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sick feeling

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  1. Chiproller Chiproller is offline

    Posts: 50
    Joined: Sep 05

    Apr 25th, 2011 (4/25/2011 3:34am)

    Is anyone else beginning to think that the poker sites are using their possession of our money as a bargaining chip? There is no reason why we can't simply withdraw our funds as before.
     
  2. wickedfamous wickedfamous is offline

    Vancouver, WA
    United States

    Posts: 279
    Joined: Apr 11

    Apr 25th, 2011 (4/25/2011 4:27am) in reply to Chiproller

    According to Full Tilt, there's currently no payment processor to handle the payments. I don't understand why they need a middleman under their agreement with the DOJ, but who knows. That being said, I think the word 'hostage' would be a better choice than 'bargaining chip'.

    I'm sure Full Tilt is trying to strong-arm the DOJ into releasing their funds, under threat of stiffing all the Americans out of their money. It almost seems they're bound to work out an agreement that gets FT some assets returned, on the condition that every American who wishes to cash out provides his/her SSN and has taxes withheld. Many players do not pay taxes on poker income, and I'm sure that was one of many combining factors in the whole ordeal.
  3. Cabo Cabo is offline

    Cumming, GA
    United States

    Posts: 2,027
    Joined: Feb 05

    Apr 25th, 2011 (4/25/2011 4:59am) in reply to wickedfamous

    When Neteller was busted it took 8 months for us to get our money. You'll get your money but it will take a while.
  4. bonflizubi bonflizubi is offline

    Cambridge, MA
    United States

    Posts: 4,519
    Joined: Sep 07

    Apr 25th, 2011 (4/25/2011 5:57am) in reply to wickedfamous

     
    Originally Posted by wickedfamous View Post

    According to Full Tilt, there's currently no payment processor to handle the payments. I don't understand why they need a middleman under their agreement with the DOJ, but who knows. That being said, I think the word 'hostage' would be a better choice than 'bargaining chip'.

    I'm sure Full Tilt is trying to strong-arm the DOJ into releasing their funds, under threat of stiffing all the Americans out of their money. It almost seems they're bound to work out an agreement that gets FT some assets returned, on the condition that every American who wishes to cash out provides his/her SSN and has taxes withheld. Many players do not pay taxes on poker income, and I'm sure that was one of many combining factors in the whole ordeal.

    THey need a bank to cut the checks on. And obviously there are no banks that legally do this because of the uigea. If every one of their processors was nailed (us-facing at least) then they really do have no way to pay us back without the DOJ giving bank X a free uigea pass allowing full tilt to setup an account where they can write checks.

    It's not rocket science OP - they need a bank. they can't get one. Don't ask me how stars still has one as that makes no sense to me at this point anyway.
     
  5. Ozzie Ozzie is offline

    Joliet, IL
    United States

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    Apr 25th, 2011 (4/25/2011 9:00am) in reply to bonflizubi

    bargaining chip for what?
  6. Appst08 Appst08 is offline

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    Apr 25th, 2011 (4/25/2011 12:52pm) in reply to Ozzie

    I didn't think stars had one, yet Am i wrong?
     
  7. lunarphase lunarphase is offline

    MA
    United States

    Posts: 1,019
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    Apr 25th, 2011 (4/25/2011 1:36pm) in reply to Appst08

    stars said it would be several weeks til cashouts would be available which I interpret as 3-8 weeks and I'd imagine that ftp would soon follow stars.
     
  8. andyvanslyke andyvanslyke is offline

    Las Vegas, NV
    United States

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    Apr 25th, 2011 (4/25/2011 8:12pm) in reply to lunarphase

    Can't they use a foreign bank not subject to UIGEA? I guess i'm missing something...
     
  9. bonflizubi bonflizubi is offline

    Cambridge, MA
    United States

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    Apr 25th, 2011 (4/25/2011 8:22pm) in reply to andyvanslyke

     
    Originally Posted by andyvanslyke View Post

    Can't they use a foreign bank not subject to UIGEA? I guess i'm missing something...

    For a check to clear through our banking system in any reasonable timeframe it's got to be in US funds and go through the fed via a US account. If it was drawn say on bank of ireland for example, in us funds, when you get that check and deposit it, the fed is going to have to clear it back through teh equivalent of the fed in ireland to make sure there are sufficient funds in teh irish account to pay the check. (Not to mention your own bank wondering about teh check??)

    That's why if you've ever gotten checks from that foreign bank you'd notice that the clearing bank is actually in the US- (which is what gets it through in less than like 6 weeks of fed reserve time it would take to clear through another country IIRC).

    So barring a multinational bank that gives FTP an account in ireland and another one here in the states I don't see how it works.

    I could be wrong though - I'm sure any of our posters that work at banks can clarify a little more on how the check clearing system works vis a vis foreign accounts.

    On the other hand, they could definitely wire us money and it most likely goes through no problem. except for all teh extra fees involved for us at our bank, the intermediary bank fees taht might get tagged on, plus the extra fees at the originating bank that stars/ftp would pay. I suppose this option would be fine for many people with decent size cashouts as a minor inconvenience in eating some fees, but obv doesn't work for everyone.
     
  10. Chach Chach is offline

    Riverview, FL
    United States

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    Joined: Apr 10

    Apr 25th, 2011 (4/25/2011 10:43pm) in reply to bonflizubi

    I was always under the impression that under the UIGEA cash outs were ok but not deposits. I am pretty sure I heard this information on a video the PPA released a couple years back. Does anyone know if this is the case? And if it is why cant processors legally process cash outs from gambling sites?
     
  11. lunarphase lunarphase is offline

    MA
    United States

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    Apr 26th, 2011 (4/26/2011 12:33am) in reply to Chach

    What I really don't understand is why ftp won't do cashouts to a foreign bank acct for u.s. residents. It's like they see u.s. on your acct and are completely unwilling to work with you.
     
  12. Chach Chach is offline

    Riverview, FL
    United States

    Posts: 93
    Joined: Apr 10

    Apr 26th, 2011 (4/26/2011 12:46am) in reply to lunarphase

     
    Originally Posted by lunarphase View Post

    What I really don't understand is why ftp won't do cashouts to a foreign bank acct for u.s. residents. It's like they see u.s. on your acct and are completely unwilling to work with you.

    I agree..I dont see why any of these sites can't legally allow US players if they have a foreign bank account to process deposits and cash outs. They would not be doing anything illegal at that point...
     
  13. cloudyspirits cloudyspirits is offline

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    Apr 26th, 2011 (4/26/2011 3:59am) in reply to Chiproller

    Full Tilt had the most accounts frozen of any site and alot of those accounts had money on its way to players so its possible they may need the DOJ to release those funds. Not sure how these sites can continue to take huge loses everytime a payment processor gets nailed or a bank account gets frozen
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