Quote:
Originally Posted by AstrosFan
The point is no one should have to provide, nor submit any tax info just to get a single withdrawal under $600
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This is McKay at HT. It's a perfectly reasonable policy, and a prudent one, for a few reasons:
(1) The AMOUNT of the withdrawal should never be the impetus for submitting taxpayer information in the case of tournaments. Since a 1099 is required for net withdrawals over $600 (i.e., withdrawals net of deposits) for the calendar year, a player can achieve that without requesting a single withdrawal over $600. If we don't get it when we do, we have to chase you down at the end of the year. The tax rules aren't the same rules as PM. Therefore, we have to have it upfront
(2) It allows us to confirm state residency, which we need to do for compliance purposes
(2) It's a major fraud deterrent. Fraudsters don't usually like to submit W-9 information. This is especially important for us since we offer some deposit types like e-checks and ACH that aren't instantly confirmable.
Any ADW site requires you to submit your SS#
upon registration. So we asking for it prior to your first withdrawal can't be onerous.
McKay
