- Apr 29, 2012
- Reaction score
Heads up to those from the US who deposit and withdraw into their bank accounts. I just handled a transaction for a large bank that has a form within their closing package in regards to the Unlawful Internet Gambling Enforcement Act of 2006 (https://en.wikipedia.org/wiki/Unlawful_Internet_Gambling_Enforcement_Act_of_2006). The form basically stated that you were made aware of the act and that you will not transact any online gambling through accounts at that bank. It had a provision that they can freeze your account and even accelerate your note/mortgage forcing you to refinance from their institution or enter foreclosure.
I've seen similar things through the years with people denied loans due to source of funds in their account being from online gambling. Even money going out for deposit was identified which caused a red flag for underwriting. Ironically, our state has now made online gambling legal, however, this is a new form that I haven't seen throughout my 13 years in the business.
If you aren't doing crypto or other methods to conceal, your best bet is to keep a small account in a bank that you do not plan using for many transactions. Do not disclose this account on loan apps.
Have you made any withdrawals recently from an online sportsbook?