Processing company reclaiming money?

Steve1

Dormant account
Joined
Jul 8, 2009
Location
USA
Hello all, newbie here. I got a question for all.

Last month I made my first 2 check deposits ever from winnings. I am in the US and the checks were from Canadian banks.

My bank released the funds to me and then warned me there is a possiblilty of the check processing company coming back and reclaiming the funds in the future and if that happened I'd be responsible to pay the bank back if I'd already spent the money.

Anybody know of this ever happening to anybody? I'm afraid now to even spend the winnings as I don't have the money to pay it back. She said there is no time frame that this could happen, anytime in the future.

I don't understand how this could happen. The online casino is one of Casinomeister's picks, so it's a good casino.
 

love2winalot

Dormant account
Joined
Feb 10, 2009
Location
Philippines/Visiting Las vegas
Hiya: I have never heard of this happening, and if it did, it would be all over the internet, and this site. A Lot of Casino's have checks that come from Canada, and I have a lot of them. Never had a proabelm.
 

RobWin

closed account
Joined
Apr 24, 2004
Location
A Vault!
Hello all, newbie here. I got a question for all.

Last month I made my first 2 check deposits ever from winnings. I am in the US and the checks were from Canadian banks.

My bank released the funds to me and then warned me there is a possiblilty of the check processing company coming back and reclaiming the funds in the future and if that happened I'd be responsible to pay the bank back if I'd already spent the money.

Anybody know of this ever happening to anybody? I'm afraid now to even spend the winnings as I don't have the money to pay it back. She said there is no time frame that this could happen, anytime in the future.

I don't understand how this could happen. The online casino is one of Casinomeister's picks, so it's a good casino.
Hey Steve, if I were you I would wait approximately 21 "Business Days" before I spent any of that money if you are in fact worried about the checks bouncing. 21 Business Days is the general banking rule for most banks in the US to hold funds due to clearing times at the clearing houses or processors that the banks use. Once the 21 day period has lapsed then the bank itself either has to release all of the funds in total or in your case debit your account for them if the check bounces and they had already previously released the funds to you.
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
This is an unacceptable position to take in modern banking. There HAS to be an upper time limit beyond which the bank will REFUSE any request by the issuer of the check for a return of the funds.

In any case, it would be FRAUD for the processor to "charge back" the payment, since the money DOES belong to the player, they won it.

I also wonder WHY the bank issues such a FRIGHTENING warning. I expect the bank suspects it is a GAMBLING related payment. There HAS been a fair bit of trouble with checks bouncing when the player's bank tries to call in the funds from the processor's bank, only to find they have cleared out their account & moved on. The bank may be using this warning as a scaremongering tactic to persuade the OP from participating in online gambling, which is supposedly "illegal", but the laws are in such a mess as to be impractical to work with.
 

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