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Dec 1st question

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  1. RollTideRoll RollTideRoll is offline

    Posts: 128
    Joined: Jun 09

    Nov 18th, 2009 (11/18/2009 8:01am)

    I've heard so many stories about what will happen on Dec 1st.

    My question is, will we still be able to play and cashout using eCheck after Dec 1st?

    I'm a construction worker and I've used poker to support my family during this bad economy. If we can't cashout anymore, whats the point of keeping money in our poker bankroll.

    I would really appriciate any feedback.

    Thanks in advance.
  2. TheVillageGrinder TheVillageGrinder is offline

    United States

    Posts: 1,970
    Joined: Sep 07

    Nov 18th, 2009 (11/18/2009 1:32pm) in reply to RollTideRoll

    My understanding is that the UIGEA prohibits transaction TO gaming sites and not viceversa.

    HOWEVER, there are a number of factors that MAY contribute to banks blocking withdrawls coming into your acct, including (but not limited to)

    the legislation is poorly written and fails to define what is a lawful transaction and what is not

    financial institutions are being handed the add'l burden of playing cop, judge and jury in this little mess created by lunkheaded polititions AND there are no penaliities for overblocking (meaning disallowing a lawful transaction) whilst severe penalities may be handed down to banks who are found in violation of the law. So banks who are too busy or afraid of the punative consequences, may decide to block all transactions related to any type of "online gaming/gambling."

    Furthermore, some banks have simply decided that having customers who are involved in online poker may be a risk they just don't want to take. One way they have been identifying these customers is via incoming wire transfers and scheduling interviews to confirm the nature of your activity. In most case they already know the origin of the payment but just want the opportunity to make sure you know that they don't approve and inform if you keep it up, your acct will be closed. Much of this information (related to the wire transfers) has been anecdotal but some has come from good sources. Therefore some are advocating to stick with paper checks at the moment. Take this fwiw.

    So my best guess is that it will become increasingly difficult/if not downright impossible to get $$$ on the sites. I'm going to also assume that you may encounter more difficulty/longer delays when requesting payouts. My belief however is that the sites will make paying their customers a priority. the problem, if any are to be incurred, will likely come with how your particular financial institution chooses to handle the situation.

    A final word, the Dec 1 date is a deadline for compliance, the law has been in place since whenever it passed. Therefore, banks have been aware of this for over a year and basically at this late hour have already implemented whatever security measures they feel necessary. So, in my amateur opinion, if you haven't had problems recently with your withdrawls nothing is likely to drastically change on Dec 1.

    If you've encountered some problems with your bank you may want to consider trying a different bank. Some have suggested that credit unions or smaller community banks, who typically have fewer ppl sitting around with idle hands, might be a better alternative.

    There is a very good thread on two plus two in their poker legislation section entitled something like UIGEA Q&A or FAQ. It is VERY comprehensive and informative imo.

    TE, skillagrim or anyone else, feel free to correct any misinformation that i may have put out there. I was just communicating my understanding of the situation.

    GL!
  3. RollTideRoll RollTideRoll is offline

    Posts: 128
    Joined: Jun 09

    Nov 18th, 2009 (11/18/2009 2:21pm) in reply to TheVillageGrinder

    Okay, thanks for responding.

    I haven't had any trouble with my bank so far. So hopefully all goes well.

    Thanks again
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