Pokerstars Opening Their Own Bank

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POKERSTARS OPENING THEIR OWN BANK
<HR style="COLOR: #2b295e" SIZE=1>1 week POKERSTARS will have their own bank on soveirng sp land in kanawhake I believe nonetheless here is details


Poker Stars is currently setting up its own bank which should be ready to go in early February! Each PokerStars player will have their own "bank account" and will be able to instantly deposit money into this account using any US credit card (Mastercard, VISA, American Express, etc.) or US bank account (Bank of America, HSBC, etc.) Once this bank account has been funded a player can instantly transfer funds from their "bank account" to their PokerStars player account. This will essentially mean that American poker player will soon be able to fund their PokerStars player account with any credit card in only a couple of minutes, BRILLIANT!

***

anyone know anything about this?
 

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I presume you could get interest at this bank account. if so, that would be like neteller on crack!
 

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Anyone want to set odds on how long the US banks are allowed to transfer money to this bank?
 

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not to be on the negative side but a customer the size of pokerstars wont go unnoticed by visa inc, mastercard inc etc etc and they are not going to stand aside and do nothing while they end up being liable for "funding a gambling operation"

that being said.....I am sure that owning a 'bank' which would be of course a 'virtual bank' existing only electronically has its advantages when it comes to OTHER funding methods
 

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Who knows if this story is true or not, but i can assure you guys that if pokerstars is going to lay out all of this money to open a bank, they aren't doing it without knowing the ramifications.
 

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I"m sure it will help their non-US customers out but that will be about it.
 

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<TABLE class=tborder style="BORDER-TOP-WIDTH: 0px" cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR><TD class=thead colSpan=2>02-16-2007 03:10 PM</TD></TR><TR title="Post 3820430" vAlign=top><TD class=alt1 align=middle width=125>primetime21</TD><TD class=alt2>i highly doubt they are doing this now solely for their non-US based customers.</TD></TR></TBODY></TABLE>

Prime,

How long do you think it will take the DOJ to send out a memo to all US banks and card issuers not to do any business with this new 'bank' ? If the card issuers can block transactions with offshore books then doing the same with this 'bank' will be just as easy. I hope that this is the solution but I'll make a wager it won't be an option for US customers to due interbank transfers with for very long. All of the US banks are going to due exactly what the DOJ tells them to do.
 

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This is not what they are doing......and if thats sov land why does bodog not take canadian custs? their on this same land......if its sov what are they worried about?

What they are doing i believe is just what bdog and absolute have done, buying a virtual phone card buisness and using that as long as it lasts..
 

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There are plenty of ways around Neteller. Just give it some time and there will be many more of these types of operations. When billions of dollars are at stake they will find a way.
 

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<table class="tborder" style="border-top-width: 0px;" align="center" border="0" cellpadding="6" cellspacing="1" width="100%"><tbody><tr><td class="thead" colspan="2">02-16-2007 03:10 PM</td></tr><tr title="Post 3820430" valign="top"><td class="alt1" align="center" width="125">primetime21</td><td class="alt2">i highly doubt they are doing this now solely for their non-US based customers.</td></tr></tbody></table>

Prime,

How long do you think it will take the DOJ to send out a memo to all US banks and card issuers not to do any business with this new 'bank' ? If the card issuers can block transactions with offshore books then doing the same with this 'bank' will be just as easy. I hope that this is the solution but I'll make a wager it won't be an option for US customers to due interbank transfers with for very long. All of the US banks are going to due exactly what the DOJ tells them to do.
Max1234, valid question but on what grounds would DOJ have to tell all US banks not to do business with another legal international bank?

With our money in that new international bank, DOJ cannot argue that the money is being used for online gaming because the funds coming FROM that international bank *has nothing to do with online gaming*.

(That's why paper checks are still good at this time as the receiving bank cannot demand the issuing check's bank something like this, "hey did those funds come from a gambling operation??" as far as I can imagine.)

Or else ALL banks in the USA would end up inquiring into every international check, which the US banks are not pleased about already.

The difference with Neteller was that they were/am a PAYMENT PROCESSING company with segregated client funds in their affiliated banks (not their own or etc). So Neteller's activities closely matches the intention of the stupid UIGEA bill passed last fall.

That's my take of things... I am curious if I'm not considering all angles, though.

* CalvinTy
 

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Thats incorrect...the reason you are able to use checks is that the law put into the port securities bill does not include checks..only credit cards...banks said there was no way they could filter the checks and they were not included in the law.....
 

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Thats incorrect...the reason you are able to use checks is that the law put into the port securities bill does not include checks..only credit cards...banks said there was no way they could filter the checks and they were not included in the law.....
I understand that line of thought by those banks... what's the difference if Neteller (bad example as they aren't a bank) or Bank of "Arctic Pole" issues a paper check or issues an electronic transaction to a USA customer with the funds owed to the USA customer? The banks still can't filter them out even if Bank of "Arctic Pole" is known to be used heavily for online gaming??

* CalvinTy
 

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yes they can ..all electronic transactions ae "coded"...they can tell by the code if it was gas, paper goods, gambling transactions,etc.....neteller has been coded "gambling" for well over a year
 

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yes they can ..all electronic transactions ae "coded"...they can tell by the code if it was gas, paper goods, gambling transactions,etc.....neteller has been coded "gambling" for well over a year
Right, PPP. I was aware of that, thanks to a poster here who was/is in the banking industry mentioning about the coding for electronic transactions. Believe it was like a 4-digit code "9876" (not the actual code, no, but something to that effect).

Rather, I'm trying to figure this out in my mind this:

What is stopping from a future or current international bank (whom would be subject *ONLY* to their country's laws) from deciding that they need new customers and they accept online gaming ELECTRONIC transactions (from offshore sportsbooks) because they can as they are not in violation inside their jurisdication..... but now... when the bank is requested to send funds to an USA resident, they intentionally refuse to code the electronic transactions accordingly when sending funds over here to the USA.... how can this be stopped?? (or if a code is necessary, then any other code that is accepted...)

That was what I was getting to, PPP. Thanks for the discussion as I want more people's thoughts on this if Stars are really going forward with this approach.

Cheers,

* CalvinTy
 

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yes they can ..all electronic transactions ae "coded"...they can tell by the code if it was gas, paper goods, gambling transactions,etc.....neteller has been coded "gambling" for well over a year

AFAIK that is incorrect, such coding scheme is only for credit card transactions

ACHs are not coded and the reason that neteller got in trouble is simply because when the DOJ sent agents to gamble they later on found the exact bank accounts that were used to transfer the funds from the 'customer' to the Neteller
 

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