Monday, November 2, 2009

Letter From My Bank Regarding UIGEA--Oh NO!

Letter From My Bank Regarding UIGEA--Oh NO!

My bank wrote to tell me that they will no longer process these transactions:

"any wager which involves the use of the Internet, where such bet is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received or otherwise made."

The bank even updated their Deposit Agreement and Disclosure to include the UIGEA.

What does this mean?

It means that now I have to launder money to get my poker winnings--lol.

Actually what it really means is that there are way too many stupid people in government. But you already knew that.

Hey, are they playing poker while in session..
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danm said...

mitchell, did they deny any transaction from any specific processors (connected to specific sites)?

Mitchell Cogert said...

I believe it doesn't go into effect until Dec 1st.

In any event, I haven't tried to make any gambling transaction with the bank since I received their letter.

GiJoeValdez said...

Danm, I was wondering same thing. How do they know its Gambling if the transactions says its from "Happiness consultants"? lol

Gugel said...

What bank?

Mitchell Cogert said...

It's America California Bank.

I've done all of my ad agency business checking/savings there for the past 16+ years. It provides great service and is located in the financial district of San Francisco.

I am not criticizing them. They have to follow the law. My guess is that we may be getting similar notices from the big stimulus loving banks soon.

Mitch said...

I'm actually surprised it's just happening now, but it may not last long. I got email yesterday from our House representative saying he's voting to repeal the anti-gambling law. So, it may all be over soon.

danm said...

"voting to repeal"? any of the particular bills coming up for a specific vote in the near future?

Mitch said...

He mentioned these two: H.R. 2266, the Reasonable Prudence in Regulation Act, and H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act of 2009.

Mitchell Cogert said...

My understanding is that Congress is a little too busy now to vote on those bills. So the PPA is working on trying to get an extension on the Dec 1st deadline.

I would have just added one of these acts into the health care reform bill. Might as well sneak it in in the same way those losers snuck the UIGEA into the Port Protection Bill at midnight.

What's Your Poker IQ?