Money Management Thoughts for US Players

[edly]

 Well, as we all know, playing on line poker for real money here in the land of the free can be a real hassle. Our friends in the rest of the world have it much easier, but I have found a few ways to make life a little smoother for us.

 Step 1) Open an on line checking account (I use Bank of America) exclusively for your poker playing. This is a free service (with a minimum initial deposit) of many large banks, even if you already have an account. Use this for poker ONLY, as this will make bookkeeping easier as well as give you a layer of security.

 Step 2) Establish a history of E-check deposits with both Pstars and FTP. I think the least you can deposit is $10, and even if you already have a wad o' cash on line, by making a deposit you get a form of "good credit" when your E-check clears.

 Step 3) The good part. By having an E-check history, you can now withdraw money into your poker only account electronically. This is much faster and easier than paper check, although you are limited to $950x3 times a week at FTP, $2500x2 times a week at stars. If this is a problem for you, you're doing things right and don't need me to tell you anything.

 Step 4) Once your withdrawls go through-on average 24 hrs for stars, 48-72 hours for FTP-take that money out of the poker only account and, well, do whatever. Leaving a small amount of "when the sh** hits the fan" money in the poker only account is recommended.

 Keeping your poker money separate from your personal money is paramount. Just like running a business, you need to delineate your personal life and your working life.

 

[Koda]

Nice post. i'm half way through a similiar post on using Neteller/Moneybookers to gain the most of depositing and having a "floating roll", but its more for Euro's as US have so many problems with deposit/withdrawals (think you guys can no longer use Neteller)

[kidflopadelic]

great suggestions ed, I've never used Echecks, but will keep your idea in mind for future ref.
MAN I miss Neteller!

[111-THEMAD-111]

Very nice suggestions             thanx
burp

[tucson_jack]

I have used echeck (also known as EFT/ACH) method of payment. In lieu of the laws now being put to the test, which in the way it's written is geared to go after the financial institutions who allow transactions to gaming sites So this method is becoming problematic.

I bank with Wells Fargo and have used both debit card and EFT/ACH methods and my account (FTP account) was blocked for about a week. I still have friends that have had their accounts blocked for over 2 months now. It seems that Wells Fargo is the only major bank to conform to this point that I know of. I don not know if this is due to the government as Wells Fargo froze over $22 million dollars that was to go to FTP and or FTP players that have wells fargo accounts, and only after some kind of agreement was reached, the money was released. I am surprised that this story did not get more coverage here in the US and only became aware after getting a notice from Wells Fargo AZ.

A good work around is to get a prepaid credit/debit card (with Mastercard not Visa Logo) and you will have no issue depositing. This is due to the prepaid cards are not FDIC insured and therefore are exempt from the currents laws. Cashing out is not possible, but you always can have the check sent you via mail or "overnight" carrier.   

I am happy to see the current congress starting to address a possible change to the law to exclude poker or possible redo to make it legal and find a way tax and regulate the industry as a whole.  We'll See.

[RonnieG63]

good info Ed. I have always used a pre-paid Visa. The All-Access card by Netspend. They are sold in everytown USA. I now may have to consider some of your ideas.

[mrmann13]

This is a very good post and although I don't have any need to deposit I may do so in the future just to help me move up in cash game levels. Most of my tournament play I find a backer for. But this seems like a great way to distinguish your Poker BR from your personal money and bill paying money.