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Casino Deposit Terms and Definitions

Casino Deposit Terms and Definitions

In this our Casino Deposit Terms and Definitions we give descriptions of general terms that are related to online funding methods. These would be terms such as ACH (Automated Clearing House) and the exact meaning of the word “bankcard”. In this way the player can have a clearer understanding of his or her options for funding accounts.

ABM

ABM- (Automated Banking Machines) is a credit/debit card term. It is a Canadian word for ATM, Automated Teller Machines. ATM and ABM are two and the same automated machine methods that the user can take advantage of by retrieve cash using bankcards.

ACH

ACH- (Automated Clearing House) a USA Wire Transfer term is an EFT (Electronic Funds Transfers) system. NACHA and the Federal Reserve establish rules and regulations governing the ACH network. In 2009, this network processed an estimated 12.05 billion ACH transactions with a total value of $31.7 trillion. Associate members include the Federal Reserve Bank and EPN, Electronic Payment Network. It effects electronic transfers for various full system networks of financial banking institutions that make electronic transfers possible such as direct transfers for company payrolls, contractors but not online casino deposits. It is exclusively used by the USA. So it goes without saying that few casino transactions are processed via this large system. This type of system is also referred to as e-check.

AOPI

AOPI- (Automated Online Payment Interface) is a financial term for deposits. AOPI is a neither general term not a company nor private establishment. It is a method that uses a player's own bank account and interfaces with another bank account effecting the capability of transferring funds for casino funding. However this method is used more commonly for paying bills. The bank must be a participating member of such a system and have the interface set up prior to use. It is becoming more and more popular with banks every year. Perhaps I should say, in these fast-changing times it is becoming more popular every month. UseMyBank is a good example of AOPI.

Bankcard

Bankcard is a term used for any ATM, credit or debit card. Normally it refers to an issued card rather than a virtual card. It should not be confused with a defunct Bankcard of Australia that went out of use in 2006.

BIN

BIN- (Bank Identification Number) is a credit/debit card term. BIN is the first 6 digits of a credit/debit card number assigned by Visa/MasterCard. It identifies banking institution in the transaction processing.

Cashiers Check

Cashiers Check is a prepaid checking system term. Cashier Checks, also referred to as Bank Draft are a form of check where the player transfers his funds to the issuing bank’s account. The bank is then responsible for paying the casino. In the casino industry, fraudulent cashier checks are common. This is why many casinos do not credit instantly upon the checks receipt. The casino normally asks the player to deliver it directly to the casinos processor. Bank processors are allowed two weeks to make claims if they feel the check is fraudulent. Therefore some casinos take up to this amount of time to clear the cashiers check. Cashiers checks are normally purchased via your personal account or with cash.

Checking by Mail

Checking by mail is a common check term. It is not a company. Wikipedia's definition of "check" is as follows ” A check, also spelled cheque, is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified demand account held in the maker/depositor’s name with that institution. Both the maker and payee may be natural persons or legal entities.” Most all Casinos would be delighted to receive a check from any player. However it is not a very popular way to place more funds in a casino account. It is used more with withdrawing from a casino. The “check in the mail” is a phrase too often spoken in the 1990s. With literally hundreds of other ways to instantly keep the reels a spinning, it is now seen as a somewhat antiquated form of deposit. Yet if you are playing within the US boarders and have pre-planed your games properly, a check by courier is not a bad option at all. The problem arises only when you are dealing with an unfamiliar casino.

CVC

CVC- (Card Verification Code) is a credit/debit card term. CVC also can be called a CSC (Card Security Code) or a CCid (Credit Card ID) This code number is embedded in the black magnetic strip you see on the reverse side of the bankcard. This number can be used when you are making a telephone verification of a cardholder. It is the same number that is "swiped" when a retailer passes it thru a machine at POS. A limitation of the CVC is that if the entire magnetic stripe is copied, rather than generated, the card can be duplicated.

CVV2

CVV2- is a credit/debit card term. The CVV2 (also known as CVC2 or CID) is a three or four digit value printed on the reverse side of the card in italic characters on the signature panel being the last 4 digits. Many times this number is requested in online bankcard purchases.

Direct Bank Transfers

Direct Bank Transfers is a worldwide WireTransfer term using all major currencies. Bank transfers from your home bank to casino accounts are well accepted throughout the casino industry. It is a safe and secure way to transfer funds anywhere in the world. It is prudent to transfer small amounts until your banks system can be tested. Sometimes certain banks take a long time to transfer. With other modern e-wallet systems now online, direct bank transfers are not as common as they used to be. European players especially for withdrawing use bank transfers more. Direct bank transfers are made to and from your personal or any authorized bank account. It is funded to and from your personal bank account.

ECP

ECP- (Electronic Check Processing) is a WireTransfer term. ECP is a term that can be used instead of e-check. For example one of ECash Direct’s ACH (Automated Clearing House) payment solutions is described by ECash Direct as an ECP. It is a system that can transfer money from a casino player's checking account electronically, without a paper check. It enables the player to transfer funds by simple filling out a form on the casinos web page. Since an estimate 40% of all persons (not necessarily casino players) do not have a credit card, it is a way to expand customer base.

EFT

EFT- (Electronic Fund Transfer) is a WireTransfer term. An EFT or Electronic Fund Transfer is a general term referring to a computer-based system used to perform financial transactions electronically. The term is used to describe a number of electronic transfers such as any ECP, e-check, credit card online payment, electronic bill payment etc. In very simple terms it is a wire transfer.

ELV

ELV- (Elektronisches Lastschriftverfahren) is a WireTransfer term. ELV (Elektronisches Lastschriftverfahren) is more commonly know as Bankeinzug or Lastschrift. It is popular system that Germans use to electronically transfer funds and is only available in their Homeland. ELV allows German online player to authorize the casino to withdraw funds directly from their personal bank account. The player must submit their German bank account number and authorization information to the participating casino. After collecting the account information, the casino outsources the transaction to a 3rd party payment processors. ELV is a popular payment method in all sectors of German e-commerce. Surprisingly enough only 1/3 of the German adult population use credit cards. The conservative population does not like to expose the sensitive credit card information over the Internet and ELV gets around this issues. As one German put it… “Well I live in the sticks and… credit cards are rare as rocking horse shit.”

EMV

EMV- is a credit/debit card term. EMV are set standards for the inter-operation of POS (point of sale) terminals, IC (chip cards), and ATM machines. EMV stands for Europay, MasterCard and Visa. These three companies in cooperation placed these standards in effect in the late 1990′s.

Euro Standard Bank Transfers

Euro Standard Bank Transfers (ESBT) is a Wire Transfer term. Euro Standard Bank Transfers can be used for deposits and withdrawals but can only be made within the EU with Euros. It is cheaper than other international wire transfers. Any EU bank placing one for you always will require your international bank account number and SWIFT code. ESBT was created in collaboration with all the major European financial institutions.

IBAN

IBAN- (International Bank Account Number) is a Wire Transfer term. IBAN or International Bank Account Number is a standardized way of identifying a bank account. It is neither a company nor a method of transfer. Its purpose is to improving the efficiency and speed of cross border European Union payments. The length of IBAN number can go up to 28 digits. When a cross-border payment is made in Europe, an IBAN number is used to identify the account to which the payment must be made. An IBAN is always used in conjunction with a SWIFT/Bank Identifier Code (BIC). Ever since Dec 2001, EU Regulation requires banks to provide the IBAN and their SWIFT/BIC to their account holders in EU countries. The significant advantage of using IBAN is you will be charged at the rate of domestic, if you initiate the payment to any EU country within an EU zone.

Instant Wire Transfer

Instant Wire Transfer is a general term that is used to describe transfers being made in real time into a casino account. It can be done with the cooperation between the player, his bank and the casino. It is used normally with higher qualifying players. This system needs to be initiated by the player at his local bank. It normally takes practice and can be effected after all parties have established good communication.

Person2Person

Person2Person- (person to person) can be used as a general term for transferring money between private individuals.

PIN

PIN- (Personal Identification Number) is associated with MasterCard's Secure Code or Visa's Verified by Visa. These PIN codes are not printed or embedded in the card. They are stored at a separate location so as not to forget the PIN. You use them when you are withdrawing cash from an ATM machine. Normally it is a 4 digit number.

PREO

PREO (Preferred Retail Exchange Organization) gold exchange service is used for most major currency deposits, servicing their clients worldwide. PREO Is an organization of gold e-commerce exchangers. These companies will facilitate the gold e-commerce systems withdrawals/deposits, trade one systems gold for another's, send you physical gold and many other gold related services. They can get expensive so “shop around. The better gold e-commerce systems you can look up in this site under “Gold e-commerce”. There you will find all classes of companies dealing in e-commerce gold systems. It is an interesting review complete with failed systems functioning systems good/bad and also recommended gold-based Internet systems. Have fun, be careful and only use money that you can afford to loose. The method used for sending funds to PREOs depends on the company. The methods could be wire transfer, check, bank account, bankcard, e-wallets or others.

Reverse Withdrawal Request

Reverse Withdrawal Request- is a casino financial term. A Reverse Withdrawal Request is simply a request by a casino player to halt a withdrawal being processed to have it sent back to the account. In the highly volatile gaming industry, this service is offered by many casinos.

USA Casino Deposit Methods Available

The below USA Casino Deposit methods listed are all available here in the casinos we have focused on. We also have this list in “icon form” on the sidebar to the right→. Click on any icon image to see the reviews, complete with the casinos offering the USA Casino Deposit method.

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Casino Deposit Methods Available WorldWide

The below Casino Deposit methods listed are all available in our casinos. We also have this list in “icon form” on the sidebar to the right→. Click on any icon image to see the reviews, complete with the casinos offering the particular Casino Deposit method.

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