My bank spells it out for me

Addisyn

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I received a letter today from my bank. They are basically telling me to just say no to internet gambling. As I read the highlighted area is it just me or are they misinterpreting the law?

I thought the Federal Wire Act referred to sports betting. Also, online gambling isn't illegal under Federal law. Some states have banned it I know but the UIGEA was not a Federal ban simply a way to go after the money changers, ie., Neteller.

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Well I suppose this puts me on notice. It would definitely be smart of me not to use my debit card any longer for gaming transactions. I would imagine I am now on a watch list at least within my bank. Even if they have it wrong they make up the rules.
 

footdr

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USING DEBIT CARD FOR ONLINE GAMBLING

I would think that because you are using your banks debit card, you or your bank would be the originator of the transaction. That maybe the problem. when you go through a payment processor like neteller, the bank(at least before the Neteller saga) doesn't not know the merchant the originated the transaction or what product of services the transaction is for.

Would you mind stating what bank it was since it may affect alot of us. Especially if our bank agreements have been amended. Or maybe PM me if you do not want to post.

Thanks
 

Addisyn

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They told me on the telephone and in this letter you cannot use your debit card for gambling. Period. It is Wells Fargo.

I simply won't be gaming from now on. Can't afford to get into trouble with my bank, the IRS, the Feds or anyone else. Unless they want to put me in a mental hospital since I am certifiable these days. Now I could go for that!

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Mousey

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There was an article posted in the Industry section about Florida banks stating that they were to watch for gambling transactions. And if the Feds have put one state's banks on 'alert' for internet gambling transactions, I feel sure that all FDIC banks received the same notice.

I thought Mastercard and Visa pretty much wouldn't allow online gambling with their cards (debit or credit) for years anyway, if it was obvious where the the money was going. But our personal banks and personal accounts are at risk now, and while I don't know how they're going to monitor all transactions, with NETeller gone and no sane way to fund and withdraw, the DoJ and the FBI have sunk my little gambling boat.

I haven't played for money since the day NETeller died. (Bye, bye, Miss American Pie.... the day the music died..... )
 

EasyRhino

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Addisyn, was that text embedded in random fine print, or was the letter sent more like "Dear Addisyn. Cut it out. Love, Wells Fargo"?
 

GrandMaster

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Well I suppose this puts me on notice. It would definitely be smart of me not to use my debit card any longer for gaming transactions. I would imagine I am now on a watch list at least within my bank. Even if they have it wrong they make up the rules.
My American bank prohibited the use of its cards for online gambling 9 or 10 years ago. I also have a UK credit card issued by a subsidiary of an American bank that I am not allowed to use in Cuba or for online gambling.
 

Addisyn

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Addisyn, was that text embedded in random fine print, or was the letter sent more like "Dear Addisyn. Cut it out. Love, Wells Fargo"?

EasyRhino this was a letter for me only. Aren't I special. They just wanted to put me on notice personally I guess. It was addressed to me and the letter's salutation was my name. No form letters for me. The next Al Capone!

What really irks me is my husband goes to the Indian casinos and uses his Discover, Visa, MasterCard or debit card. They never question him at all with the few exceptions security called to be sure it was him using it. WTF is that!

So tell me I haven't been to Vegas in a while can you get money from any ATM in any hotel lobby? Doesn't the bank know you are in Vegas! They must know you are using some of that money for gambling. Yeah I know it is vacation money just being pissy.

If you place a sports bet in Vegas must it be in cash or can you use your credit card? Just wondering.
 

winbig

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EasyRhino this was a letter for me only. Aren't I special. They just wanted to put me on notice personally I guess. It was addressed to me and the letter's salutation was my name. No form letters for me. The next Al Capone!

It's pretty easy (if you know what you're doing) to make it look like a letter was addressed to you personally. I'll give you 10-1 that it was a form letter :)
 

Addisyn

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Trust me winbig this was to me as a result of a phone call I made to my bank. I mentioned something to the CS I was talking with about security not caring I was using my debit card for gambling. In fact, that same day security had called me to have me verify some online gambling charges.

Damn I am so confused now. :rolleyes:
 

EasyRhino

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If you place a sports bet in Vegas must it be in cash or can you use your credit card? Just wondering.
Sportsbooks are legal in Nevada. As is B&M gambling in regulated casinos, so the banks wouldn't have any beef with those.

However, I highly recommend not using a credit card for anything in a casino, as the cash advance fees look like they're murder.

Heck, I even stop at my bank's ATM on the way, so I don't have to pay a $2-$3 ATM fee. Even if that means cashing in at the table with a ridiculous pile of $20 bills.
 

REOdeathwagon

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Addisyn said:
If you place a sports bet in Vegas must it be in cash or can you use your credit card? Just wondering.

No credit cards, they would tell you to go to the ATM (and pay the outrageous fee, which the casino gets a cut of), get cash, and come back to the window. Cash or casino marker only. Maybe casino chips?
 

Addisyn

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So what you are saying the credit card companies are getting a cut when you gamble in Vegas. That tells you all you need to know. They don't like being cut out of the action. Online gambling cuts them out because the idiot US hasn't set up any online gambling in the freaking US!

Why can't they just get a clue and set it up now. You know they are heading in that direction. Stop with this nonsense trying to get into everyone's business, including other countries!


IT IS ALL ABOUT THE MONEY!
 

Rollo

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I think they are looking at the DOJ opinion which holds that all forms of online gambling is illegal. In the abscence of clear law, the DOJ opinion counts as the closests substitute for people that don't want trouble.

It looks like either they are being procative about the coming regulation or more likely banks are already implimenting the bans. Yes, it is scary that the government and banks are monitoring one's purchases. I'm glad I live abroad and I have no plans about returning to the US to live. Not enough freedom for me.

Gambling is really just the tip of the iceberg, the US has more people incarcerated than China, despite having about 1/4 of China's population. And more than Russia in both absolute terms as well as a % of the population. I believe I read somewhere that in terms of actual numbers of prisoners, the ranking goes: 1) USA 2) China 3) Russia 4) Texas, all by itself - which isn't even a nation. Don't mess with Texas.

Anyway, maybe you should set up an offshore account. I think that would be the only way around the new law. It's not that hard in this day an age to set up bank accounts in your own name if you have some friends abroad whose address you can use and who can receive your mail. Maybe some of the folks here could extend a hand. I've had accounts on 3 continents in 4 different countries. It's totally doable for the diehards among you.

Remember, there are other forms of gambling that are not only 100% legal, but encouraged (and require a lot more skill than pulling a slots lever). If you get good at these forms, you might just end up making some real money instead of making it for someone else with games that are statistically not in your favor anyhow.

Let's see... currency speculation... you can buy and sell currencies. That will keep you on the edge of your seat. Day trading in stocks, bond, or comodities... hell, derivatives. Really the possibilities are endless and if you do no research, I guess you can sort of reproduce the lousy odds you get on most casino games ;-) The "vig" that these online gambling sites charge is less than your average sportsbook.

I can't think of more widespead forms of legal gambling than these.
 

amatrine

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Re

Oh yeah, prisons are big money here . Most of them are privatly owned.

A prisnor in the US is looked at as nothing more than another commodity.

I can see it now, I am in the pokey cause I play poker.

Ama
 

footdr

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ROLLOS POST

Rolls post mentioned stocks, securities trading, etc.

I consider placing "put and call" orders through stock brokers BIGGEST FORM OF GAMBLING U.S. CITIZENS CAN ENGAGE IN. And it is 100% LEGAL.

My husband lost $80,000.00 on one "put". Naturally he was advised that it was a "sure bet". Boy, I was ticked!

This form of stock market participation is a PURE GAMBLE!!!!

WAKE UP U.S. LEGISLATORS
 

winbig

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My husband lost $80,000.00 on one "put". Naturally he was advised that it was a "sure bet". Boy, I was ticked!


If he was advised from a licensed broker that his investment was a "Sure bet" without explaining the risks of said investment, I would contact the SEC and report said broker.
 

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