Online Gamblers Panic as Bank of America Online Suffers An Online Glitch:
The online gambling community in the USA who also bank with Bank of America (BOFA) went into a massive state of panic last Wednesday when apparently an online glitch occurred and online BOFA customers were unable to access their online banking accounts.
They became worried because of ” The Unlawful Internet Gambling Enforcement Act” (UIGEA) officially went into effect on June 1st, 2010 and these customers assumed that their accounts were frozen due to this new online gambling law. Bank of America has since corrected the problem so customers could access their accounts again. This is not the first scare online gamblers have experienced.
The UIGEA is the Internet gambling provision that was added (at the last possible moment) to The Security and Accountability For Every Port Act of 2006 (or SAFE Port Act) by the previous administration which also covers port security. In case you did not already know, UIGEA prohibits the transfer of electronic funds from a financial institution to online gambling sites.
UIGEA has been a real challenge for U.S. banking and financial institutions because the it places the burden of intercepting online gambling transactions. Many of the largest institutions has warned the U.S. government that it would be nearly impossible to stop these transactions.
Representative and Congressman Barney Frank (D), representing the Fourth Congressional District of Massachusetts, is expected to begin a new crusade and legislation that would overturn the UIGEA and begin a regulated Internet gambling system for the U.S. online gambling community (our kudos goes out to Barney Frank).
Frank, who had previously introduced three bills since 2007 that would nullify the Unlawful Internet Gaming Enforcement Act already has almost seventy co-sponsors for his bill, and more are expected as the legislation hits center stage.
Republican lawmakers have been strongly against any online gambling regulations, but the pressure of the upcoming election cycle may force some Republicans to change their tune. Legislators in heavily Democratic populated areas could vote in favor of the law change to keep their strong ties to the people they represent.
Until then… It’s still a wait and see situation.
A while back I published an article titled “Why Obama Should Address Online Gambling and UIGEA” addressing what at the time was a new incoming liberal administration to a previously conservative run government in the United States of America.
This article is in regards to not so much our rights as American adults to gamble online as much as the economic relief it could provide to our struggling economy.
If you live in the USA and would like to see a better economy for us all as well as have the right to choose whether or not to gamble online with your own money…Please stand up and get your voices heard.