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Discussion in 'Casino Industry Discussion' started by footdr, Nov 5, 2006.

    Nov 5, 2006
  1. footdr

    footdr Banned User: PITA violations of the Forum Rules

    As unbelievable as it seems, I was having a problem with ACH/EFT transactions from Neteller, Click2pay, and Citadell(electronic checks).

    Long story short, I thought I was going to have to block incoming EFT's(ACH) transactions from one of these companies. When I contacted the Bank, one of the Largest in the U.S., I was told they have NO MEANS of blocking these transactions. Virtually, NO MEANS of identifying which ones I would want to block except by amount. THEY POSITIVELY CAN NOT BLOCK A CERTAIN NAMED PARTIES TRANSACTIONS, JUST NOT POSSIBLE.

    Bottomline, they do not know the name of the company submitting the transaction. They can not block a transaction to your account even if you say a company is submitting them fraudulently, you can dispute it, but if the company says you authorized it, the transaction with be honored. I am convinced that even if I said the transactions were related to online gambling, my bank could not stop the transaction from posting to my account and subsequently being paid. They dont have the means to do it when the transaction went through ACH.

    In essence, the banking industry as it stands has absolutely no way of enforcing this rediculously written Law. The Automated Clearing House will have to be totally revamped including the entire international banking system. It will require world commerce to change the way it banks. That is just not going to happen in the near future. Also, it would take cooperation from all countries in order for it to work. International commerce, in my opionion will out weigh identifying gambling transactions.

    SO... currently the only thing that can be stopped(but for the most part already was) is Credit Card (Charge Card) transactions as they are dealt with differently from checks and electronic transfers. Even though everything including Checks can be processed by merchants through the ACH system.

    Kind of confusing, suffice to say, Electronic Check, Neteller and Click2pay transactions no problem for the time being. And I doubt they will ever be included in the Federal Reserves regulations.

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