It’s been about two months since the funds for many online poker players were frozen and payment checks bounced due to actions taken by the U.S. Attorney’s Office for the Southern District of New York. Players affected by bounced checks were refunded, typically with a bonus in the neighborhood of 10 to 20%.
Since those events took place, the industry has quickly recovered. Many players have turned to alternative means of cashing out from their favorite poker rooms, ranging from direct wire transfer to player-to-player transfers. For many, the variables that dictate the action include the check size and whether they are a player from the United States.
One U.S. player spoke to Poker News Daily about the issue on the condition of anonymity. He plays regularly at Full Tilt Poker at the $1-$2 ring games. He’s a full-time professional poker player that logs 60,000 to 70,000 hands per month for a decent win-rate. Our subject regularly cashes out checks from his poker account every month in order to pay bills like his internet service, telephone, and rent. Unfortunately, this monthly “salary” in the form of a mailed check bounced during the aforementioned events. Full Tilt Poker moved quickly to refund the outstanding balance and offered a small bonus to make up for the inconvenience.
After the funds seizure became public, he was in a tough spot. There was just enough to pay the bills without a new paycheck, but it would deplete the savings he had been keeping. There was no guarantee of being paid via his regular check method, so after some time and research, he tried the premium bank wire method of withdrawal. The player had to find out the specific informational code for his bank and provide that along with his bank account number to the online poker room. After about a week, the bank transfer was initiated and cleared into his account the next day. Unfortunately, there were service fees for this type of transfer and his bank charged an extra $35 for completing the wire. The good news was that our hero received his funds in a quick manner without much headache.
This story was one we heard over and over when researching the topic. Many full-time players are now in fear that future printed checks won’t clear and are looking for a guaranteed way to bring in their funds. For recreational players that only occasionally cash out, the news is good for printed checks.
A writer at Poker News Daily recently withdrew $990 from Absolute Poker, another site linked to the poker funds seizure. The check was approved the next day and confirmed via e-mail. About a week later, the check was received in the mail for an amount $0.09 more than cashed out from a bank outside of the United States. The bank issued the funds in United States Dollars and the check was deposited in person at a national bank. It cleared within 24 hours and the funds were secure.
The reports of foreign bank checks being received indicates that the poker rooms’ payment processor have found a way around the U.S. Attorney’s Office by simply issuing checks from foreign accounts. These bank accounts issue money in U.S. Dollars, so players are receiving the funds they expect. The checks are clearing as well, so it appears that most of the poker rooms have adapted to the new legal climate.
The story of our full-time professional poker player and our own internal writer reflect the current climate of receiving funds in the online poker industry. Full-time poker professionals are using a premium bank wire service, despite the extra fees, in order to receive funds in guaranteed fashion. Recreational players are receiving paper checks once again, this time from foreign banks, with no issues reported. It seems for the time being, all is restored to normal in the online poker world.
