Cheque vs instant deposit ?

[vyomguy]

Which is safer?

Instant Deposit is A.C.H.

[chilidog]

With Instant Deposit, at least you know that the funds have cleared.

[vyomguy]

Doesnt A.C.H. have paper trail?

[chilidog]

Not really, but it's not like you're selling drugs.

[vyomguy]

I used to use cheques all the time...but the waiting period + clearing period comes to more than 10 days. Instant deposit take max 5 days. Hence I was thinking of doing A.C.H from now on. But wasnt sure how safe is it compared to other methods. Anyone with more knowledge...your response is appreciated.

[roger11]

i would say instant deposit is much better. with checks by mail. anything can happen to it. plus some bad sportbook sites can make the checks bounce if they mis written on it.

[vyomguy]

i would say instant deposit is much better. with checks by mail. anything can happen to it. plus some bad sportbook sites can make the checks bounce if they mis written on it.

What if the cheques are legit and reach you in time?

[John Dough]

There's almost no difference. Why exactly are you worried about a "paper trail"?

[vyomguy]

There's almost no difference. Why exactly are you worried about a "paper trail"?

It would be tough to explain to Banks when they ask where this money is coming from. Cheques are different as most people/companies issue them...but A.C.H is tough to explain...as the only form of instant deposit transfer you would get is your pay slip. Any other A.C.H. deposits, the banks are likely to question. Its just being safe from my side as I have never used this method before. Thats why I am asking you guys for the info.

[chilidog]

My bank has never questioned one single deposit of mine, and I haven't used checks in at least 7-8 years now. All of my deposits are via either wire transfer or instant deposit/EFT.

[cyberinvestor]

It depends on a couple of factors. If you are outside the US, I would say either method is fine. Given the way you spell "cheque" it appears you may be Canadian or French. If my assumption about you being outside the US is correct then as I said either option is fine. I would suggest instant deposit just out of convenience. Unlike a check which can clear your account and bounce later, an instant check provides guaranteed funds in a faster period of time. Unless you are getting checks or instant checks from the same book (thereby the same processor) every few days you won't have a problem. If you are getting a lot your bank (even if outside the US) may ask about the transactions however you could simply say it is a company you are doing a project for and they pay you in installments. Most banks outside the US will not have much issue. In many cases you could simply say it is gaming winnings you are being paid. There was a time not that long ago when you could say that in the US too and not have any problems.

If you are in the US then I would also suggest instant deposit but for another reason. A physical check from a gaming company is usually written on a Canadian bank. If you as a US citizen and are depositing multiple international checks to a personal account it will launch a lot of red flags. Not on the first deposit but if you do 2-3 a month, you may get some flack and questions about the checks by your bank. Typically this is the case for large banks as they face more restrictions and regulations than your local or regional bank who, because of their smaller level of resources cannot monitor accounts the same way. Which for those of you reading in the US is why it is good to have a BkofAma type as your primary bank where you do no gaming transactions and then a couple accounts at your neighborhood banks for gaming only.

One of the keys to remember for those of you in the US, your bank is not law enforcement. If they ask you about suspicious checks or transactions YOU DO NOT HAVE TO RESPOND TO THEIR QUESTIONS. Many people do answer all the questions or lie out of fear or paranoia or being reported but it is unfounded. Just challenge the bank on their questions and tell them you don't understand why it is any of their business. They will tell you it is regulations at which point you can say you would just like to close your account because their questions upset you and you don't feel they are warranted. They cannot withhold your funds if you decide to close your account however they are within their rights to ask questions if you want to keep your funds and account open. Don't worry about them reporting you either if you refuse their questions. First, for most people you are not doing anything illegal as only a few states have laws making it illegal to be a gambler. Second, it is a lot of paperwork to report someone to the Secret Service for financial suspicious activity. It is not worth their time which is why few if anyone gets reported. Even when it gets reported few SAR (Susupicious Activity Reports) are ever followed up on because of the volume that arrive every day to the IRS and SS. They sit in a file and usually are only used if you break another law and these agencies start investigating you. Even if they did investigate you and the Secret Service comes knocking (again a 999999-1 chance) just tell them you were betting sports or poker online and you were getting paid. At the Federal level being a gambler is not a crime and the Secret Service, FBI, IRS, etc. cannot and will not arrest you for being a gambler, collecting gambling winnings, etc. It might be scary to be questioned on this but any lawyer would tell you that at the Federal level you did nothing wrong. PROVIDED that you paid your taxes on any gambling winnings and did not structure your withdrawals to try to avoid scrutiny. That's why I say it is better to withdraw $50,000 as one wire than $9,000 as 4-5 wires. If you take the lump payment, pay your taxes, then it doesn't matter how many SAR reports get filed on you as you are perfectly squeaky clean. Again, at the Federal level.

Back to the point though, the reason Instant Deposit is better than check in the US is usually instant deposits get processed from Europe or Canada HOWEVER before they get to your US account they are processed through an intermediary bank in the US. So when you get an Instant Deposit into the US it goes from Canada, to a US bank, then to your account. So your bank will see this as a US deposit and not an international payment (less red flags).

Hope that helps!

[vyomguy]

Thanks cyber for your insight. Gave you some points .

[vyomguy]

Hey cyber....I have couple more questions for you:-

1> If the check is a US one...which is preferable? I ask this coz most of the checks I receive are US based. I reside is US as well BTW.

2> In terms of paper trail...doesn't A.C.H have one? People can just log in to A.C.H machines and see which person has how much money transferred into his name. This cant be done in checks as you could have deposited checks in multiple banks. So, doesn't check seem safer to you?

[BrigadierPudding]

If you're talking about withdrawals, go with whichever one your book gives you for free. There's really not a big difference time wise.

Both are safe, assuming you're dealing with a reputable book.

[cyberinvestor]

Hey cyber....I have couple more questions for you:- 1> If the check is a US one...which is preferable? I ask this coz most of the checks I receive are US based. I reside is US as well BTW. 2> In terms of paper trail...doesn't A.C.H have one? People can just log in to A.C.H machines and see which person has how much money transferred into his name. This cant be done in checks as you could have deposited checks in multiple banks. So, doesn't check seem safer to you?

First, thank you for the points. Not necessary but very much appreciated!

Second, if the check is US based, then that makes it very easy. You should be under little scrutiny for a US check UNLESS you get these checks 1-2 per week. If you are the typical gambler and get 1-3 a month, it is highly unlikely for you to have any issues at your bank since there is little they would get as a red flag (since the check is US based and you aren't getting 8-10 a month).

Third, with regard to A.C.H., you have the same type of paper trail with instant deposit as you do with check. The only difference is the instant deposit paper trail is in a computer immediately and the check doesn't begin the paper trail until it is deposited.

What is your concern on having a paper trail? Is it taxes, concern over gambling, etc.? Let me know because more than likely your concern for a paper trail is not necessary. The problem as a gambler in the US that you would face is simply that the bank does not want to risk having your business. If anything ever happens to you it will probably be your bank closing your account. Which just means you move to another. Fortunately in the US there is a bank on every corner so if you get closed at one you can have another in minutes.

I would be happy to further the discussion so let me know on the above regarding paper trail.

Hope this helps!

[midnight777]

what books do this I know 5d what other books.....

[David]

instant deposit is much more convenient and safer too (not going to get lost/bounce).

[thespeculator]

wires are easy and you know the book or processor can't bounce them, don't worry about bank tellers, one thing people don't know is they have a lot of power, i once had a check put on hold by the teller, and a guy i knew who was a senior manager couldn't just tell her to let it go through, he had go in to the network and take the hold off, so be nice to the tellers

[3runhomer]

When you say "instant deposit" in the above posts...are you referring to the instant deposit method?

Thanks for clarifying!

[mikejamm]

Yeah I kinda had the same question about instant deposit. What about some of the services out there like moneybookers, netteller, or money line wallet? Are they safe to use? Are there fees added on? Is one any better than the other? Thanks

[cyberinvestor]

Yeah I kinda had the same question about ***************. What about some of the services out there like moneybookers, netteller, or money line wallet? Are they safe to use? Are there fees added on? Is one any better than the other? Thanks

The safety really comes more from the book. When it comes to funding, Neteller and Moneybooks (especially) are strongly regulated and I cannot think of a time when they didn't pay a player. So, safety of funds at either of those would be akin to a typical bank. Other services like Money Line Wallet I am not familiar on so I can't really give a good assessment. If MoneyBookers is an option for you, I would suggest them. Be sure to go through their verification process FIRST. Once you know you are all set and verified then their service will be very easy to use. Hope that helps!

[sickler]

The ************ method is fantastic for *************. I don't know what I would do without it, maybe resort to **************

[Aman_Dage]

The ************ method is fantastic for *************. I don't know what I would do without it, maybe resort to **************

agree with u

[AribaAriba]

whats ********* all i see are those?

[John Dough]

whats ********* all i see are those?

Books have requested that SBR posters no longer mention specific deposit/payout methods (in order to help keep them up and running). So either the forum software or a mod will change certain words to asterisks when you try to name specific methods.