Unconfirmed rumor regarding Chexx Inc

[HSB]

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Just like Stars getting a new EFT processor.

[/ QUOTE ] No, not like that at all. Do you see why?

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If he did, he wouldn't have said it.

[Fat Nicky]

good post HSB, a lot more constructive than panic and 'the sky is falling' type posts

[Karak567]

I am not worried about PokerStars taking my money, not worried at all. What I am worried about is not being able to get to it for months at a time. I am taking my money out now. It is safe in my US bank account. Whenever a new payment processor is open (or a new check issuer is found) I can either send a money order or do an EFT to get it back. I am getting my checks now, holding my cash and will get back in when the fish can (makes sense, doesn't it?). I kept enough in my Stars account so I can play small games and keep sharp. I'll also start playing live.

This doesn't seem like too bad of a plan, right?

[MikeyPatriot]

HSB, good post. It's refreshing to see that.

I'm in the same boat as Karak though. I'm not worried about the sites stealing our money, but I am worried about when I can have access to said money. I'm in the process of setting up an ePassporte account, but if chexx is shutting down to Stars, UB, and others within the next week, I wouldn't mind cashing out a good sum of money so I don't have to worry about rent/bills in the coming months.

[NoSoup4U]

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Chexx pulling out of the US market should have zero impact on whether the checks they send before that are cashable. All Chexx is really doing is printing the checks. The money doesn’t belong to Chexx and the account number on the check probably doesn’t belong to Chexx.

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You make many excellent points, but this specific detail is incorrect. Chexx requires a vendor like Stars to send them money to cover all the checks that they intend to have printed and then they print the checks on a Chexx account.

You can see some details on Chexx instructions page and also here on their site.

It is part of how they work. They take money in any currency and write checks on local bank accounts everywhere. However, the money will never be stopped, because Chexx writes checks for tons of rebates and other sweepstakes stuff on those same accounts.

[Barrin6]

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Will UB give me back my money if the check is not going to be honored...

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No absolutely not. They will just take it.

[Gregg777]

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So WHAT is the BOTTOM LINE?

If I have money in WSEX and Stars... do I cash it out NOW using a check, or do I wait?

Please, what should I do?

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cash (most of) it out now. couldn't hurt. but waiting could.

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I would think just the opposite.

I have money on sites and I am going to wait for the dust to settle.

The last thing I want is for my money to be in a form I can't access for months.

You get a check from Stars via Chexx.

For whatever reason it is not honored.

You go back to Stars, they say talk to Chexx.

Chexx takes who knows how long to sort things out.

In short, I think a viable solution will be available looong before some of these limbo transactions ever are.

As long as my money is in a site I trust (FT/Stars), I am going to wait.

[durkahdurkah]

All,
FWIW I just had a check from Chexx clear my bank today. Not that this means much in and of itself, but I wouldn't lose too much sleep that your bank won't accept a check from Chexx even after this 2/2 deadline. If you need money from your poker accounts just cash it out now and expect a wait of between 3-6 weeks before you get you money and it clears the bank depending on how backlogged Chexx gets because of this announcement.

(note: this is just an opinion, I have no sources or anything)

[HSB]

[ QUOTE ]
I am not worried about PokerStars taking my money, not worried at all. What I am worried about is not being able to get to it for months at a time. I am taking my money out now. It is safe in my US bank account. Whenever a new payment processor is open (or a new check issuer is found) I can either send a money order or do an EFT to get it back. I am getting my checks now, holding my cash and will get back in when the fish can (makes sense, doesn't it?). I kept enough in my Stars account so I can play small games and keep sharp. I'll also start playing live.

This doesn't seem like too bad of a plan, right?

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I doubt it will take months but yes.

[HSB]

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Chexx pulling out of the US market should have zero impact on whether the checks they send before that are cashable. All Chexx is really doing is printing the checks. The money doesn’t belong to Chexx and the account number on the check probably doesn’t belong to Chexx.

[/ QUOTE ]

You make many excellent points, but this specific detail is incorrect. Chexx requires a vendor like Stars to send them money to cover all the checks that they intend to have printed and then they print the checks on a Chexx account.

You can see some details on Chexx instructions page and also here on their site.

It is part of how they work. They take money in any currency and write checks on local bank accounts everywhere. However, the money will never be stopped, because Chexx writes checks for tons of rebates and other sweepstakes stuff on those same accounts.

[/ QUOTE ]

That's what I meant by the account "probably" not belonging to Chexx. Some check printing companies do it that way, others just take a charge for the printing. Either way, there's no reason your check won't be good once they stop sending them.