Legal question regarding PokerStars checks

[Ace upmy Slv]

I have done several large transfers from PP over the last 6 months including two 9K wire transfers from PP to my Bank of America account since the legislation has passed. I also cashed a check from PP with BoA recently. I have had no problems at all with either transaction. Bank of America is one of the more pain in the ass Banks and I still have had no probelms. The wire transfers did take about 3 days to clear.

Relax people, the deposits will be fine. Plus, the banks have 270 days to institute these regulations on 'Gambling' money transactions. Do you really think they are going to spend the money and attack that issue now?

[antneye]

[ QUOTE ]


Relax people, the deposits will be fine. Plus, the banks have 270 days to institute these regulations on 'Gambling' money transactions. Do you really think they are going to spend the money and attack that issue now?

[/ QUOTE ]

Actually the Feds have 270 days to declare the rules. The banks will then get X amount of time to implement the required changes (if possible). It's not like the Fed says here are the rules, and the banks push a button to make it happen.

[bumpking]

Actually,

For my $7,500 check, it is not normal procedure to always place it on hold. I CASH checks all the time in amounts between $5k-$10k and as long as I have that amount of cash in my account, they'll cash the check. This last time when they made me deposit it, I'm sure it was simply because the check looked funny and nothing else.

FYI: If you cash a check instead of deposit it, it does not show up anywhere on your account or statements. I always cash them, then a day or two later I deposit cash into my account (just to be safe).

[scottjf8]

I took a $44k check from Neteller to the bank once, and didn't even get questioned about it (after 3rd in a Sunday Millions)

It says "NCAR" on it, but still.. 44k, and no questions asked...

[Xhad]

[ QUOTE ]
For my $7,500 check, it is not normal procedure to always place it on hold. I CASH checks all the time in amounts between $5k-$10k and as long as I have that amount of cash in my account, they'll cash the check

[/ QUOTE ]

Well, that's because when you consider the difference between:

-Placing the check on hold and then withdrawing the money from your account

and

-Not placing the check on hold but putting a $ hold equal to the maximum amount they could hold from the check

There's not much of a difference. Chances are the bank holds at least some of the existing funds in your account when you do this.