I wanted to know if I were to transfer a percentage of my money from a typical bank using my card (example: Chase, WF, BofA, etc...) into a sportsbook, will the bank raise a red flag? I've seen people post that they have done this with no problem, while others have been flagged for it. Also, will it be okay to make a withdrawal from a sportsbook directly to the bank (either through check or wire transfer) without raising red flags? Again, I have read both sides of this where the bank didn't mind (although they questioned the players where the money is from), or the bank would close the players account. I assume as long as you pay your taxes, then it is okay, right?
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I personally set up a bank account and put in a small amount and use the DC associated with that account to make deposits. They get flagged (for theft protection), I call and they ask if I made the purchase, I say yes, and move on with my business.
I withdraw using P2P cause I just do not want to bother cashing a check or getting a wire. But here is what people advised me, ignore the thread title, the last few posts will answer your question.
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How much specifically do you put in (you don't have to give out the exact number, but if would be helpful if you can give out a range). Do you know if the banks are able to determine whether you deposited money on at a sportsbook? I do see that they flagged it (for theft protection), so as long as you call them and tell them about the misunderstanding (or purchase), then it is okay?
I would like to start using a sportsbook, but I'm treading water, right now, making sure I don't make any mistakes that will hurt me later on.
I read that thread you posted, and it looks like withdrawing out of a highly-rated sportsbook into a bank account should be okay (as long as the check clears).Comment -
what's a red flag?
How about you tell us what you're worried about and we can tell you if it's possible.Comment -
I just want to make deposits and withdraws through my bank account to and from a sportsbook without my bank hassling flagging, or even shutting down my account. I know betting is a gray area in the United States, and I'm sure some banks handle it differently (some might not mind, and others will disallow it).
Red Flags are basically a warning that something is not right, or a rule is being broken.Comment -
The sportsbooks use online processors, so no, mine show up as like great-giftsfor-kids.com or other stupid stuff. I have deposited anywhere from $200-$1000 USD at a time. I was uncomfortable at first and used pre-paid cards, but now those don't work (for the most part) so you don't have a choice.Comment -
Red flags pop up for theft reasons to cover the financials ass. If they don't catch a fraudulent transaction when it happens and you dispute it later, there's a very good chance they'll end up taking the loss on it. I've had my card company call me many times making sure that transactions coming through were done by me. Do you use a big bank or smaller local bank/Credit Union? If you're really worried about it, one way to get around the red flag (especially if you bank at a smaller institution) may be to call your financial a day or two before doing the transaction and just tell them you'll be out of the country for a week or something. They may ask where you're going and how long you'll be gone, but they'll most likely put your card in a travel strategy and there's no way one transaction like this would bring up a red flag.Comment -
the only hassle i ever had was when i used my chase v1sa dbt card on 5Dimes. Every so often my deposit would get declined. So id call ch@se and theyd make me talk to the fraud department to tell them i was the one making the purchases. I guess they thought the international purchases were suspicious or unauthorized. But they never asked what i bought or anything like that (m0neygr@m however has asked me before why i was sending money to the phillipines and how i was related to the person).
btw i would deposit 50-150 at a time. Sometimes once or twice a week. And i received a payout from them directly to my bank account $xxxx with no issue.Comment -
I have one more question. What exactly is a **********? I've read about it in wikipedia, and it looks like it is supposed to deter fraud (I've also read that sportsbooks really hate this). Now let's say I make a deposit at a sportsbook, and the bank tells me that the transaction didn't go through, and wanted to know if I was the one that made the payment... is that considered a **********?Comment -
are you making a deposit using a wire or a CC?Comment -
Debit/CC.Comment -
No man a ********** is when u buy something with a cc and then u dispute the transaction to get the money back, e.g. u deposit 500 with a cc to a book and lose it all. Then u call ur cc company and tell em it was an unauthorized trans. You get ur money back and now the books out the 500, hence "why they hate it".
Dont do this unless u wanna be pretty much banned from all online booksComment -
We repeat.... do not **********. You will immediateley be blacklisted and your name will go on a shared charge back list that gaming CC processors use and has proved itself to be effective over the years. Even if you were screwed and by rights protecting yourself an entry still goes on the ********** list, the reason does not matter. Other problems with charge backs... if the service fights it and they have a good fraud department they can win unless you do the last thing you should not do... and that is tell your financial institution it was for online gambling. You will of course immediately receive your ********** and the book is straight up screwed... but you just told a bank you have commited an illegal act involving them, not wise...Comment -
More... also be knowledgeable about bank transfers. Rule of thumb used to be less than 10k max transfer, 10k or more is immediately flagged by computer software at all banks to be checked unless you have a long history of 10k plus transfers in your day to day life... if your data meets criteria it can be run through an algorythm looking for structuring... this is bad if you are one of those guys that has a whole bunch of 5k transfers trying to avoid scrutiny of the 10k cap for reporting. You catch a structuring situation your in trouble... best stay around 3 dimes or less by bank and $800 or less P2P. My 2 cents...Comment -
Gradius - Not sure what you're worried about.
If your bank flags a transaction, tell them it's business.
If they ask further questions, tell them you'll take your business elsewhere if they're not happy with you as a customer.
If they close your account at some point - which would be unusual - there are plenty of banks out there.
None of this is really a big deal.Comment -
I understand, now. I am very thankful for all of you for helping me with my questions. Now I can go and do what I want to do (play at sportsbooks) and not try to worry about other things out of my control.Comment
