Banks Are Reversing PokerStars Checks

[Jeffage]

If you cash a check and it later bounces, I assume you will be responsible for re-paying the company and then you will have to take up the dispute with the business who issued the check. So either way you'd be f'd (I'm sure someone will correct me if I'm wrong).

Does depositing a check that ultimately bounces affect your credit?

Jeff

[JoseGonzlez]

yeah thats why i did not beleive the story.

it does not seem to make sense of when the reversal occurred and why it would be at the bank where the deposit is occuring.

i dont know maybe its all a hoax. they just keep telling the same story on message boards. but i dont think it is. the problem does not seem to be widespread though. weird.

[PLOlover]

I know when I cashed out of neteller my bank said the check would take 20 business days to clear. So if they clear an out of country check in 1-5 days they are just doing the courtesy thing of allowing you to access funds, it doesn't mean it has cleared necessarily.

[LoosenUp]

[ QUOTE ]
yeah thats why i did not beleive the story.

it does not seem to make sense of when the reversal occurred and why it would be at the bank where the deposit is occuring.

i dont know maybe its all a hoax. they just keep telling the same story on message boards. but i dont think it is. the problem does not seem to be widespread though. weird.

[/ QUOTE ]

A hoax? Are you serious

People like this on here are starting to piss me off

As for the posters that haven't watched to much X-files I received an email from PS

For the first time in dealing with PS the support is not being very helpful i'm surprised.

Pokerstars email

Please accept our apologies for the inconvenience in respect of the problems you are experiencing with your bank regarding your recent cheque.

We have been informed by our cheque processors that this is an issue at one specific bank.

Our processors have been in contact with this bank and in particular their head of security, but they have not been given any clear answers as regards the bank acknowledging this issue. They are continuing to make exhaustive enquiries.

If you would like any further information or help in resolving this issue then please ring the Customer Service Manager at our processors on 001 2503
089 474 he will be only too willing to advise you of any developments.

Once again, please accept our sincere apologies with regard to this issue and rest assured we are trying our hardest to resolve this issue and will get back to you very shortly.

Thank you for your patience  we are as always at your service.

All the very best.

David
PokerStars Payments

what is that Number, i'm not even sure how to dial it? LOL

[LoosenUp]

[ QUOTE ]
Wow - this is bad. I have no money in Stars, but I'm beginning to think it's time to throw in the online flag for awhile. I have several grand on another site and I'm not keen about depositing a check that will later be reversed or cause issues with my bank, etc. I've been going to AC almost every weekend lately - it may be time for me to pack my things.

Jeff

[/ QUOTE ]

Hey Jeff I made a decision do this a few weeks ago, the sad part this is my last online check and i'm totally a live player now.

The 2 hour commute to foxwoods twice a week is not so enjoyable but I'm enjoying being unglued from my monitor [img]/images/graemlins/smile.gif[/img]

[BigAlK]

[ QUOTE ]
Im slow. Somebody explain what I am missing. I present my bank with a check to deposit. They wait the required time (usually 1-5 days) until the other side CONFIRMS the funds are good, your bank then credits your account. Once the other bank confirms their side they are then responsobile to deliver the money to your bank (on whatever day they physically settle the transaction).

If there then is an issue with other bank and their client, how can it possibly be your liability? Again Im slow.

[/ QUOTE ]

You're not slow. This is where the OP's story breaks down or becomes an issue with his bank. As Milton Freedman says earlier in this thread, the issuing bank has a specific amount of time to return the check. If OP is in the US and the check is drawn on a domestic bank (in this case Wells Fargo) then anything beyond 10-15 business days from the time he deposited the check to the day they reversed it in his account is definitely too much.

Here's a little historical perspective. This may be tl;dr for most of you. Back in the stone ages (before most 2+2ers were born) when you deposited a check most banks would make the funds available immediately. However if the check was returned you ran the chance of becoming overdrawn. A bank could put a hold on a specific check, but most only did this in rare situations. This was good customer service, but left the bank open to various scams and abuses. I believe some banks started putting holds on checks more regularly, sometimes for excessive lengths of time to combat these scams.

In the mid-eighties a law was passed specifying exactly when and for how long a hold could be placed. The amount of time varied depending on the location of the issuing bank in relation to the bank where you're making the deposit. (I'm not sure if these times have changed since I got out of the banking business many years ago.) When the new law was passed a lot of banks started making a hold the default rather than the exception in their process. I've banked at large banks that put a hold on every check deposited. The credit union I use now rarely puts a hold on my checks. In any case the issuing bank has a specific amount of time to return the check. After that it's their liability. When I worked at a bank years ago I was aware of this specific situation happening (a check not being returned by the deadline) due to computer processing problems. The bank ended up eating the check.

[questions]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
UIGEA prohibits banks to send money to an online site which is deemed to be illegal

[/ QUOTE ]

Actually, it doesn't.

[/ QUOTE ]

Not yet. But when its regulations go into effect, restricted transactions to online sites will be blocked.

[/ QUOTE ]

Let's say that this is the intent of whatever regulations they come up with are designed to do.

I don't understand how this would work in practice (just generally). How effective can any such measures really be?

[/ QUOTE ]

I doubt they will stop all deposits. They will stop enough to affect us and the sites. And yes, that is what the regulations will be designed to do.

[/ QUOTE ]

Well it's good that there are a lot of non-Americans who play.

[BigAlK]

[ QUOTE ]
For the first time in dealing with PS the support is not being very helpful i'm surprised.

[/ QUOTE ]

Actually it appears they are being helpful. The issue is out of their control, but they give you a contact at the check processor who potentially can help. See my post regarding check holds. The problem is probably with your bank. I'd call the check processor to veify that and see if he'd like you to start applying pressure on the bank from your side. Once this is resolved I'd give serious consideration to changing banks.

[ QUOTE ]
what is that Number, i'm not even sure how to dial it? LOL

[/ QUOTE ]

The 001 at the front is the country code for North America (US and Canada). Just use the remaining 10 digits. It's in the 250 area code which is somewhere in British Columbia.

[Grisgra]

All is becoming clearer. I am having the exact same problem with Bodog checks at Citizen's Bank. Time to visit Fleet.

If they return the checks to me, will I have any problem depositing them to a different bank, or will I need new checks?

[MyTurn2Raise]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
I am under the impression that once a bank clears a check it is then their liability.

[/ QUOTE ]

This is absolutely correct, my friend. Do not let anyone dissuade you of this belief.

Idi

[/ QUOTE ]

gimmick account post of the year nomination right here

[/ QUOTE ]

Seconded. Idi is consistently excellent but this may be his finest work yet.

[/ QUOTE ]

what happened to Idi's myspace page [img]/images/graemlins/confused.gif[/img]
I put him in my top8 and he disappeared.