Legal question regarding PokerStars checks

[Indiana]

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I guess my question is, has anyone else gotten grief from their bank when trying to cash a physical check from PokerStars or another gambling site?

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Never. I've cashed them for years.

[Sciolist]

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Does the check from PS say "PokerStars" or some generic-sounding entity? Curious . . . thanks.

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PStars payments. This law doesn't affect cashouts, and we process literally hundreds of cheques a day without problems, so I wouldn't worry about this.

[Sciolist]

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checks were obviously "known" or "problematic" to the point that branch tellers in a leading nationwide bank recognized the checks and put special procedures in place to protect the bank. And again this is long before any legislation.

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If you go in and say "Hi, can I deposit my money I won in illegal online gambling please?", yes, they're going to look at it/you like it/you are diseased. I'm afraid that's society for you.

I've heard of very few cases indeed where players have run into problems, let alone several players who use specific branches. I've dealt with literally thousands of problems related to cashouts in the two years I worked in Support, and a couple of them were related to cheques that banks didn't accept.

[Guthrie]

Put it in the night deposit box.

The only thing the people handling checks care about is the MICR numbers at the bottom. Unless the bank has flagged a particular bank + account number, there's no reason, or time, for someone to carefully examine every check looking for monsters.

[pandemonium]

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Deposit. They look at it like it's diseased and they put an extra long hold on the funds.

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If the check is drawn on a foreign bank, then it clears differently than a check from a member bank of the federal reserve. Some banks flat out won't let you deposit a foreign check, and will only take it for collection, in which case fund availability is whenever they say it is. Usually, a small bank must send the item for collection to another (larger) bank. This correspondent bank might even have to send it along to yet another bank that does business with the drawee bank. If they do allow you to deposit it, then under Reg CC, you're looking at an allowable hold on funds availability of eleven business days or more for an in-person deposit, longer if you stuff it into an ATM.

[bumpking]

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[Sciolist]

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If the check is drawn on a foreign bank

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As far as I know, all USD cheques are drawn from Canadian banks.

[pandemonium]

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I've cashed several PS checks. They are issued from "US Bank". I only had a problem on this last time ($7,500).

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Let's say it was drawn on a US institution (not, for example the "US Bank" of Vanuatu [img]/images/graemlins/wink.gif[/img]), then the size of the check (> $5,000) would allow your bank to place an exceptional hold on the funds. Here's a link to a short guide to Reg CC (trust me you don't want to wade through the original 600 pages of the regulation).

[joeker]

This is ridiculous.....getting a check is the best way to cashout. You really think the teller is going to look at the check and say "Oh no...this is from a poker site"? LOL..come on people get a grip.

The banks cannot track the checks nor will they, it's impossible, there is no system in place to do so and there sheer volume of checks processed everyday makes it practically prohibitive. Also there is no way of telling what the check is for....all that is on a check is the routing code of the bank that issued it, the account number and the check number. It doesnt MATTER what the name on the check is, it can say antyhing, all that matters is the routing code and bank account number.

I get checks from my online sportsbook all the time. The name on the check is a generic name...something like Limited Systems Inc.

Only thing you have to worry about is a check over $10k which is reported to the IRS...and getting constant deposits into your account brings up other tax issues.

[joeker]

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I've cashed several PS checks. They are issued from "US Bank". I only had a problem on this last time ($7,500). The teller got the manager and she asked me what the check was for.

I politely told her to f-off and that I did not see the relevency. She then said that some of the watermark/security symbols did not match (granted, the checks look shady as hell) and that she would not be able to CASH it.

So I couldn't get CASH, but she did deposit it with a standard 10-day hold. Just got released today, so no problems. FYI, this was Union Bank of CA.

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Yeah....but that had nothing to do with where the funds came from, that's stanrdard operating procedure on any check.