Banks Are Reversing PokerStars Checks

[pe2]

In mid March I deposited 2 checks from PokerStars. I believe they said WellsFargo on them. The check funds were then available and used by me.

Yesterday (almost a month later) - I notice that my available bank balance is hundreds less then the balance. I call the bank and after waiting on hold a while the lady tells me that the funds are being reversed and/or on hold until June 10th because the company that issued them is being investigated for fraud related to gambling.

I'm not sure what is going on here. Is there anything I can do?

[mbpoker]

[ QUOTE ]
Is there anything I can do?

[/ QUOTE ]

Yes, write to Stars.

[NU Star]

For serious? No problenm with the money I've deposited from Wells Fargo, but today I got a check from a new processor.

[pe2]

wellsfargo

[ckmo]

what bank are your accounts with?

[pe2]

Citizens Bank

[dp13368]

Serious?

This is your first post, I find it hard to believe that you are the only person this has happened to out of everyone here who has deposited checks.

[LoosenUp]

it happened to me also a 3k check from pokerstars cleared then 7 days later has been reversed

I'm just emailed PS

Citizens bank says it was returned as Insufficient funds

[Mike Haven]

This is what I posted yesterday in another thread. Perhaps there is a similar situation with Stars?

[ QUOTE ]
There was a hiccup last week because of a banking holiday that caused one of the transfers to get there late. The processor's US account that the checks are drawn on is now solvent again. (The processors are keeping as little money in US accounts as possible. Any one of these accounts can be shut down and frozen any given day without notice. So they move money into them on a daily basis as needed.)



[/ QUOTE ]

Something else that I was told was that people don't seem to realise how sensitive all of this information is. Although if the Feds wanted it they could get it, the reality is they tend to simply wait for what comes to them.

It's so hard to get processors these days, and if they knew their details were being posted all over poker forums they might be less inclined to do business with the sites.

[Backspin20]

This thread is sooo encouraging