[ForgetWallStreet]

Over the last two months I have cashed out over 15K from Matchbook without issue. Most of the cashouts were in small 2-3K increments.

The other week I cashed out 7K at once and they sent me the full amount via check in a matter of 48 hours. The check itself was different from the previous checks I had received, but what could I do, I deposited it anyways.

Now my bank is telling me that the check is in "international collections" and I will have to wait up to 4 weeks to get my money. I am not concerned at this point as I have a lot of faith in Matchbook. I am not posting to alarm anyone either, but I am just curious if anyone else has run into this problem yet.

[ForgetWallStreet]

Just a quick follow up. I understand that there are hold times on international checks, but 4 weeks seems absurd. I bank at Chase, FWIW.

[katstale]

Chase is absurd, but 2 to 3 weeks is the norm. Chase is just holdng the extra for interest. No different than a bank telling you a wire will take up to 5 business days. 3 to 4 of those days is the bank earning interest on your money.

CODB bro.

[ForgetWallStreet]

Originally Posted by katstale

Chase is absurd, but 2 to 3 weeks is the norm. Chase is just holdng the extra for interest. No different than a bank telling you a wire will take up to 5 business days. 3 to 4 of those days is the bank earning interest on your money.

CODB bro.

I figured. I am certainly not worried about getting paid from MB. I just need to space my finances accordingly. Here is the chat transcript I had with Monica from MB earlier today:

Me : I have a question about a check you sent me
--------------------------------------------------------------------------------
** You are now speaking with Monica, Accounting. **
Monica : Welcome to Matchbook.com, How may I assist you?
Monica : What's yoru question?
Me : Yes you sent me a check for $7,000
Me : and I depsoited, and now my bank is telling me I need to wait 4 weeks for it to clear
Me: I am just curious if this is a familar issue
Me : I understand there is not much you can do, but I am just worried that I may not get my money
Me : In the past my checks from your company have cleared in 2-3 days
Monica : one moment please
Me : ok
Monica : Can i have yoru username please?
Me :
Monica : We are aware of that situation, the reason for that one of our processors has recenly changed banks
Monica : that's why
Me : ok, will that check clear in time, or is it going to bounce because of this switch
Monica : It will be cleared but you will have to wait because of that
Me : so I have nothing to worry about?
Monica : no sir
Me : alright, thank you
Monica : You are welcome, enjoy the rest of your day.

[bigboydan]

Those 3rd party processing can get ones checks held up for quite lengthy times periods unfortunately (damn U.S. and their laws).

[CrazyLou]

You had the pleasure of speaking with Monica. She's my favorite employee there, very polite. You should have exchanged pleasantries with her, she's very friendly.

[Keith Richard]

I currently have the same situation with 2 checks I have received from them being sent to "international collections." My bank says may take 2 weeks or longer. Also I have no idea what the fees will be.This really sucks in comparison with checks clearing in a few days in the past.

[bigboydan]

I can't believe I forgot to refer to your situation in my original post above Keith.

Maybe using the book-to-book transfer options Wsex and Matchbook have to offer these days might be the best route to go even despite the 1x rollover requirement that might be imposed until they can figure out a better processing method.

[Keith Richard]

Dan, I have used the book to book transfers there also and it's easily done. I just like to withdraw some winnings occasionally so I can see the tangible results of my hard work.

[KC]

I am having the same problem, this is really annoying considering Matchbook is my favorite book by far. They sent me a fishy looking Canadian check, the bank charged me a fee and has put a hold on it that can last as long as 30 days. Wsex sent me a similar check last year that shocked me when it bounced, they quickly fixed the problem and issued a second check+bank fees, but this is quite an inconvenience.
Guys, have your checks cleared yet and what was the wait time? Thanks.

[KC]

spoke with Monica..she was very nice and said they are looking into eliminating that processor for US players

[Keith Richard]

KC...I am waiting almost 2 weeks for the 1st check without hearing anything yet. The 2nd check was sent out a week ago. Nothing on both but was told could take 4-6 weeks to clear.

[WileOut]

I know that my bank puts at least a 5 business day hold on checks above 5k. If it is international the hold is even longer. I think this is standard procedure for any bank.

Hopefully the books are working on some other methods of moving money but dam the US government is fighting it.

[tblues2005]

It sure is a pain right now, I can imagine what it is going to be like the week after the Super Bowl is played. Hopefully they will find a way to get around this mess. I know if anyone could it would be the ones that own the greek and bet jam would be the first to find a way.

[KC]

Originally Posted by tblues2005

It sure is a pain right now, I can imagine what it is going to be like the week after the Super Bowl is played. Hopefully they will find a way to get around this mess. I know if anyone could it would be the ones that own the greek and bet jam would be the first to find a way.

Agreed...BetJam is great but 9 out of 10 times Matchbook has a better number...I just need them to stop sending foreign checks.
Anyone else having this problem?

[area51steve]

Originally Posted by KC

Agreed...BetJam is great but 9 out of 10 times Matchbook has a better number...I just need them to stop sending foreign checks.
Anyone else having this problem?

Thats why I stopped playing at matchbook.. They have good numbers on lines but the foreign checks problem is bullsh*t. In my opinion 5dimes is a better book.. Never had this problem with 5dimes and you get your money FAST..

[ForgetWallStreet]

I got a letter from my bank the other day confirming that check had gone into Int'l Collections and I could expect the funds in 4-6 weeks, so I am still waiting. Luckily I do not need the money right away.

Even so, there has to be a better way.

[area51steve]

Originally Posted by ForgetWallStreet

I got a letter from my bank the other day confirming that check had gone into Int'l Collections and I could expect the funds in 4-6 weeks, so I am still waiting. Luckily I do not need the money right away.

Even so, there has to be a better way.

4-6 weeks is crazy.. I've been down that road before with matchbook.. I don't think they deserve all the love they get. They have the best lines but in the end waiting that long for your money isn't worth it.. If checks are the only way you receive your payouts, I would suggest another book.

[RiverRaid]

The check they sent me just cleared yesterday after an 11 day hold in collections.

It was handwritten on a check from the Bank of ******** for just under a 1000

The lady at bank said it would not scan like a regular check so she had to put a hold on it.

I didn't mind really but I have never had that problem before.

[JoshW]

I haven't had that problem with them before. I know is hard for all sportsbooks changing check processors frequently. I know at least with them, that no matter what I will be paid in the end. I wish it was easy as a couple years ago, but with them, I doubt they will allow delays like this to become a trend.

[ForgetWallStreet]

Originally Posted by RiverRaid

The check they sent me just cleared yesterday after an 11 day hold in collections.

It was handwritten on a check from the Bank of ****** for just under a 1000

The lady at bank said it would not scan like a regular check so she had to put a hold on it.

I didn't mind really but I have never had that problem before.

Sounds like the exact same type of check I was sent.

Interestingly enough, I cashed out again for roughly 2K, received my check today, and it was identical to the checks I had been getting in the past, the ones that usually clear immediately.

[ForgetWallStreet]

The check cleared this morning less $45 in fees that Chase decided to take for themselves. Looks like my lunch break is going to be devoted to strong arming a personal banker.

[pamon]

yep... had the same thing on a wsex check. see thread below... getting a 5-10 day note from wells fargo on it although the funds are available. not touching it until it clears though..

WSEX and canadian Bank checks. only way to payout?

[Cannon]

If you are so broke that you don't have enough in your bank account to float the Matchbook check for a few weeks you should not be gambling. I have received a ton of checks from Matchbook and my bank knows they are good and give me credit that instant.

[ForgetWallStreet]

Originally Posted by Cannon

If you are so broke that you don't have enough in your bank account to float the Matchbook check for a few weeks you should not be gambling. I have received a ton of checks from Matchbook and my bank knows they are good and give me credit that instant.

Thanks for the advice. In the future, I'll do my best to avoid playing with next months rent money.

I will also try to forget that I ever went to college and learned about the time value of money.

Thanks for sharing your wisdom Cannon!!