Party delaying my deposit to play in the currency markets?

mephisto · #1 09-19-2007, 04:50 AM

Yes, another party thread.

So this is the gist of it. I ask to deposit an amount that is higher than $500 US on Sept 16th on PP.

This is the email I receive:

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You have successfully written an eCheck by <Deposit_Option> to your PartyAccount in the amount of USD ********

The funds will be credited to your PartyAccount as soon as your eCheck clears, this generally does not take more than three to five business days. The expected date of clearance is Thursday,20th Sep 2007 13:00EST.

Once your eCheck clears, we will send you an email notifying cofirming that your PartyAccount has been funded so you do not miss a minute of the action!
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Anywho, I check my bank account tonight and it says that pay-pro (PP) has already withdrawn the amount from my account on Sept 17th all the while my PP account is at $0. A full 2 days after my first withdrawal. Why they are doing this? Who knows, but I put my speculation in the thread title.

I'm currently on hold with a pay-pro Indian customer service rep awaiting to hear what lame excuse they have for delaying my deposit by 48hrs. It's not that I'm in dire need of this money in my account to play but I also don't like getting jerked around by poker sites that I pay enough rake to anyways.

...... Okay, just got off the phone, as they are so generous they decided to release $500 to my account within half an hour and the rest of the balance will be transferred to me within 3-4 MORE business days. When I asked him why so long, he told me he estimates only 1-2 more but to be safe he's telling me 3-4. Lol, gg PP. The guy wished me good luck at the tables... Nice Party, enjoy the freeroll with my money in the markets.

Josem · #2 09-19-2007, 05:06 AM

i imagine that party (or, in fact, any other online gambling operator) receives a higher than average number of chargebacks.

ensuring that the money is successfully received seems like prudent business operation to me.

mephisto · #3 09-19-2007, 05:12 AM

I don't ever remember neteller acting in the same way. Instant was really and truly....instant. PP telling me that I need to wait potentially for 6 business days to receive my money is ludicrous, since the money has left my account a long time ago.

BigPoppa · #4 09-19-2007, 07:08 AM

Some VP of Finance with no idea of the typical gambler's mentality probably decided to start doing this to make money off the float. Banks do it all the time, but their customer base isn't as impatient.

poorolrich · #5 09-19-2007, 10:57 PM

But, it doesn't mean that the money hit their account so they are just being cautious.

sawseech · #6 09-20-2007, 12:06 AM

use mybank, or even better, mb

and, yes, they are floating you. cash is cash.

Hallett · #7 09-20-2007, 12:19 AM

No, it is to avoid chargebacks. I would think that 5-10% of money that goes in with an echeck gets charged back. The money may have left the OP's bank account already, but if the funds were not there, Party would likely not know until 2 to 3 days AFTER they were found not to be available in the account. You wont get instant credit with Party until you have established a few good deposits first.