How to Protect a Bank Account from the Internet Gambling Enforcement Act

Banking in the United States subjects the bank account to specific regulations from the Federal and State government.

If you have a bank account, the Unlawful Internet Gambling Enforcement Act (UIGEA) and Regulation GG (31 USC 5361) applies to you. This law was enacted in the fall of 2006 and is currently being enforced.

You can protect your bank account if you know the regulations.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• a bank account in the USA

1. Understand the scope of the Unlawful Internet Gambling Enforcement Act and Regulation GG.
   
   Banks warn commercial customers that they are prohibited from engaging in any activity or business that relates to or supports illegal internet gambling. This is the only warning you get.

2. Follow what is excluded.
   
   Gambling is controlled by the States, and internet transactions that are State approved and totally within the State boundaries may be acceptable if they block access by minors and out-of-state persons. Legal betting on horse racing is also excluded, as are free poker games online.

3. Know how it affects bank accounts.
   
   Your bank can return any item or block any transaction and/or close your account without any notice if they believe that your account has been used for transactions that relate to or support illegal internet or on-line gambling. Of course they can also close your account for anything they think is prohibited under the account agreement you have with them, too.
   
   Read the entire law in Resources below.

4. Protect your bank account.
   
   Do not use your bank account for gambling online or the transfer of any funds that may look like you are in violation of the Unlawful Internet Gambling Enforcement Act. Remember that it is up to the discretion of the banks, and they can enforce the law and their account agreement. Do not rely on gambling websites to interpret the law and protect your bank account. It is up to you to protect a bank account from the Internet Gambling Enforcement Act.

Tips & Warnings

• We often write about consumer issues and federal regulations. See articles in Resources below.
• copyright 2009 Linda Richard
• Feel free to link to this article or send it to a friend.

Resources

• Unlawful Internet Gambling Enforcement Act in PDF
• Skip the Debt Settlement Firms
• Avoid FTC Blog Endorsement Fine
• Use Search Engines for Entertainment and Fun
• Keep a Job in this Economy
• Review the New Credit Card Rules
• Get Money Refunded on an Internet Purchase
• Review Bank Overdraft Protection

[alltrails]

on 11/10/2009 Nice article on how to protect your bank account from the Internet Gambling Enforcement Act. You never know what you're going to run into these days. Thanks for the information!

[bellerose]

on 11/10/2009 Good warning on how to protect your bank account from the Internet Gambling Enforcement Act. Sounds like something you would not want to run afoul of! 5*

[godfather25]

on 11/10/2009 Great article on protecting a bank account from the internet from the internet gambling enforcement act.