Checks drawn on US banks are very quickly going to become a thing of the past

[The Major]

You will quickly see checks coming from Canada using US intermediaries such as U.S Bank, Harris, etc, stopping (the ones that cleared the same day). Replacements for this in the short term will be gift cards and checks drawn on foreign banks that will need to be sent out for collections. If you are not a top rated customer at your bank, they will be holding these checks for a few weeks minimum.

You can thank the largest book in the world and there complete and utter incompetence and gross negligence when dealing with bank rules for this news update.

When I read all the posts about blaming the books for having no way to play their players, I tend to disagree. While it is their responsibility to have your funds available on demand, there has to be a way for them to send them to you. This latest situation is going to make that, that much more difficult for them and this can be blamed on one book and one book alone.

TM

[HOUSTON GAMBLER]

It just keeps getting better

[The Major]

It's all good!!!!! Nothing has changed!!!!!!!

fucking idiots.

[detroitdennis]

Major, Can you please name the book?

[HOUSTON GAMBLER]

Major, looking at Okanagan area in the future, any comment

Still think one has to be offshore as I don't think Vegas vig will ever be an option again

[The Major]

I have never been there but I can tell you this. I hear about once a week, Russ, why arent you living in the Okanagan area. I would like to go check it out some day. It must be beautiful.

[BettingProphets]

Okanagan valley is amazing was there when I was 19 and lived in BC was too young and too poor to appreciate its beauty then

If I had Russes money would be there in a heartbeat

[StarnetGypsy]

Originally Posted by The Major

You can thank the largest book in the world and there complete and utter incompetence and gross negligence when dealing with bank rules for this news update.

TM

Russ, are you talking about the place where *A* works? If so that's a shame, as I'd expect them to be more acutely aware of banking rules considering their status in the industry.

I found out something new y'day when trying to get a check held for collection. The issuer of a check has 3/yrs to dispute payment on a check once paying it, and that is yet another reason banks are reluctant to cash any type of check w/a company having a name related to gaming, whether drawn on a US bank or not ... my check in question is drawn on BoA, but the one I think you're referring to is drawn on US Bank outta VanBC, right?

[skilled27]

I personally find it pretty amazing that the books haven't come up with something....anything....as an alternative payment solution. They have known about this since September or October (whenever doomsday occurred) and have yet to come up with an answer?

[(sportman)]

What do you want skilly...Monopoly $$

[Don Eagleston]

It appears to me that, at least if you are a regular customer, Charles Schwab will take anything and credit your account the same day. Always deposit these instruments and pull the money out the back end later in the week.

[StarnetGypsy]

Originally Posted by skilled27

They have known about this since September or October (whenever doomsday occurred) and have yet to come up with an answer?

Skilly, it was on October 13th, a Friday

No wonder gamblers are superstitious ...

And actually Skilly, they did come up w/something alternate, and hence the checks drawn on US banks?

[The Major]

Skilled, it is impossible right now. If US banks won't handle the funds, which they wont, then you build a system based on lies. That lasts for about a week. Then everyone loses their money. It is not a simple solution. The real solution will be to discontinue use of the USD.

Unfortunately for Americans this is going to mean a hold on checks for customers that are not rated a plus.

It is what it is, unfortunately.

[jjgold]

Books have to be in trouble come next football season that cater to Americans, only people who will be playing are hardcore use players.

[niltes]

as i understand it, the asian market is far more significant than anyone could of imagined. replacing americans is impossible, but there is still a lot of business out there.

[StarnetGypsy]

Originally Posted by niltes

as i understand it, the asian market is far more significant than anyone could of imagined. replacing americans is impossible, but there is still a lot of business out there.

Yes sir, the Asian market is huge, Niltes. Allot of factors slowing it down tho .. translation into the many languages/dialects. China & Vietnam etc making it illegal, and putting people in rat infested prisons. Their cultures differ from western types of gambling, for example poker not as popular as in the US, and they probably prefer betting on cock-fights than basketball?

Asians love gambling tho ...

[biggame]

Delete this if need be, but what about bank wires? I was thinking one of the things that made UIEGA not very affective is the name of the sending eft could change daily or even more frequent to stay ahead of any list compiler.

[StarnetGypsy]

Originally Posted by biggame

Delete this if need be, but what about bank wires? I was thinking one of the things that made UIEGA not very affective is the name of the sending eft could change daily or even more frequent to stay ahead of any list compiler.

From what I've been experiencing BigGame, gaming companies are no longer sending bankwires to US banks. They will however deposit into a Canadian account if you have one.

They're not even sending to PayPal for payment of gaming ads for the most part.

I think that was one of the arrangements agreed upon recently, that US banks agreed to stop taking any transactions from "gaming" companies to comply w/US regs.

Western Onion is still an option, for now?

It was just so much nicer getting a fecking check drawn on US Bank to deposit into my account, and now that option appears to be gone.

Maybe Major can clarify what bank regs were broken to cause this SNAFU? If not, understandable ...

[biggame]

Starnet, I must not fully understand the process.

Here's what I was thinking for example, today's wires are coming from "Mike" via some offshore bank. Tomorrow's wires are coming from "Jim"... and so on and so on.

So the answer would be that US banks just stop accepting wires from all offshore banks, but that doesn't seem realistic. But even if they said "just no Costa Rican banks" (which would cause problems for all the "legitmate" money flow), then wire the money through an intermediary like RBC or RBS first. Either way the originator would change as often as necessary.