In the News

Bob Leavitt Presents on Deposit Account Control Agreements (DACAs)

January 15, 2020

Bob Leavitt, Chicago-based Senior Counsel in Dykema’s Financial Industry Group and Business Services Department, served as a featured speaker at a Wisconsin Association for Financial Professionals (WIAFP) luncheon. Leavitt’s presentation, “Deposit Account Control Agreements: A General Introduction,” provided a solid understanding of the uses for and issues surrounding DACAs from the viewpoint of the three interested parties; the lender, the borrower and the depository institution.

Topics covered in Leavitt’s presentation included:

  • What DACA is,
  • The various types of DACAs available,
  • Guiding Principles for the Bank in Drafting and Negotiating a DACA,
  • Key Provisions in a DACA, and
  • The special DACA for the healthcare industry: the Deposit Account Instructions.

The presentation also covered the Service Agreement for accounts receiving payments on government healthcare receivables.