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Is it true about ***** being able to be canceled?
I read on this board that it is possible for these books to cancel a check for up to 6 months after it is deposited into your checking account?
Is this possible? I"m kind of worried about some big checks I've deposited recently and don't want them ever being canceled.
Does anyone know about this for sure?
I just want to know that once it clears my bank that it is my money for good, no matter what the sportsbook tries to do later.
It can still be cancelled or bounce AFTER it has cleared your bank. I am not sure the exact time frame but if I remember right I think it is in between 45-60 days... at that point the money is officially yours with no chance of bounced/cancelled check. I am not positive on that number so don't quote me on it. If you were paid by a reputable book I would not worry too much, any bounces USUALLY occur within 30 days and I have not heard of a book cancelling a check unless it was requested by a player. If you cheated the book, maybe they would then cancel the check.. but haven't heard of it popping up before
Originally Posted by xstud
Here is why that is frustrating... If I spend the money I receive once it clears my bank, and then the book decides to cancel it or it gets bounced, what do I do? Maybe this is stuff I should ask my bank... but I just don't understand how 60 days from now I could see a negative -6000 in my account or something.
could I write a check to someone to buy their car and have it clear and then cancel the check 45 days later? Seems ridiculous.
Well keep in mind... IT COULD happen. I have read some instances where checks bounce after a month or so but it entirely depends on your bank. For example... some banks intentionally hold checks longer to ensure they clear the other bank.
Theoretically you could end up with an account -6000.00 if the check bounced or was cancelled. However, like I said it becomes less likely after the 30 day mark. Really once it clears your account and is available for withdrawal I would not sweat it too much, but in this climate it would be in your best interest to not spend all of the money immediately. Perhaps an alternative is go to a check cashing place if you are that worried? The fee's would suck but that way if anything were to potentially happen it would be on the check cashing place and not on your bank account.. then you have another issue down the road to solve though..
I agree that it would be ridiculous to write someone a check and buy their car and cancel the check 45 days later... but a personal account vs a business account that is probably based off shore adds a lot of complications to the mix. Best advice... ask your bank.
Thanks for the info... I'll ask my bank for sure. Do you think Walmart would cash a 3,000 check?
Only in America perhaps?
I've never heard of a cleared cheque being able to be cancelled. Once cleared that's it.
But I've certainly had banks put a hold on the proceeds of a cheque for up to 30 working days I think until they are satisfied that it has cleared. In the interim I haven't been able to withdraw the proceeds although my account balance reflects the amount of the cheque. So the scenario of suddenly finding I'm overdrawn if the cheque isn't honoured couldn't arise.
Honestly, every check I've put into my bank (Suntrust Bank) I've been able to withdraw in cash the next day.
So i'm hoping that once its in my account, it is officially 100% my money. No matter what the sportsbook may want to decide later.
i know grocery stores in my area cash up to $1k
If you cash a check at walmart and it bounces, you are responsible for the money. WalMart will have your information and they will come after their money, just like a bank will.
As far as bouncing, if the check is American based then 3 weeks is usually the max that they will bounce. That is what I have heard a few times but my experience is that it is much shorter time. International checks could take much longer. Every check from out of state that I have had bounce, bounced within a week of depositing it. Nowadays banks use check21 and other things so many times the funds are taken out instantly when you deposit or write a check.
I wouldn't worry about it man. In the small chance the check bounces, the book will give you a good check immediately and pay your fees from bouncing. As a rule though I always wait 3 weeks to touch the money when I deposit a check. It has saved me a couple times from a big headache. Greek bounced a check to me. I called and had another in my hand 2 days later that was good.
Thanks. I'm more worried about this money disappearing like 45-60 days later. Try as much as I might, I can't trust people or companies that I can't see.
I'm going to talk to Suntrust tomorrow when I deposit these checks and ask them to inform me when the money is officially 100% my money.
you can. but then you'll go to jail for check fraud, and since it most likely would be over $500, thats a nice little felony you'll have for yourself.and no, im not one of those goody goodys that strictly abides by the law 24/7, i just wouldnt recommend trying it.
lol dont tell them its from a sportsbook or gambling related...they'll close your account immediately.
you can. but then you'll go to jail for check fraud, and since it most likely would be over $500, thats a nice little felony you'll have for yourself.
lol dont tell them its from a sportsbook or gambling related...they'll close your account immediately.
LOL, I won't. I'll say I sold them something or make something up.
lol tell em your brothers a missionary in nicarauga or wherever the fuk the check comes from and he's sendin you money. my 5dimes E-chks are drawn from a canadian bank tho j2lu know (i live in the u.s.)
lol
transactions with a missionary in Nicaragua would surely more likely be going in the other direction?
the only check this joker has ever got is a welfare check
International checks can be a pain in the ass. 5 Dimes sent me a Canadian Check once and my bank put a 30-day hold on it. Since then, no more checks for me, person-to-person or DC withdrawal only.
smart man
cash is king
Since the checks I receive are free payouts, I don't mind waiting for them to clear my bank. If you make p2p w/d instead, you are paying about 10% of your withdrawal in fees. So your impatience is costing you as much or more than the juice your book charges. I don't understand how a serious sports bettor could be willing to give himself an extra 10% disadvantage. Just to counteract the sportsbooks juice, you need to pick winners at a 55 to 60% rate. That is hard enough. Paying out a 10% fee on w/d means you have to pick winners 2 out of 3 times just to come out even. I would be willing to bet that if you take payouts via p2p, you are a losing player.
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My withdrawals are always free because I only make one every few months
I remember getting Canadian checks from 5Dimes that were also payable from some US Bank in New York. If your bank tries to put a hold on it for being an international check, let them know about that. It's much easier to try to take care of it at the teller window at the time of the transaction instead of asking them to remove a hold.
Anyone have a link to this theory? I worked as a bank teller for a few summers back in 2004 and 2005 and I do not remember ever seeing checks that had cleared then get rejected. Once the check clears, there's no going back is how I understood it.
Too much paranoia in this thread.
Unfortunately, because the activity is technically illegal in the United States, you have little to no defenses against a check bouncing.
What defense do you have for non-sportsbook bounced checks? Any reliable sportsbook will send you another check and pick up any fees that you incurred as a result.
Because the activity is illegal (wagering on sports), the person who received the check has no right to the money and the sportsbook can technically NOT pay, although it would have a negative effect on their reliability. This is different from a legal activity, where you are obligated to receive the money as long as certain conditions are met.
I asked my bank and they said it officially clears their bank in about 4-5 days.
I'm sure you're correct.
Seems to be some confusion amongst posters as to the difference between when a cheque is credited to their account and when it is cleared. There is always a delay. For local cheques probably no more than 5 business days. For international cheques that can be up to 5 weeks. But once the cheque is cleared you will always have clear funds.
I was told 4-5 business days to be safe. This check was drawn out of a bank in Delaware.
that sounds right to meI was told 4-5 business days to be safe. This check was drawn out of a bank in Delaware.
Agree with Lt striaght cash works best.
OK, USA check no issue reallyI was told 4-5 business days to be safe. This check was drawn out of a bank in Delaware.
they can charge back the check up to 60 days, just like you can a CC **********.
I find that hard to believe.
Once a cheque is cleared that's it. Clear funds.
Do you have a link to anything which confirms your statement?
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Harmy G gave BranchDavidian 1 SBR Point(s) for this post.