Quote:
Originally Posted by Majik1973
My drug dealer comment was for lolz.
Just more or less saying bad idea and nothing else is worse.
Why does the idea suck?
Opening a second account and depositing enough for your buyins is simple, takes 20 minutes at the worst, and if someone does get into your room (staff or not) looking to rob you blind, they get squat.
The reported thefts so far have been small in number. But until venues are willing to beef up their security, these incidents will continue to occur which leaves it up to the players to protect themselves.
So how is the idea not fool proof?
I have read ITT that you can wire directly to the cash cage. At least that's something.
A bank is not going to let you do a $10,000 ATM transaction. The simple reason is that individuals are protected from fraudulent charges to debit cards. (Fair Credit Billing Act and Electronic Funds Transfer Act.) Basically you as the card holder are only on the hook for usually $50, and the bank is liable for the rest should a transaction be fraudulent. This is why most banks limit your daily ATM withdrawals to $500-$1,000. A debit card transaction is basically a cash transfer, and too risky to the bank to allow high limits, or multiple smaller transactions. This is the case regardless of your account balance.
The debit cards with visa/MasterCard features do allow for higher transactions. The catch here is they charge a fee to the merchant to process this. This fee varies based on volume of transactions by merchant, but is typically 2-3%. (Example Walmart gets charged less than 1%, but your local pizza joint would pay 3%. ) Most casinos let you do this transaction, but charge you the 3%. Even with this feature most cards have a daily limit of about $5,000, but you could get this increased since the bank's liability is mitigated by their transaction fees. In cases of cash advances they are further protected by photo ID, and signatures.
So basically large cash debit card transactions are not a profitable business for banks, and they have zero reason to allow large daily limits. It has nothing to do with technology that exists, it has everything to do with profit, security and liability.