5DIMES Withdrawal Checks Written on Closed Accounts

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • TigerPawsSC
    SBR Hustler
    • 11-21-09
    • 94

    #1
    5DIMES Withdrawal Checks Written on Closed Accounts
    Just thought everyone should know that 5Dimes is apparently writing withdrawal checks on bad accounts now. I requested $3000 from 5Dimes in mid-September. I received the cashier's check through Fedex and deposited it on Monday. The bank put a hold on it.

    I found out today that the check had been returned, and that the "account it was written on was closed".

    I'm currently trying to get my money from 5Dimes, and I have another check ($1850) pending from them.

    The 5Dimes lady told me that a batch of checks was "not endorsed correctly", but they don't know which customers got which checks.

    I hope Justin or someone can help me with this, and I wanted you all to know.

  • big joe 1212
    SBR Posting Legend
    • 06-01-08
    • 19380

    #2
    More problems with checks
    Comment
    • Mikail
      SBR Posting Legend
      • 07-19-09
      • 21689

      #3
      Solution. Don't do check payouts.
      Comment
      • THEGREAT30
        SBR Hall of Famer
        • 10-04-08
        • 8970

        #4
        Originally posted by Mikail
        Solution. Don't do check payouts.
        Agreed never been a fan of them personally. Money orders are so much more sensible
        Comment
        • Euphoria38
          SBR MVP
          • 09-04-08
          • 1188

          #5
          Ugh... not this again, good luck trying to get it sorted out.
          Comment
          • tltaylor89
            SBR Posting Legend
            • 06-19-09
            • 19610

            #6
            TheGreat 5dimes dosent do money order payouts anymore .My checks haven't bounced I hav ordered two in the last month only thing was one came later than usual.
            Comment
            • ThaWoj
              SBR Hall of Famer
              • 03-09-10
              • 6762

              #7
              Does anyone know if the instant deposit cashouts are affected by this? (the instant deposit electronic witdrawal aka E-CHEK)
              Comment
              • Bill Dozer
                www.twitter.com/BillDozer
                • 07-12-05
                • 10894

                #8
                Originally posted by TigerPawsSC
                Just thought everyone should know that 5Dimes is apparently writing withdrawal checks on bad accounts now. I requested $3000 from 5Dimes in mid-September. I received the cashier's check through Fedex and deposited it on Monday. The bank put a hold on it.

                I found out today that the check had been returned, and that the "account it was written on was closed".

                I'm currently trying to get my money from 5Dimes, and I have another check ($1850) pending from them.

                The 5Dimes lady told me that a batch of checks was "not endorsed correctly", but they don't know which customers got which checks.

                I hope Justin or someone can help me with this, and I wanted you all to know.

                A processor that was used by most of the industry was forced to switch accounts in the middle of last month, the time yours was issued. New payouts went out right away at most places but it seems your bank's hold kept you behind the pack. You should be all set if you give them a call.

                Let us know where you stand after that.
                Comment
                • Bill Dozer
                  www.twitter.com/BillDozer
                  • 07-12-05
                  • 10894

                  #9
                  Originally posted by ThaWoj
                  Does anyone know if the instant deposit cashouts are affected by this? (the instant deposit electronic witdrawal aka E-CHEK)
                  No, they aren't. The issue arises when a checking account holder is told by its financial institution that it can no longer service that account or them as a client. The moment the account is deactivated the checking account holders live checks will not be able to cash and they need to issue new cash. This is unlike a wire where the money is actually moved vs. paper representing the funds.
                  Comment
                  • John Dough
                    SBR MVP
                    • 09-21-05
                    • 1785

                    #10
                    Originally posted by TigerPawsSC
                    Just thought everyone should know that 5Dimes is apparently writing withdrawal checks on bad accounts now. I requested $3000 from 5Dimes in mid-September. I received the cashier's check through Fedex and deposited it on Monday. The bank put a hold on it.
                    Everyone who has read the 5-10 threads about check issues due to the processor Bill Dozer mentioned shutting down was already aware.
                    Comment
                    • SBR Lou
                      BARRELED IN @ SBR!
                      • 08-02-07
                      • 37863

                      #11
                      Hi TigerPawsSC,

                      5Dimes tells us that they've refunded your account & reimbursed you for the bank fee. In light of the inconvenience, you will be able to request a new check free of charge Monday morning.

                      As for your 2nd pending check, they've said this was a different batch & that no problems are expected with it. Please update the board once your checks clear.
                      Comment
                      • ThaWoj
                        SBR Hall of Famer
                        • 03-09-10
                        • 6762

                        #12
                        Originally posted by Bill Dozer
                        No, they aren't. The issue arises when a checking account holder is told by its financial institution that it can no longer service that account or them as a client. The moment the account is deactivated the checking account holders live checks will not be able to cash and they need to issue new cash. This is unlike a wire where the money is actually moved vs. paper representing the funds.
                        Thanks for the response Bill. So even though wires and instant deposit e-cheks are different, it works the same?

                        E.G. I want to make sure that if I receive a cashout via e-chek and the money is in my account, that a week later it is not taken back out of my account aka returned/bounced/etc. because of problems on 5Dimes' end.

                        Just because the money might be in my account, say, 2 days after receiving it, it can take like a couple weeks for the e-chek to actually 'clear'. At least this is my understanding.

                        Thanks.
                        Comment
                        • acarmelo1
                          SBR Hall of Famer
                          • 09-29-09
                          • 6321

                          #13
                          Why dont they use Cashier's Checks?
                          Comment
                          • brxbmbers42
                            Restricted User
                            • 07-26-10
                            • 4312

                            #14
                            ive deposited two bet jam checks in last 2 weeks. hopefully i dont get fukked on my checks.
                            Comment
                            • GamblingMike
                              SBR MVP
                              • 05-05-07
                              • 2565

                              #15
                              Originally posted by ThaWoj
                              Thanks for the response Bill. So even though wires and instant deposit e-cheks are different, it works the same?

                              E.G. I want to make sure that if I receive a cashout via e-chek and the money is in my account, that a week later it is not taken back out of my account aka returned/bounced/etc. because of problems on 5Dimes' end.

                              Just because the money might be in my account, say, 2 days after receiving it, it can take like a couple weeks for the e-chek to actually 'clear'. At least this is my understanding.

                              Thanks.
                              Once the instant deposit hits your account, you are good, no clearing periods for EChecks.
                              Comment
                              • ngates815
                                SBR Posting Legend
                                • 12-01-09
                                • 13845

                                #16
                                I've also deposited 2 checks totaling 5780 in the past 2 weeks. No problem as of yet. Hopefully I don't get a call/notice something from my bank.


                                But it looks like I may have to look into just getting it direct deposited into my banking account.
                                Comment
                                • TobiasFunke
                                  SBR MVP
                                  • 02-12-09
                                  • 1999

                                  #17
                                  Originally posted by Bill Dozer
                                  A processor that was used by most of the industry was forced to switch accounts in the middle of last month, the time yours was issued. New payouts went out right away at most places but it seems your bank's hold kept you behind the pack. You should be all set if you give them a call. Let us know where you stand after that.
                                  Good info Bill
                                  Comment
                                  • brxbmbers42
                                    Restricted User
                                    • 07-26-10
                                    • 4312

                                    #18
                                    Originally posted by ngates815
                                    I've also deposited 2 checks totaling 5780 in the past 2 weeks. No problem as of yet. Hopefully I don't get a call/notice something from my bank.


                                    But it looks like I may have to look into just getting it direct deposited into my banking account.
                                    i havent had a problem yet either gates. 1st check deposited sept 21st when this issue first came to light. check cleared as far as i know and another one this mon. from what bet jam told me it was a one day thing and was cleared up immediately. great customer service at jamaica. hopefully info was accurate
                                    Comment
                                    • Kaabee
                                      SBR MVP
                                      • 01-21-06
                                      • 2482

                                      #19
                                      looks like i'll be using instant deposit for my next withdrawal
                                      Comment
                                      • ForgetWallStreet
                                        SBR Sharp
                                        • 04-27-07
                                        • 342

                                        #20
                                        FWIW, I received 3 of these checks from 3 different books (5 Dimes, one B+, one D), and 5 Dimes is the only book that is yet to reimburse me. Going on 6 weeks now...
                                        Comment
                                        • rake922
                                          SBR Posting Legend
                                          • 12-23-07
                                          • 11692

                                          #21
                                          updates please
                                          Comment
                                          • ToNyyy
                                            SBR MVP
                                            • 07-21-10
                                            • 1009

                                            #22
                                            Originally posted by rake922
                                            updates please


                                            Your a good guy rake922. ALWAYS classy.
                                            Comment
                                            • Shonner
                                              SBR MVP
                                              • 09-05-10
                                              • 1361

                                              #23
                                              You should try to get a bank wire. I find they are very easy. They do cost more but maybe if your book is offering a free check every month you can ask them to put the cost of the check towards the bank wire. Wires take 1-3 days to hit.
                                              Comment
                                              • John Dough
                                                SBR MVP
                                                • 09-21-05
                                                • 1785

                                                #24
                                                Originally posted by Shonner
                                                You should try to get a bank wire. I find they are very easy. They do cost more but maybe if your book is offering a free check every month you can ask them to put the cost of the check towards the bank wire. Wires take 1-3 days to hit.
                                                I see no reason to pay to get my money when a free check arrives in the same 1-3 days you mentioned from sites like 5Dimes and BetJM, but everyone should do what's best for them.
                                                Comment
                                                • thespeculator
                                                  SBR MVP
                                                  • 09-09-08
                                                  • 2999

                                                  #25
                                                  Originally posted by Shonner
                                                  You should try to get a bank wire. I find they are very easy. They do cost more but maybe if your book is offering a free check every month you can ask them to put the cost of the check towards the bank wire. Wires take 1-3 days to hit.
                                                  i agree, bank wires may cost a bit more, but you don't have this to worry about, checks are big hassle, even if they are good , they usually put a hold on mine because it is in u.s. dollars , in canada
                                                  Comment
                                                  • DukeJohn
                                                    SBR MVP
                                                    • 12-29-07
                                                    • 1779

                                                    #26
                                                    Originally posted by Lou
                                                    Hi TigerPawsSC,

                                                    5Dimes tells us that they've refunded your account & reimbursed you for the bank fee. In light of the inconvenience, you will be able to request a new check free of charge Monday morning.

                                                    As for your 2nd pending check, they've said this was a different batch & that no problems are expected with it. Please update the board once your checks clear.
                                                    It is hard to believe that we (SBR members) have this kind of support from SBR and it is all free for us. I know, they have affiliate programs and do make money off of us if we lose at a particular site, but still, to be there and guide us, stand in our corner, and sometimes go to bat for us is just a great service.

                                                    Just wanted to say thanks for being there.
                                                    Comment
                                                    SBR Contests
                                                    Collapse
                                                    Top-Rated US Sportsbooks
                                                    Collapse
                                                    Working...