I feel a problem approaching... what do I do?

[GaryWatson]

I respectfully disagree with your argument. The banks won the argument that the overdraft etc charges were not penalty but contractual charges. The bank charges may be ruled unfair in the next round, but it is not a foregone conclusion. Similarly, if the player was informed of the dormant account fee when he signed up, it is a contractual charge, and the player would have to sue in a Gibraltar court to have it declared unfair, or the equivalent of the OFT would have to do it, which I don't see happening.

The morality of the issue is quite different, and a decent casino would try to contact the player and refund him the balance of the account, instead of looking at it a yet another money making opportunity.

Im not saying you are wrong & I may be clutching at straws but as the parent company 888 holdings is listed on the London Stock Exchange it falls under UK regulation, this also includes the FSA. I'm not even going to attempt to decipher FSA's rules on holding the players cash.

Either way 10% contractual charge is shocking.

 

[DiamondGeezer]

Even though 888.com has this in their Ts&Cs (and I guess we're assuming that this is the casino Sharpshooter is referring to), one would expect a series of emails to be sent to notify the player that the balance is being chiseled away.

10% a month seems pretty steep though

I'd suggest that Sharpshooter PABs so Max can have this addressed.

Has this happened to anyone else?

I too have had over $300 removed from my account. I left it there because I had had good experiances at Pacific Poker where I won my first multi a few years back. So I developed a sort of fondness for 888. I last played around a year ago and left the money there as I thought they were reliable and trustworthy - they certainly were when I played there.

It is ironic that you leave funds in a casino with the idea of actually playing a bit for entertainment and they fleece you. I guess the moral is it's best to hit and run on these guys instead.

I am not convinced that clause is legal. I know the UK Courts are not keen on clauses like this when big companies impose contracts on individuals. They have the power to make clauses invalid unless they are reasonable and have been agreed rather than imposed.

I guess the best thing is to contact the Gibralter people and see what they have to say.

 

[happygobrokey]

i agree with gw. the fact that the term is absolutely 10% of what you leave in per month, and if that's not enough, it's not 10% of what remains, but always 10% of the original sum, wiping it linearwise in ten months rather than decaying on a curve. i love graphing!

if someone left a million bucks in there, could you really see a 100k a month management fee for providing
- a service of absolutely no value to a person that doesn't actively use the service
- which costs the business nothing but perhaps a megabyte or two of file storage (which they provide free to active accounts)
- and when you can buy consumer-grade data storage for ca. $0.33/GB, the real cost if a customer doesn't use the casino (no bandwidth used, just user data residing on their hard drive, not even being looked up either) can only add up to a penny at best
? (that was a really long question)

can you even see a set fee of anything over $10/month, or a cut more on par with interest (0.5% per month), being generous with both of those figures? most certainly it's unethical, and to allow such to be a lawful agreement in a contract is a miscarriage of justice. it's like loan sharking only you aren't actually in debt to the person billing you.

tighten those wads a little more, you capitalist pigdogs!

 

[quber]

PM sent

 

[DiamondGeezer]

I am currently talking to 888 but not getting anywhere. Looks like this one is gonna run for a while.

 

[james01]

I can't imagine how they can run a casino with inane policies like that. Thanks for the heads up. I certainly wouldn't deposit there.