

Suspensions and account closures

At Dappr, we are committed to maintaining a secure and compliant financial environment. To ensure this, there are instances when we may need to suspend or close a Dappr Financial Account. This article explains the reasons behind such actions and the processes involved.

Suspensions

An account suspension is a temporary limitation placed on your account. Suspensions can occur due to various reasons:

1. Suspected Fraudulent Activity: If Dappr or our partner banks detect activities that appear fraudulent, your account may be suspended as a precautionary measure.

2. Non-compliance with Business or Owner Requirements: If your account doesn't meet certain business or ownership criteria, a suspension may be imposed.

Process for Resolving Suspensions

1. Information Request: If the suspension can be resolved by providing additional information, Dappr will contact you to gather the necessary details.

2. Account Restoration: Once the required information is provided and verified, we will work diligently to restore access to your account as soon as possible.

Closures

An account closure is the termination of your Dappr Financial Account. This can happen under the following circumstances:

1. Irreversible Fraudulent Activity: If fraudulent activities are suspected and your account balance is $0, Dappr or our partner banks may opt to close the account permanently.

2. Dappr's Discretion: Dappr reserves the right to suspend or close accounts at any time if it is deemed necessary or in our best interest.

Process and Implications of Account Closures

Notification: In the event of a closure, Dappr will notify you about the decision and the reasons behind it, if permissible.

Final Settlement: Any pending transactions or balances will be settled as per the applicable terms and conditions of the account.

What You Should Know

• Account Access: During a suspension, certain account functionalities will be limited. In the case of closure, you will lose access to your account entirely.

• Responsibility: It is your responsibility to ensure that your account complies with Dappr’s terms and conditions, as well as legal requirements.

• Preventive Measures: Regularly monitoring your account activity and ensuring compliance with all relevant laws and Dappr policies can help in avoiding suspensions or closures.

Frequently asked questions

1. What is Dappr Financial Account? Dappr Financial Account is a flexible and feature-rich business financial account that offers a range of financial management tools and services tailored to the needs of entrepreneurs.

2. How can I open a Dappr Financial Account? You can easily open a Dappr Financial Account by signing up on our website or through the Dappr mobile app. Simply follow the guided steps to provide the necessary information and complete the account setup process.

3. What are the eligibility requirements for Dappr Financial Account? To be eligible for a Dappr Financial Account, you must meet specific criteria, including residency or business location in the United States, a valid U.S. Social Security Number or Employer Identification Number (EIN), and compliance with our acceptable use policy.

4. Are there any account opening fees for Dappr Financial Account? For businesses enrolled in a Dappr subscription, there is no account opening fee. However, businesses or sole proprietors not enrolled in a Dappr subscription may incur a one-time fee of $10.

5. What are the monthly maintenance fees for Dappr Financial Account? During the first 12 months, there are no monthly maintenance fees. After the initial 12 months, businesses with an average deposit balance of at least $1,000 over the previous 12 consecutive months enjoy a fee waiver. All other accounts are subject to a monthly maintenance fee of $10.

6. Can I transfer funds to and from external bank accounts with Dappr Financial Account? Yes, Dappr Financial Account supports ACH transfers, allowing you to move funds between your Dappr Financial Account and external bank accounts easily and securely.

7. What are the fees for ACH transfers with Dappr Financial Account? Incoming ACH transfers into your Dappr Financial Account are free of charge. However, there may be fees associated with outgoing ACH transfers as specified in the Dappr Financial Account fee schedule.

8. Does Dappr Financial Account support wire transfers? Yes, Dappr Financial Account offers the option to send outgoing domestic wire transfers to other banks within the United States. Please note that there is a fee associated with outgoing domestic wire transfers, which can be found in the Dappr Financial Account fee schedule.

9. Can I make instant deposits from my sales balance to my Dappr Financial Account? Yes, Dappr allows instant deposits from your sales balance to your Dappr Financial Account. However, please be aware that there is a fee of 1.5% of the transaction amount applied to the deposited amount for this service.

10. Are there any fees for incoming domestic wire transfers with Dappr Financial Account? Yes, there is a $2 fee for each incoming domestic wire.

11. What is the fee for outgoing domestic wire transfers with Dappr Financial Account? The fee for outgoing domestic wire transfers can be found in the Dappr Financial Account fee schedule.
12. What is the fee schedule for Dappr Financial Account? The Dappr Financial Account fee schedule outlines the fees associated with various account activities, including account opening, monthly maintenance, ACH returns, disputes, and more. You can find the complete fee schedule on our website or within your Dappr account.

13. How can I access and manage my Dappr Financial Account? You can easily access and manage your Dappr Financial Account through our user-friendly mobile app or via the Dappr website. Both platforms provide comprehensive account management tools and features.

14. Is my Dappr Financial Account insured? Yes, funds deposited into your Dappr Financial Account are eligible for insurance by the FDIC (Federal Deposit Insurance Corporation) up to $250,000, providing you with peace of mind and financial security.

15. What should I do if I have questions or need assistance with my Dappr Financial Account? If you have any questions or require assistance with your Dappr Financial Account, our dedicated support team is available to help. You can reach out to us via email, phone, or through the live chat feature on our website.

16. Are there any limitations on the number of transactions or transfers with Dappr Financial Account? Dappr Financial Account provides you with the flexibility to make unlimited transactions and transfers within the account, allowing you to manage your finances without unnecessary restrictions. There are some limits related to check deposits.
17. Can I issue and manage invoices with Dappr Financial Account? Dappr offers invoicing features as part of its comprehensive business financial management tools. You can easily create, send, and manage invoices directly from your Dappr Financial Account.

18. Does Dappr Financial Account provide access to business expense management features? Yes, Dappr Financial Account includes business expense management features that help you track, categorize, and analyze your business expenses, providing valuable insights for financial planning and management.

Please note that the information provided here is intended as a general guide. For more specific details and the most up-to-date information, refer to the Dappr Financial Account terms and conditions or reach out to our support team.

Dappr is a technology company and not a bank. Money transmission services and account services are provided by Stripe Payments Company with funds held at Fifth Third Bank N.A. and Evolve Bank & Trust, Members FDIC. Dappr Cash Card Visa® Commercial Credit cards are powered by Stripe and issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. There are no fees or minimums associated with the day-to-day use of Dappr Financial Accounts and Dappr Cash Cards, provided that certain criteria are fulfilled. You may incur one-time fees for some banking services, including Non-Sufficient Funds (NSF) fees and Wire transfer fees. Users are made aware of these fees prior to submitting a payment. Accountholders can deposit checks using Dappr's mobile app. These services are subject to deposit limits. Additional terms apply. Dappr Financial Accounts are eligible for FDIC pass-through deposit insurance if they meet certain requirements. The accounts are eligible only to the extent passthrough insurance is permitted by the rules and regulations of the FDIC, and if the requirements for pass-through insurance are satisfied. The FDIC insurance applies up to 250,000 USD per depositor, per financial institution, for deposits held in the same ownership capacity.