Bodog Payout: Now only Check by Mail or Courier

Rimmyrimrim · 01-23-2007, 07:22 PM

As of two days ago, the only payout option was Money transfer via Western Union. Lots of changes at Bodog happening very quickly.

Is there any risk to requesting an 11K check by courier? Is there a better approach I should take to pulling out funds (ie 4 different withdrawals of $2750)? I'd rather get all the money out asap.

Much obliged...

bigboydan · 01-23-2007, 07:26 PM

I'm sure they will honor your full request via a check bud. However, I believe checks cashed for 10K or more the banks are obligated to report it to the government.

Rimmyrimrim · 01-23-2007, 07:39 PM

This may be dumb, but if I deposit the check in my bank account, is that different than "cashing" it? and would that be reported?

bigboydan · 01-23-2007, 07:43 PM

same thing.

louis · 01-23-2007, 07:49 PM

Just let the bank report it. If you request two checks that add up to more than $10K, you are guilty of structuring, and the DOJ would like to find reasons to charge those involved with online gaming. Millions of transactions are being conducted with amounts over $10K, such as purchasing an automobile, I wouldn't worry about it unless you have many checks for over $10K coming in.

TLD · 01-23-2007, 08:05 PM

What are you basing the headline of the thread on (“Bodog Payout: Now only Check by Mail or Courier”)?

There were posts on other forums to that effect, but it turned out they were inferring it from what did or did not show up when they went to the cashier page from their account. But in fact at the time Bodog was still sending money by Western Union, so the posts were inaccurate.

Did you actually call Bodog and were told you could not withdraw by Western Union?

I called Bodog a couple hours ago and was told the following payout methods are currently available for U.S. customers:

Western Union: One free per week up to $3,000. (Amount is negotiable. I received a payout larger than $3,000 last week and they did not charge me a fee.) This method is backlogged more than the others because it is what most people are requesting, so it can take three to four days to be approved.

Check sent by UPS: Free if for $2,000 or more. (Didn’t ask the fee for smaller.) At this point not as far behind on these and are able to process most within 24 hours.

Check sent by regular mail: Free. Coming from another country (Canada) so will take awhile to get to you.

If Western Union is not available, then that is a change within the last couple hours, so I’d like to see some confirmation of that.

Rimmyrimrim · 01-23-2007, 08:59 PM

I'm solely basing it on what I see online. In the payout section, there are currently only two options: Mail or Courier.

TLD · 01-23-2007, 09:03 PM

OK, thanks for the clarification.

Call if you prefer your payout by Western Union. It’s still available.

Korchnoi · 01-23-2007, 09:26 PM

Quote:

Originally Posted by louis

If you request two checks that add up to more than $10K, you are guilty of structuring, and the DOJ would like to find reasons to charge those involved with online gaming. .

It's onlyl structuring if you do it with the intention of having it fly under the radar. If you just want to keep some in your account to bet the superbowl before getting the rest out, nothing illegal 'bout that (except the betting on the superbowl part).

JDK192 · 01-23-2007, 10:15 PM

Banks only report cash transactions of $10k or more. Its called a CTR report. Depositing or withdrawing cash only. Checks can be any amount (millions) w/o being reported.

Cyclone · 01-23-2007, 10:33 PM

I worked for one of the federal banking regulatory agencies for 16 years. The last post is correct - only cash transactions of $10,000 and over require the filing of a CTR. Checks, wires, and other transfers do not. Don't think you can get cute and deposit $6000 in the morning, and another $6000 in the afternoon. I can go into far more detail if anyone needs it.

Also, what do they mean by "courier"? Is that just FedEx?

rara51 · 01-23-2007, 10:52 PM

Quote:

Originally Posted by Cyclone

I worked for one of the federal banking regulatory agencies for 16 years. The last post is correct - only cash transactions of $10,000 and over require the filing of a CTR. Checks, wires, and other transfers do not. Don't think you can get cute and deposit $6000 in the morning, and another $6000 in the afternoon. I can go into far more detail if anyone needs it.

Also, what do they mean by "courier"? Is that just FedEx?

so whats the laps in time between deposits or withdrawls that a ctr report wont be filed for cash transactions? how does it work on the banks end?

BuddyBear · 01-23-2007, 11:42 PM

I have some money I found in BoDog the other day that I completely forgot about...worked it up to like $64 and would like to withdraw. I have a feeling it's going to be a huge hassle.

Cyclone · 01-24-2007, 12:08 AM

The banks have software in place that looks for suspicious transactions. To be on the safe side (from the bank's standpoint), nearly anything that could be considered a potential concern will be flagged, and will be reviewed by the Bank Security Act (BSA) officer. As a rule of thumb, transactions under $4000 are usually ignored, and seven transactions or less in one year are ignored. So, you could probably deposit nearly $28,000, spread evenly over 12 months, and you should be okay. You may have to explain to the IRS how you got that money if they pick you for an audit, but that's a different topic.

Dr Bog · 02-24-2007, 07:53 AM

I'm new to this. Been playing Bodog three months. I have 2 payouts that were promised first by mail, then by bank transfer. THese were requested in January!! I called three times, same old idiotic story. I have another (5k) promised by mail. I now have the feeling I may be in for a big hassle. If I want to play Bodog, I have to give them the money up front, right? Why can't/don't they pay prompltly? What recourse do we have? It's not like we can call the BBB. I just can't trust them anymore and it's a shame because they had a great thing going.

gotsteam · 02-24-2007, 08:05 AM

Quote:

Originally Posted by Cyclone

I worked for one of the federal banking regulatory agencies for 16 years. The last post is correct - only cash transactions of $10,000 and over require the filing of a CTR. Checks, wires, and other transfers do not. Don't think you can get cute and deposit $6000 in the morning, and another $6000 in the afternoon. I can go into far more detail if anyone needs it.

Yes, you are correct. That I believe is termed as "structuring", which will actually cause the financial insitutions to watch all your transactions.

Many also think they can do that, or deposit 9999 to avoid the report.

The reality is, the bank can file a report on you for depositing 1,000 if it is a drastic change from your normal pattern

BigD · 02-24-2007, 10:17 AM

It's really not worth playing there anymore. I think you will always get your money but who want to wait a month for it.

Bill Dozer · 02-24-2007, 10:35 AM

Quote:

Originally Posted by Dr Bog

I'm new to this. Been playing Bodog three months. I have 2 payouts that were promised first by mail, then by bank transfer. THese were requested in January!! I called three times, same old idiotic story. I have another (5k) promised by mail. I now have the feeling I may be in for a big hassle. If I want to play Bodog, I have to give them the money up front, right? Why can't/don't they pay prompltly? What recourse do we have? It's not like we can call the BBB. I just can't trust them anymore and it's a shame because they had a great thing going.

Dr. Bog,

What is the current status of your pending payouts? Have your intitial requests been switched to check?