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How to Title Deposit Account Control Agreements

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Question: 
How should Deposit Account Control Agreements be titled (DACA - UCC 9-104)?
Answer: 

You need to talk to legal counsel. I never worked in a bank that would allow a customer to pledge a deposit account at the bank to a third party. Their is no upside to the bank and only the risk of messing it up for the bank to enter into such of an agreement.

First published on 07/11/2021

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