Banks Are Reversing PokerStars Checks

[JPT III]

[ QUOTE ]
This sounds like an isolated instance and a likely violation of Article 9 (?) of the UCC. Simply put, there is NO fraud involved, cashouts are NOT even covered by the UIGE Act and Citizens Bank clearly does not want your business.

Demand the give you back the check andcontact the site for a replacement.

[/ QUOTE ]

Article 3 covers negotiated instruments (i.e., checks). I do not opine as to whether this is a violation of it, however (smells like it would be). And Milton is of course exactly right about UIGEA NOT COVERING CASHOUTS.

[pe2]

possible good news:

I checked my statement today and it appears they have released the funds.

[BGnight]

So how does cashing the check for physical cash prevent them from overdrawing your accout as some people implied? If the check gets reversed you will still owe your bank the money you cashed, amirite? I see no differnece.

[BigAlK]

[ QUOTE ]
So how does cashing the check for physical cash prevent them from overdrawing your accout as some people implied? If the check gets reversed you will still owe your bank the money you cashed, amirite? I see no differnece.

[/ QUOTE ]

You're right. If the check is legitimately returned then you are on the hook.

[LoosenUp]

[ QUOTE ]
possible good news:

I checked my statement today and it appears they have released the funds.

[/ QUOTE ]

Same here, citizens are alright I called to ask what had happen they said it wasn't clear if the funds had come through because of lack of response from the processor now it has been cleared up [img]/images/graemlins/laugh.gif[/img]

[BigAlK]

[ QUOTE ]
[ QUOTE ]
possible good news:

I checked my statement today and it appears they have released the funds.

[/ QUOTE ]

Same here, citizens are alright I called to ask what had happen they said it wasn't clear if the funds had come through because of lack of response from the processor now it has been cleared up [img]/images/graemlins/laugh.gif[/img]

[/ QUOTE ]

You know of course that their answer was BS used for face saving reasons. In any case, you got your money and that's what matters.

[LetsGambool]

FWIW Im a Citizens customer and had a similar problem with clearing some year end fund distributions which used an international processor

Same issue with multiple reasons for why the funds were being held everytime I called, a hard hold placed on the funds, inability to communicate with the processor even after I had contacted the processor to help speed up the process.

Funds eventually cleared after several calls and an extended period of time that Im pretty sure didnt conform with the UCC (I believe the first $500 has to be released quicker than the rest of the funds, they still didnt release those funds even after I informed them)

Based on the similarity of my experience, I believe there's a high probability this had nothing to do with poker or gambling being the source of the checks and is driven by an internal problem at CB with their system of clearing checks using certain international processors

[PLOlover]

[ QUOTE ]
So how does cashing the check for physical cash prevent them from overdrawing your accout as some people implied? If the check gets reversed you will still owe your bank the money you cashed, amirite? I see no differnece.

[/ QUOTE ]

if u cash at the bank the check is drawn on, not your bank. if theyre the same bank im not sure.