Learn more about your DACA account and how to setup your account.
What is DACA?
A DACA (Deposit Account Control Agreement) account is a dedicated business deposit bank account created through our banking partner, Aion. It allows you and BlueTape to securely manage all payments related to a project and helps streamline your credit access — without affecting your main operating account.
Why Use a DACA Account?
BlueTape Underwriting team may ask you to create a DACA account in order to access your Line of Credit. A DACA account creates a clear and secure structure for managing project-related payments. Here are some benefits of this account:
- Transparent payment Flow: All incoming payments for the projects are deposited into one dedicated account, reducing confusion, and improving tracking.
- Secure Repayment Management: BlueTape can collect loan repayment directly from the DACA account. This will help improve your BlueTape credit limit and ensure timely payments without disrupting your day-to-day operations.
- Improved Credibility: All project partners see that funds are handled professionally and securely.
- Cleaner Accounting: Separating project funds from your operating accounts simplifies reconciliation and reporting.
Requirements
- Open an account with Aion using this setup link here.
Please share the Bank Letter provided by Aion with the BlueTape Underwriting team. - Maintain a $100 minimum balance and pay a $2400 annual DACA fee.
- Ensure all obligors and relevant parties who make payments for the project sign the Notice of Assignment Agreement, confirming all future payments will go to the DACA account.
- If a project financier is involved, they may need to sign an Intercreditor Agreement and/or a Notice of Assignment.
How It Works
Once your DACA account is active, you can start accessing your BlueTape line of credit. You can view your credit limit on your BlueTape portal and submit invoices for draw requests.
Moving forward, all project payments will be collected in the DACA account. Funds are automatically allocated in the following order: Aion Bank deducts any fees, BlueTape receives its scheduled credit repayment, and any remaining funds stay in the account for your use. This ensures everyone is paid on time and that you have access to the remaining project funds without delay.
Please feel free to contact us with any questions at 855-428-1185 Ext 2 or support@bluetape.com.