use your cards to depo money again? Explained! Kinda :)

I wanted to answer some questions on how and why FT and PS are taking some credit/ debit cards that they weren't before... See its the cards isuuers that declines all of the transactions before... i.e. PNC issued me a visa card that was declined to deposit money in any online poker account after the UIGEA law was passed....

So those companies ran and got out, as did netteller and Party, and others.. but if you remeber the law also had a 9 month time frame... Up until that point, it was on the Banks themselves to cover their own asses.. but now that the 9 months has surpassed, it is now on the sites...

See, the sites have to use a sic code, (little number that card companies use to identify transactions by category)... that is created by the associations (Visa/ MC) and those codes have to be used and propagated by the company whos goods and services are being provided. I'm not sure if that code exists yet, (it didn't before) or if the sites aren't using it... So the banks have "outs" when being processing a transaction that might be deemed unlawful, because, they didn't know it was an unlawful transacation...

The other issue is since the 9 months is up, and the law totally enforcable, it is now up to the feds to figure out a way to enforce it.. which is the biggest issue in and of itself.. it basically is an unenforcable law... I would have thought that the processing of checks would be the first thing to come back, since they are totally untraceable, without the requirement of such things as sic codes.. a blanket ACH is the easiest way to move money...

So with the 9 months up in August, the card issuers now have range to allow those transactions

I know this is jumbled and not making much sense, but I did start and ran a company that dealt with these issues on a daily basis working very close with Visa/ MC.. they are both pric companies, and actually hate each other.. (another funny story I will eventually get to)

Bottom line is it does have to do with the 9 months coming to an end in more ways than one...