Banking Online Casino Terms and ConditionsBy: Rick Balding, Tuesday October 27th 2009
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While registering at any online casino new players are required to accept the end user agreement that contains the terms and conditions under which they are being allowed to participate in the casino. Some of these terms and conditions relate to the function of banking and transfer of funds to the online casino. New players should understand the impact of these terms and conditions before accepting the end user agreement. Some of the more important banking related conditions are explained in this article.
When the player signs the end user agreement he accepts certain obligations imposed on him by the online casino that are known as his warranties. He has to confirm that he is the true and lawful owner of the funds that he is using for wagering at the online casino. This implies that he cannot use credit cards that are not issued to him. Nor can he use any other payment options that are not directly in his name. When a player funds and online casino account using a credit card the casino usually allows him to wager immediately but does not allow him to withdraw funds until the credit card issuer has confirmed the transaction. Sometimes the player countermands the instructions given to the credit card company and this puts the online casino in a difficulty. The player anyway cannot withdraw the funds but a whole lot of unnecessary transacting has taken place. Such countermanding of instructions or charging back is explicitly prohibited and the player has to undertake that he will not engage in this kind of behavior.
Should the player violate any of the terms of a wagering, where the related to banking or otherwise, this can have serious effects on the funds that he has with the online casino. If the player is deregistered or suspended, then the online casino can withhold the contested funds, whether they are deposits, refunds, bonuses or any other payments. The player specifically gives the online casino this permission when he signs the end user agreement. Should the player owe any funds to the online casino, the casino is authorized by the player to take the following actions. The online casino can circulate the details of the amount owed to intra-group databases that can be accessed by other online casinos. In the worst case they can also engage collection agencies for recovery of their debts.
A very important condition relates to dormant accounts. This is an area where many online players make errors. Players often register at online casinos, wager for some time and move off elsewhere planning to return to that casino at some other time. For this reason they do not withdraw the balance that is due to them from the online casino. Online casinos usually specify a period of six months in which the player should withdraw the money if he is not carrying out transactions at the casino. Once the period of six months expires than the money is forfeited and it belongs to the online casino. Most online casinos implement this condition extremely rigidly. There is a reason for this. They incur a cost in maintaining the account of a customer. If the customer wagers regularly then the cost of maintaining the account becomes a part of the normal operating expense. But if the account is dormant then the online casino incurs the expense but does not get any revenue. In order to compensate for this loss funds in dormant accounts are forfeited. Hence it is a sound policy to withdraw the funds when the player decides to stop wagering at an online casino, no matter for how short a period of time.
Reading the banking related terms and conditions is a one-time exercise and these conditions are usually available at the visitor's website of the online casino. Therefore the player should first read and understand these conditions and only then start the registration process.
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