Dakota

Pricing

• •Enterprise is a negotiated commercial tier, not a stricter eligibility bar: a custom rate replaces the flat 25 bps, the contract runs annually, and bespoke compliance arrangements are possible. The indicative crossover point is around 1M USD of volume per month.
• •No hard volume caps on the pay-as-you-go plan: nothing is throttled, though very high volume can prompt a conversation about moving to enterprise for better rates.
• •No transaction or volume limits are published for the Enterprise plan, which is negotiated case by case with a custom rate and an annual contract.
• •Banking fees are charged per rail and passed through at cost with no markup: $0.50 for ACH, $10 for a domestic wire and $25 for SWIFT. Dakota does not say whether they are charged on incoming transfers, outgoing transfers or both.
• •A separate orchestration fee of 25 bps is metered on every transfer.

Payments & transfers

• •For the restricted jurisdictions the bank states that neither Dakota nor its providers offer banking services at all: the restriction covers residents, payments sent to or received from those countries, and payments initiated there. The same list applies in both directions.
• •RD cannot be sent off the platform: to withdraw on-chain it is converted into USDC or USDT. Where RD is unavailable, balances may instead be held in Circle's USDC.
• •The US dollar account is reachable on all three domestic rails, ACH, Fedwire and FedNow, in both directions.

Crypto

• •Dakota holds balances in RD, its own stablecoin: you cannot swap into another stablecoin and keep it on the account. USDC and USDT are supported as conversion rails, used when you withdraw on-chain or when RD is unavailable.
• •US dollars paid in are automatically converted into RD, Dakota's own fully reserved stablecoin, redeemable 1:1 for US dollars.
• •FDIC cover of up to $250,000 through the partner bank applies only while funds are still held as US dollar deposits: it does not extend to RD or to any other digital asset balance.
• •Incoming dollars are converted automatically into RD, Dakota's own stablecoin, so the dollar balance you see is held as a digital asset and not as a bank deposit. FDIC cover applies only to the window before that conversion.

Business activity

• •On top of the sectors listed as denied, Dakota also rules out crypto ATM operators and chemical manufacturing and development, and applies a catch-all exclusion for high risk businesses.

Opening an account

• •Exceptions are allowed case by case, for example under a specific or general OFAC licence.
• •No size or stage requirement to open on this plan: a registered legal entity and a genuine use case are enough. It is aimed at teams from seed to Series B, but no revenue or volume threshold is set for admission.

Countries & residency

• •Kosovo is on the restricted list published by the bank as well.
• •Licensed money transmission is approved in 17 US states, with Connecticut still pending.

Licence & regulation

• •Dakota is a financial technology company, not a bank: the financial services behind the account are provided by the partner banks Lead Bank and Erebor, each an FDIC member.