Letter in bank statement: internet gambling.....

[rm18]

wachovia and wells fargo are the same, bank wells fargo bailed them out so it is not really like two different banks.

Would western union checks that are not cashed at the store be seizable too you think?

[FreeFall]

I am sure that once the deadline hits and it is not pushed back all banks will put out similar letters... It is what the UIGEA was made for. Banks that do not follow it will be subject to criminal charges which no US bank wants. Thank you CP for posting this so I won't freak out when I receive the letters thinking I am being targeted... The UIGEA gives banks the power to confiscate funds and once it happens, and it will, the courts will be flooded with lawsuits and UIGEA will be either removed or changed if legislation doesn't come along to repel it before then. Never fear though, the industry will change for Americans, land of the free, to combat this. There is a few silver linings... The banking industry stated before the Finance Committee that there is no way to enforce bank wires or EFT's... so... it is time for books to end the paper trail and enter a fully electronic age....

I've been using ** to move money, but your saying I can move money through bank wires? Are these not traceable by the act? I'm confused.

Thanks a lot for your clarity and efforts in explaining this. I appreciate it.

[LT Profits]

Post a scan of form letter, sensitive info removed, or you're full of sh t.

capitalist pig is a straight shooter, no need for this post.

[MrX]

GEEZUS DUDE.....

These two banks, along with CHASE, are the absolute worst banks to be with right now..............CLOSE YOUR ACCOUNTS BEFORE IT'S TO LATE.

WOW, what are you thinking???????

Fishhead, please elaborate.

[wildemu]

I have no idea how Wachovia can suspect moneygram/western union transactions to be gambling related. What little confidence i have left in being able to properly make a deposit, I just don't see the UIGEA and banking industry putting completely putting an end to deposit methods.

[oiler]

GEEZUS DUDE.....

These two banks, along with CHASE, are the absolute worst banks to be with right now..............CLOSE YOUR ACCOUNTS BEFORE IT'S TO LATE.

WOW, what are you thinking???????

i have a chase account and havent had any problems with them so far

[DukeJohn]

I've been using ** to move money, but your saying I can move money through bank wires? Are these not traceable by the act? I'm confused.

Thanks a lot for your clarity and efforts in explaining this. I appreciate it.

Yes, wires are traceable, but during the finance hearings, the person speaking for the Banking Industry said there was no way currently to police a wire transaction because there is no system in place for asking questions about the transaction.

In order for the US banking industry to enforce bank wires they would need the cooperation of the International community and since online gambling is legal in many countries, they said other countries are not going to overall their international banking system for the US.

Of course if the other countries do not overall their system and a bank accepts a wire coming from someone who gambled, then the US bank just committed a crime. As you can see this quickly gets messy and what are the US banks going to do about International bank wires, when the rest of the world is not going to bow down to US banking laws....

[Stringer Bell]

Would cashing a check and then holding onto the money be safer than just depositing the check into the account? Or does it not make a difference...

[CarpeDime]

You gotta hand it to Bill Frist (R-Tenn) and John Kyl (R-AZ) and Bob Goodlatte (R-VA), they sure got what they wanted.

[FreeFall]

Yes, wires are traceable, but during the finance hearings, the person speaking for the Banking Industry said there was no way currently to police a wire transaction because there is no system in place for asking questions about the transaction.

In order for the US banking industry to enforce bank wires they would need the cooperation of the International community and since online gambling is legal in many countries, they said other countries are not going to overall their international banking system for the US.

Of course if the other countries do not overall their system and a bank accepts a wire coming from someone who gambled, then the US bank just committed a crime. As you can see this quickly gets messy and what are the US banks going to do about International bank wires, when the rest of the world is not going to bow down to US banking laws....

Thanks for the information. As my bankroll builds I'm going to need to use bankwires and glad to know as of now, and probably never they won't be traced. I always thought those were verified and traced since you have to do the paper work.

[daneblazer]

Wells Fargo and Wachovia are the same.

I would guess the smaller the bank, the less capable they will be in tracing stuff like this.

I mostly play poker and get checks. Haven't had a problem with them...yet. (knock on wood)

[thespeculator]

Thanks for the information. As my bankroll builds I'm going to need to use bankwires and glad to know as of now, and probably never they won't be traced. I always thought those were verified and traced since you have to do the paper work.

if bank wires aren't traceable then what is with all that stuff about you shouldn't receive more than 10k , if bank can confiscate a check, can't they also take a wire, or do they books disguise it is in such a way

[FreeFall]

if bank wires aren't traceable then what is with all that stuff about you shouldn't receive more than 10k , if bank can confiscate a check, can't they also take a wire, or do they books disguise it is in such a way

I assume as long as it's under 10k they don't have business with it. When you move amounts over that they will?

[Automat]

I was wondering
wat if u opened an off shore banking account and send the withdrawals there
and then used the **** atm they provide to take cash up from your country that way no body knws abt it except ur off shore bank right??

[dante1]

Keep voting and supporting the R's guys and gals.

[DukeJohn]

if bank wires aren't traceable then what is with all that stuff about you shouldn't receive more than 10k , if bank can confiscate a check, can't they also take a wire, or do they books disguise it is in such a way

Over 10K and the amount gets reported to the IRS, totally different thing. However, they do not tell the IRS how you came about the money, only that you did.

[DukeJohn]

Wells Fargo and Wachovia are the same.

I would guess the smaller the bank, the less capable they will be in tracing stuff like this.

I mostly play poker and get checks. Haven't had a problem with them...yet. (knock on wood)

I would think the same thing... Even more so when Goodlatte was ask by the banking community how they were supposed to keep track of people who deposit questionable transactions. He answered with that there is a list kept for suspected terrorist transactions. The banking person said yes but they do not handle that, it is oversaw by another agency and you are asking for us to make a list of people who have not committed a crime.

Of course now that would be another can of worms, black listing people for not doing anything wrong... Not to mention privacy issues if banks tried to share information.

However, this does lend itself to that without a central agency, banks will probably not share information and thus smaller banks will probably not even bother until Justice Department stepped in shut down a bank for violation of the UIGEA and we know that would probably never happen...

[durito]

.

[WileOut]

Now, this is still a big pain and we will see what really happens in the end. Keep in mind, if the bank accepts this transaction they are the ones that committed the crime according to the UIGEA and not you...

The UIGEA is a law against banks making outgoing transactions to illegal gambling businesses, it doesn't make incoming payments illegal. The problems we are seeing with incoming transactions are simply from banks taking a blanket approach against internet gambling instead of actually following the letter of the law.

The banks aren't committing a crime by accepting a payment from an illegal gambling institution. However they are all just saying to hell with it we just won't deal with any illegal gambling businesses in any way, and making that their policy. At least this is what I have been learning from the lawyers and tax guys over at 2 plus 2 that talk about this law all day long since 2006.

The DOJ on the other hand is taking money from processors accounts if they happen to be located in the US. They are not using the UIGEA as the reason for the confiscations though.

[Hareeba!]

Some people really do post crap.

You can't blame banks for doing what is required of them by legislation.
As I understand it they are responsible for ensuring that overseas funds being deposited are not coming from sources which are deemed illegal or suspect of money-laundering.
Blame those who make the laws, not those who (often reluctantly) are bound to obey them.

[topgame85]

offshore horse racing is NOT legal, on shore shops are legal and funny enough the checks come from a wells fargo bank from both twinspires/youbet. Any foreign checks coming in are sure to get a double look.

[Emily_Haines]

Soon all the US banks will be doing this. Within a year the only banks accepting these wires or checks will be banks outside of the U.S. If you want to continue with online gambling your going to have to relocated outside of the U.S. It is a joke that the USA calls itself the land of freedom.

[WileOut]

Some people really do post crap.

You can't blame banks for doing what is required of them by legislation.
As I understand it they are responsible for ensuring that overseas funds being deposited are not coming from sources which are deemed illegal or suspect of money-laundering.
Blame those who make the laws, not those who (often reluctantly) are bound to obey them.

Its not required for the banks to block incoming transactions, there is no legislation requiring banks to block incoming gambling transactions. The banks are all deciding to do this on their own, but if not for the UIGEA requiring them to block outgoing gambling transactions, they would have probably never decided to block incoming too.

[tltaylor89]

You know how you can beat this just ask for a money order

[Coming Back!]

I don't think the banks are going to go crazy with this stuff. How do they know if checks recieved are gambling related anyway?

[Spanks]

Ok, the banks were Wachovia and Wells Fargo. Different letters from each one.So know one misses them, when you get your statement, they were in the crap thats tucked in the return envelope. You know the 3-4 pages of disclosure sh1t thats so small know one reads it. I have other accounts with these banks and when another statement comes in I will post the letter to make everyone happy.

Do a search on Wachovia and net gambling and you will see they and a few other banks (BOA,Citi,etc.) had alot of proccesor funds confiscated a few weeks ago. http://www.osga.com/artman/publish/article_7237.shtml

For those who were questioning the confiscation of funds, its the criminal division of the IRS who gets the info on accounts who are red flagged by the banks.

Hope this answers everyones questions.

later

That article pertained to people who were money laundering you fn idiot...unless you are selling cocaine by the boatful and deposit your illicit gains...YOU DONT HAVE A PROBLEM DIPSHIT...

[bettman]

That article pertained to people who were money laundering you fn idiot...unless you are selling cocaine by the boatful and deposit your illicit gains...YOU DONT HAVE A PROBLEM DIPSHIT...

Exactly.....people here are panicing because they are relaxed and not staying on their toes.....And for the banks not reporting anything under 10k is a bunch of bull. they report anything under it if you have multiple deposits everyday, everyweek, and every month...Duh!!!!! if the shit hits the bank its freakn traceable...i dont care how much you have in Sportsbooks u better stick to **/** and pay them fees...LAST thing u better use an account with strictly gambling and not mix with personal(work checks)monies because if you were to get shut down, they are gonna freeze everything.....then you wont have money until they sort it out which can take months.

[capitalist pig]

That article pertained to people who were money laundering you fn idiot...unless you are selling cocaine by the boatful and deposit your illicit gains...YOU DONT HAVE A PROBLEM DIPSHIT...

Your the dipshit, try learning to read what this thread was started about. That article was just a reference to the processor issues that were discovered going through Wachovia for illegal gambling activites. Go back to the 1st fuking post in this thread. All I asked was "has anyone else received anything in their bank statements regarding illegal gambling activity". I never once said I had a problem with anything.

later

[durito]

This is quite concerning on many levels.

The problem with this law was that is put it on the banks to enforce something that was unenforceable. Wells Fargo's contention that they will enforce it simply by stealing people's money scares the crap out of me because they will probably get away with it.

[jackkkk2009]

can you tell us what are those two different national banks?

[smitch124]

Soon all the US banks will be doing this. Within a year the only banks accepting these wires or checks will be banks outside of the U.S. If you want to continue with online gambling your going to have to relocated outside of the U.S. It is a joke that the USA calls itself the land of freedom.

[tblues2005]

I have not received anything from my back on this as of yet but I will be on the watch for it though. I think if you do take out low enough of amounts at a time then it will not be a problem. Just be careful to make sure that you take out amounts that will not get noticed by a bank. I would take out amounts of less than 1k and have different banks also will help. What would be best is if a book could have a debit card to take withdrawals out with. That would solve the problem if they could do that. I think some of them do. I am sure that Bet Jamaica has one.

[citlec]

I know the banks are struggling but this takes the biscuit. More ways to get money off you if true.

[Fishhead]

Soon all the US banks will be doing this. Within a year the only banks accepting these wires or checks will be banks outside of the U.S. If you want to continue with online gambling your going to have to relocated outside of the U.S. It is a joke that the USA calls itself the land of freedom.

Again, without going into details, get the hell out of Chase........and Wanchovia.

[frankthetank]

this is scary shit man. I feel the walls closing in and liberty and freedom are apparently on the train out of town....