WSEX and canadian Bank checks. only way to payout?

durito · 02-03-08, 04:35 PM

you need a better bank, mine clear in a day

pamon · 02-03-08, 04:36 PM

in a day? you banking in the US? I'm here in California and it's gonna be a PITA to wait that long (4-8 weeks).

durito · 02-03-08, 04:52 PM

i bank at www.everbank.com

bookie · 02-03-08, 06:29 PM

Often when a bank says 4-6 weeks they're just covering their ass and it's more likely to be a few days.

bookie · 02-03-08, 06:38 PM

durito...I'm looking for a good online bank...could you give a little review of what you like and don't about Everbank?

bigboydan · 02-03-08, 07:33 PM

Your not the first poster to run into this type of issue sir, however more people seem to vent with about their matchbook checks (wsex sister site). Anyways, here is a thread that should shed a little more light on this subject.

20Four7 · 02-03-08, 10:33 PM

I had no issue at all with the beat the prick checks. I deposited them in to my US$ account in Canada and that was that. No one even looked side ways. I have had poker checks for 1K from US or even London banks and nothing has ever been said. I think you should talk to your bank about going elsewhere.

Kellen · 02-04-08, 02:05 AM

I bank with Bank of America here in South Carolina and Ive had no problem with the checks from wsex. Ive cashed several for over 5000 and they clear in 1-2 days.

pamon · 02-06-08, 04:59 AM

yeah, the 3rd party processors have to go. I called up my bank today (wells fargo) and talked w/ them about it...

I deposited the check on Sunday and they made the funds available on Tuesday. They said it'll take 5-10 days for the Bank of ******* to release the funds to clear and not to touch the available funds till then.

Kinda odd that the bank would make the funds available on the check and then go after the bank to collect, but whatever

As long as it clears, I'm ok w/ it..

bigboydan · 02-06-08, 01:58 PM

I have a feeling we might see more books switch over to this type of processing in order to stay in compliance/"the work around of the the UIGEA. Although I guess we will just have to wait and see how this one plays out.

Tunes · 02-10-08, 01:03 PM

checks

The checks, if drawn on the xxxx xx xxxxx, are ready for immediate deposit and your bank can give you immediate credit. That's what WSEX was using for check payouts until a couple of weeks ago. Now they're using the Bank of --------. Since this is a non-USA bank and does not correspond with a Federal Reserve bank, the item has to go for what's known as collection.

This process can in fact take 4-8 weeks, which blows. I deposited one on January 17 and it's still in collection, uncleared. Not sure it means anything apart from WSEX is trying to use as many processors as possible so as not to be shut down, but using non-USA banks creates unnecessary wait times for us to get at our money, especially since we've had to pay courier fees.

increasedodds · 02-10-08, 04:06 PM

A check from Canada should not take 4-8 weeks. IF it does, find yourself a new and better bank. Most major banks will clear checks from major canadian banks in 5 days. A few take 10 days.

If you have shitty bank credit (Overdrafts or a puny balance) the bank may screw you and take a long time.

If you are a good bank customer, you should be able to clear these in a day or two... As far as I can tell, Citi never holds anything for me, but I also have never bounced a check and have a decent size balance.

Sean

Tunes · 02-10-08, 04:52 PM

Go and put a check in from Canada and see how long it takes to clear. I do 90% of my business outside of the USA and I'm fairly familiar with collection items.

michael777 · 02-10-08, 06:17 PM

i have had no trouble with the wsex canada checks,i just deposit them in my bank and always in 3 days it clears

nickh5 · 02-10-08, 11:45 PM

hey

They won't do ** or moneygram, but it should clear a lot less than 4-6 weeks, probably just saying that just in case.

bigboydan · 02-10-08, 11:50 PM

Now I know it's not exactly the best way to go when you need your funds ASAP, however the best solution I've found to avoid these types of payment problems is I do a book-to-book transfer to one of the books they offer. Then rollover my funds 1x and cash out via their processor.

BTW, Welcome to the SBR forum Nick

purecarnagge · 02-10-08, 11:58 PM

ask for bankwires?

KC · 02-11-08, 11:19 AM

Still waiting for a matchbook interpays check from bank of -------- 32 days now and the bank still has a hold on it and the funds have not cleared...I still like wsex/matchbook but this is very annoying.

bigboydan · 02-11-08, 01:17 PM

They definitely need to correct this processing issue if they can KC, because 32 days is way to long to have to wait for your funds to clear.

betplom · 02-11-08, 01:31 PM

I'd be pissed with your bank before I got mad at WSEX/Matchbook.

The Canadian banking system is very automated/efficient and uses the latest available technology, plus there are only 5 major banks with thousands of branches that have over 90% of the business, unlike in the US where there are thousands of different banks.

It's not like Canada's banks are part of the third world system or economy, many (if not all) the Canadian banks also operate outside of Canada (USA, Bahamas, Cayman Islands etc.).

cap10 · 02-12-08, 03:05 AM

Originally posted by pamon

Cashed out my WSEX acct for $5400. Got sent a Bank of ******** check. What the hell do I do w/ this? My bank in the states (wells fargo) is telling me a 4-8 week clearance time. Are there any other forms of payouts to US customers that WSEX does that'll override this BOM check mess? Via other forums, their others checks were Bofa checks which obviously wouldn't be any issue.

Any experienced WSEX members know anything on this topic or can help me out on this? Sitting on $5400 that I can't use since I'm not a Canadian resident and won't goto Canada to open an account..

Don't they send ** or Moneygram?

hi
i am in canada got 3rd place in beat the prik;; but since the cheque was written on xxxxxx xxxx xxx i had to wait 30 days to
clear;; it standard procedure for banks to hold all cheques written on out-of-country bank;;
its imperitive to try to get a cheque in your home country or look at a bankwire wish is quickker barring screwups;; takes 30 days to trace a lost wire

Cannon · 02-18-08, 12:44 AM

My bank always gives me credit for Matchbook checks instantly.