Quote:
Originally Posted by 155181
Hi,
I have been playing on Bovada for a while now and have had no major problems until recently. Looking for some advice or suggestions on what to do.
I cashed out via check for 3k (was actually a larger amount broken into different payments). The check cleared Feb 18th and then March 1st it bounced. Bovada refunded me the amount however my bank went into overdraft. I attempted to deposit a new check today but this is where it gets troublesome. My bank informed me the last check bounced as the account was now closed. They had locked my accounts and informed me I will have 60 days to cover the overdraft amount and following that they will close all my accounts there.
I also attempted to deposit it at another bank however they said it would take 6-8 weeks to process of which I don't have time (bills to pay). I spoke with Bovada and they said I was unable to cashout by any other method. Now I am f**ked.
Wondering if anyone else on here has had similar problems in the past.
Sorry to hear about this. Can you clarify a couple of things?
I'm a bit confused when you write that the check "cleared" but then bounced almost two weeks later. Are you sure that it cleared on Feb 18 and was not still processing during that time? If that is the case, and the check did in fact clear, then you losing the funds would be a reversal of funds, not a check bouncing. After some research on the matter, the general consensus seems to be:
"Once a check has *cleared*, that means that the receiving bank has obtained their money from the paying bank, and the check can no longer bounce.
Where a lot of people get confused is that banks usually make funds available from checks before the check has actually cleared. You see the money in your account, think "Oh good, it's cleared." and then get a shock a few days later when it bounces."
It very well could have cleared and then been reversed almost two weeks later, but that isn't the check bouncing. I just want to make sure there's no confusion there - it either was processing then bounced, or it cleared and then was reversed; it can't clear and then bounce. I'm not trying to be technical when it comes to your terminology, I just think it may help others help you if everyone is on the same page.
The time period you're describing from when you deposited the check and when the check bounced sounds similar to the time period a handful of US banks take to process international checks. Thus, I'm guessing that the funds were made available to you while the check was processing but it never actually processed and it did in fact bounce (which would coincide with other stories I've been reading about their checks *bouncing* - I've yet to read any about funds reversals). If you are positive that the check did in fact "bounce", then it never cleared in the first place. Which means you shouldn't have spent the funds yet and thus would not be in this overdraft predicament.
There's actually a thread on the front page of /r/poker right now with someone describing a similar situation. Their check from Bovada *bounced* (never cleared in the first place) and they were charged a $20 fee from their bank. Bovada refunded him the amount of the check and added $20 to it.
I deposited my first check from Bovada yesterday and today the funds have *cleared*. Which means the only way the money will be taken from me is in the event of a reversal (depending on the bank, can happen within 90 days of the check clearing) - the check can no longer bounce.
Last edited by throwawaySSminow; 03-08-2016 at 03:17 PM.
Reason: grammar