New Banking Options For American Bingo Players

Americans who play bingo online are having a more difficult time finding funding and withdrawal options for their bingo accounts. Current US law prohibits banks, credit card companies and other financial institutions from processing any transactions related to ‘gambling.’ During the last five years several online payment processors have exited the US market and the US government even went so far as to arrest two Neteller executives for something that is perfectly legal in their country. The arrests sent a chill through the online payment processor industry and other payment options for US players were lost. PayPal currently allows European bingo players to use their services but bans US players. The recent loss of EwalletXpress has many bingo players scrambling to find another payment processor. Many bingo players who used EwalletXpress found their accounts frozen and it may take months to get their money back.

Visa and Mastercard refuse to process online bingo game transactions but many US players have found unique funding options. Some players have even set up offshore bank accounts to process their deposits and withdrawals. Establishing an offshore bank account requires a lot of time and effort and for players who play bingo online occasionally this option may not be worth the effort required to establish a foreign bank account. Third party transaction processors were the first choice of most US bingo players but gradually most processors dropped US account holders because of fears of US prosecution. Currently a rumor is going around online gaming circles that EwalletXpress has been seized by the US Department of Justice.  So far no official statement has been made by the DOJ leaving players and account holders in a state of limbo.

Some online bingo sites and gaming sites have already implemented alternative banking options for US players. IPoint and Cashgrade are popular options. IPoint allow credit card transactions which are processed through a player’s cell phone and funds are usually available within ten minutes. Cashgrade provides players with e-check and wire transfer options. There are many new startup ewallet services but at present most of these have not established a reputation and may not be safe. One new company, Money Line Wallet allows bingo players to transfer funds from bank accounts and promise to provide players with fast and safe deposits. Money transfers are still available but take more time to process and can delay deposits. Despite the loss of EwalletXpress American players still have funding options available.

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