Market Mover
11-30-2010, 10:32 PM
YOUBET VS. TWINSPIRES GLARING DISCREPANCIES IN DEPOSITS AND WITHDRAWALS TIME
Quote:
Originally Posted by hbeck
NYRA Rewards debits and credits funds with a one business day delay generally.
For example, a withdrawal on Sunday hits your account on Tuesday.
A withdrawal on Tuesday hits your account on Thursday.
The exception is a Saturday withdrawal, which hits your account on Monday (zero business days).
To show you the glaring differences between these two ADW's, please consider the previous major player, Youbet, and it's previously intact policies and turnaround times for deposits and withdrawals.
For those of us living in the east coast (since Youbet's hub is in Oregon and business day transaction delay to the East coast banks have to be taken into consideration), when deposits were made on a weekday, it would reflect or deducted from one's bank account one business day later. For example, making an ExpressCash deposit on a Wednesday would mean that deposit amount would be subtracted from one's bank on Friday.
The exception is Saturday deposits would be subtracted on Monday, and Sunday deposits would be subtracted on Tuesday.
As for withdrawals from one's Youbet wagering account, it would usually take two business days to post to one's bank account. For example, withdrawals requested on Monday would be processed Tuesday and how up in one's bank account on Thursday. Withdrawals on Wednesday would still follow that two business day rule, and would be "processed" on Thursday, thereby showing up in one's bank account on Monday. The exception would be Saturday and Sunday withdrawals, which would be processed the next business day, Monday, and then post to one's account on Wednesday.
This seemed easy enough to understand and comprehend, for those high volume clients who pour that churn back into the pools and keep this revolving cycle going week after week.
Enter Twin Spires. The platform called EZ Money is equivalent to what was known as ExpressCash for Youbet patrons. But upon a closer evaluation, per TwinSpires faq's, you will notice there is a five day administrative hold on all deposits.
So in order to make a withdrawal from what you have in your account balance, you must look at the second balance titled "your current funds available for withdrawal." This amount would be different from "your current account balance" if you had used EZ Money in the last five business days as a deposit method.
Since TwinSpires' hub is still in Oregon, correct me if I'm wrong on this line of thought:
If I log into TwinSpires and deposit 2000 to play on a Saturday. And at the end of the day, I try to withdraw what is remaining in my account balance but find that I cannot because I have to wait til the 2000 "administrative hold" period clears? That's 5 business days, meaning at EARLIEST, I would be able to attempt to withdraw funds on the following Friday. Twin Spires says on the website that 3 to 5 business days would be required to post the withdrawal funds to my bank account. So this means from the time I make a deposit (Saturday), to the time I can initiate a withdrawal (Friday), to the time it takes for the money to reach my bank account (the following Wednesday or Thursday at earliest), 11 or 12 calendar days would past?
Who would do business like this?
In the kind and specific example of NYRA Rewards deposits and withdrawals turnaround time as I had quoted Hbeck above, you could see how there is such a large discrepancy between the two ADW's. Could someone who has gone through the deposit and withdrawal period with Twin Spires please post their specific experiences with this (which day you initiated the deposit, which day you were allowed to withdraw, and when exactly your money showed up in your back account assuming you are on the East Coast).
This is absolutely amazing, that this ADW could be so quick to withdraw funds from one's linked checking account, and yet take so long to post winnings back into one's checking account. Is it by design? Is this the policy so more of the winnings are forced to be left in one's Twinspires account so the bettor can be encouraged to proceed and play against the winnings?
It just leaves a bad taste. A very bad taste. Can anyone verify similar approaches by other ADW's? Please be as specific as possible in terms of days deposits clear and withdrawals clear. So far it looks like NYRA REWARDS has the quickest turnaround time. Most would agree this is important information for both high and low volume bettors
Quote:
Originally Posted by hbeck
NYRA Rewards debits and credits funds with a one business day delay generally.
For example, a withdrawal on Sunday hits your account on Tuesday.
A withdrawal on Tuesday hits your account on Thursday.
The exception is a Saturday withdrawal, which hits your account on Monday (zero business days).
To show you the glaring differences between these two ADW's, please consider the previous major player, Youbet, and it's previously intact policies and turnaround times for deposits and withdrawals.
For those of us living in the east coast (since Youbet's hub is in Oregon and business day transaction delay to the East coast banks have to be taken into consideration), when deposits were made on a weekday, it would reflect or deducted from one's bank account one business day later. For example, making an ExpressCash deposit on a Wednesday would mean that deposit amount would be subtracted from one's bank on Friday.
The exception is Saturday deposits would be subtracted on Monday, and Sunday deposits would be subtracted on Tuesday.
As for withdrawals from one's Youbet wagering account, it would usually take two business days to post to one's bank account. For example, withdrawals requested on Monday would be processed Tuesday and how up in one's bank account on Thursday. Withdrawals on Wednesday would still follow that two business day rule, and would be "processed" on Thursday, thereby showing up in one's bank account on Monday. The exception would be Saturday and Sunday withdrawals, which would be processed the next business day, Monday, and then post to one's account on Wednesday.
This seemed easy enough to understand and comprehend, for those high volume clients who pour that churn back into the pools and keep this revolving cycle going week after week.
Enter Twin Spires. The platform called EZ Money is equivalent to what was known as ExpressCash for Youbet patrons. But upon a closer evaluation, per TwinSpires faq's, you will notice there is a five day administrative hold on all deposits.
So in order to make a withdrawal from what you have in your account balance, you must look at the second balance titled "your current funds available for withdrawal." This amount would be different from "your current account balance" if you had used EZ Money in the last five business days as a deposit method.
Since TwinSpires' hub is still in Oregon, correct me if I'm wrong on this line of thought:
If I log into TwinSpires and deposit 2000 to play on a Saturday. And at the end of the day, I try to withdraw what is remaining in my account balance but find that I cannot because I have to wait til the 2000 "administrative hold" period clears? That's 5 business days, meaning at EARLIEST, I would be able to attempt to withdraw funds on the following Friday. Twin Spires says on the website that 3 to 5 business days would be required to post the withdrawal funds to my bank account. So this means from the time I make a deposit (Saturday), to the time I can initiate a withdrawal (Friday), to the time it takes for the money to reach my bank account (the following Wednesday or Thursday at earliest), 11 or 12 calendar days would past?
Who would do business like this?
In the kind and specific example of NYRA Rewards deposits and withdrawals turnaround time as I had quoted Hbeck above, you could see how there is such a large discrepancy between the two ADW's. Could someone who has gone through the deposit and withdrawal period with Twin Spires please post their specific experiences with this (which day you initiated the deposit, which day you were allowed to withdraw, and when exactly your money showed up in your back account assuming you are on the East Coast).
This is absolutely amazing, that this ADW could be so quick to withdraw funds from one's linked checking account, and yet take so long to post winnings back into one's checking account. Is it by design? Is this the policy so more of the winnings are forced to be left in one's Twinspires account so the bettor can be encouraged to proceed and play against the winnings?
It just leaves a bad taste. A very bad taste. Can anyone verify similar approaches by other ADW's? Please be as specific as possible in terms of days deposits clear and withdrawals clear. So far it looks like NYRA REWARDS has the quickest turnaround time. Most would agree this is important information for both high and low volume bettors