Interesting Funding Idea from Sportsbook.com

[ZBTHorton]

Just got an e-mail from Sportsbook.com. The title was "It's business as usual..." so you can imagine what most of it says.

But the last paragraph really caught my attention.

" And when you’re cashing in your V-chips, select the Debit1 option. Instead of a check, we’ll send you a cool ATM card you can use for cash at the supermarket, gas station, liquor store—anywhere you can pay with an ATM card. Now that’s news you can use. And your next withdrawal is even faster as we just credit your account online and the cash is there for you. No checks, no FedEx or DHL, no waiting—choose the Debit1 option on your next withdrawal. "

This seems like a decent idea.

[Indiana]

But can you add to this ATM card to get $$ back in the site?

Indy

[ricdaman]

[ QUOTE ]
But can you add to this ATM card to get $$ back in the site?

[/ QUOTE ]

omg... it's the perfect easy workaround we've all been looking for!

[MLSchaff]

Now this is what I like to see - sites exploring new options!

I don't see how you could use this for deposits though, considering that in most cases if you want to deposit to you regular bank account you have to do it at your own bank's ATM, so it wouldn't work as a funding source and also would probably be very easy for the banking system to identify and shut down.

But for cashouts - I love it. Although I'm not particularly concerned about being able to continue to get cashouts from Neteller. I think that will continue even if funding into accounts is more difficult.

Anyone have info on what kind of fees are being charged for this? Most merchants charge $0.50-$1 to process ATM transactions, but are there other fees imposed by sportsbook to use this method?

[Tofu_boy]

so very much all you can get is spending the winning $$ on shopping?
this will work ok for small player.
Big fulltime/big time player will not able to do this. B/c fulltime/ big time player need to get they income weekly to pay their bill not just for shipping.

[ricdaman]

Funding debit cards is EASY! Every heard of NetSpend / AllAccess??? I have a card. There are 3 ways of funding it.
(1) Go to a check-cashing place and give them cash in return they put money on the card.
(2) Buy a "refill kit" which is a card with a code. You call Netspend and enter the code, and the money is added to your card (Which by the way is the easiest way for the poker thing because we can buy these refill kits online at regular merchants).
(3) Transfer money from your bank account or PayPal account online.

I'm sure these methods could be applied to poker sites in a way which makes it easy for the average fish to fund their account.

[Performify]

if the ATM card signs on to any of the international processing networks, you could withdraw cash at any ATM anywhere (generally) for a usually-reasonable fee ($1 - $3 usually).

This would in fact be a perfect workaround for the sites. Open each player a discrete bank account, with a partner reputable foreign bank (Bank O' Scotland, for example) and issue the player an ATM card. Player can then withdraw funds at most any ATMs, and can likewise deposit there.

Not to mention the player probably gets an online site for Internet Banking where they can transfer money, etc - possibly even Billpay.

As I said in the ZeeJustin thread, and has been said many other times elsewhere by a lot of people: i think people are overreacting on the payment processing side of the house. Its really not going to be that hard for people to work around that aspect of this bill.

[Dornkirk]

There'd be no problem with that as long as the foreign bank is willing to openly violate US law. And that goes back to how aggressive the feds will be at enforcing this law.

[StellarWind]

[ QUOTE ]
There'd be no problem with that as long as the foreign bank is willing to openly violate US law. And that goes back to how aggressive the feds will be at enforcing this law.

[/ QUOTE ]
The law the foreign banks would be "openly violating" would be banking regulations requiring that transactions be coded and screened. Maybe the U.S. banking industry is going to roll over and spend their own money doing this but I don't see many overseas banks doing so. Quite possibly I just don't understand how international banking works but this sounds pretty unlikely.

[Jestocost]

Debit1 is issued by a Canada-based credit union, NYCCU Bank. There's more info on the Debit1 FAQ, including a claim that you soon will be able to transfer cash from your card to your bank account.

https://www.debit1.com/DebitOne/FAQ.htm