Unconfirmed rumor regarding Chexx Inc

[BigBiceps]

Chexx is a processing company of checks.

They are not a bank, the checks are through US-Banc.

So a check you receive can be cashed as long as they don't suddenly pull out all the money from their accounts.

[HSB]

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

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Yeah, with your money on a site you can play with it. With it in transit it does you no good. I'm also leaving mine on site until the dust clears.

But then, I'm not relying on the money I have on the sites to pay the rent.

[NoSoup4U]

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They are not a bank, the checks are through US-Banc.

So a check you receive can be cashed as long as they don't suddenly pull out all the money from their accounts.

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Exactly. And the bulk of their business is not poker-related and they are not going anywhere. It is essentially unthinkable that a processor like them will default on their checks.

[MakesCents]

I have a somewhat unrelated ?
If I get my 2 checks from stars (Chexx) and I take them to say king soopers to cash them they will give me cash right on the spot? do you have to pay something extra to cash it there? Id rather not have to deposit to US bank and wait x # of weeks for the thing to clear. Sorry for the noob ? but I dont use check cashing places ever.

[HSB]

[ QUOTE ]
I have a somewhat unrelated ?
If I get my 2 checks from stars (Chexx) and I take them to say king soopers to cash them they will give me cash right on the spot? do you have to pay something extra to cash it there? Id rather not have to deposit to US bank and wait x # of weeks for the thing to clear. Sorry for the noob ? but I dont use check cashing places ever.

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I don't think you're going to be able to get around the waiting period. A lot of places don't like out of state checks and out of country checks (which I assume Chexx checks are) are even worse.

[1p0kerboy]

Will king soopers cash out of state checks on the spot? I think not...

[BigBiceps]

I know you can take a check to US-Banc directly and they charge a $5 fee for non-customers to cash one of their own checks.

Probably a check cashing place charges quite a bit more.

I am just going to deposit mine at my regular bank with the 1-2 week hold, as I think the risk here is near 0.

[twoblacknines]

so because of the processing delay, if I cash out some right now by the time it gets processed it may be after the 2nd correct? So what would happen? I'm looking to move around 10k, and don't want it in limbo for months.

[Nate tha\\\' Great]

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But it doesn’t get bleaker and bleaker. All the changes that the sites were preparing to make in response to the bank regulations now have to be made immediately. If they had the time they expected to have you’d never have known about this at all, you’d just have had to switch payment processors when the regs came out. The situation isn’t getting any worse in regards to your money. In fact, each day the sites are making more and more progress on getting their new payment processors up

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It's more complicated than that. Perhaps the KEY question in all of this is the degree to which various players in the online gambling food chain make *voluntary* decisions to withdraw from the US market. The fact is that the letter of the law is going to be fairly difficult to enforce -- both before and after the UIGEA goes into effect -- but businesses have different tolerances for risk, and to a certain extent, those companies that have a higher tolerance for regulatory risk are likely to be less reputable.

The fact that more and more companies are playing it safe and withdrawing services from the US market is troubling. Where 0 represents the best-case scenario where it's more or less business and usual ("Regulations, schmegulations"), and 100 represents a complete meltdown of the US-facing online gambling industry, the current evidence suggests that we're at about a 70 or a 75. With each company that withdraws from the US market in advance of the UIGEA, that number inches higher, because it suggests that the industry will behave conservatively. If that number hits an 80 or an 85, then the risk of having money anywhere except a US bank account starts to become fairly tangible.

Right now, if there were some way to *guarantee* that I would have a secure and immediate way to transfer funds from a poker account into my US bank at any point in the next 24 months, I would probably pay a 5-7% surcharge for this service.

[MakesCents]

Thanks for the info, as I stated I was completely unaware of the check cashing process at one of these places. Its not that I think my $ will dissapear, just prefer not to wait... afterall, I am American [img]/images/graemlins/wink.gif[/img]