DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

  • umlilo
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Re: Re: DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

14 years 8 months ago
#103789
@rob faux:

it is obvious that 'intimidatory' tactics are being enforced to deter withdrawals; not in terms of FICA rules/requirements.

Only transactions of R25 000 or more are to be reported/actioned. Therefroe, by informing clients that they cannot withdraw monies below this figure is not just wrong, but can be construed as criminally misleading.

For instance, a broker who does not submit an insurance policy timeously can be fined or made to pay in the event of a claim by the insured.

Similarly, should TAB withhold funds of a client (on this pretext of FICA compliance), then, should the client be financially prejudiced, then s/he can sue TAB for the loss/ prejudice suffered.

For instance, if I have to pay my landlord rental on a certain day, and TAB refuses to release my funds with them. The landlord then evicts me. I then would have a bona fide delictual liability case (providing that I had that amount of funds in my Telebet account) against TAB for the prejudice suffered because of their invalid action.

Speak to a commercial attorney for confirmation! Perhaps, Andrewest can expand?



There is also a (draft) Code of Ethics which members have to comply with; there seems to be a transgression.

Therefore, FICA Ombudsman should be called in to investigate.

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  • Unlucky_Dube
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Re: Re: DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

14 years 8 months ago
#103791
Andrewest Wrote:
> Margret,
>
> Part of FICA regulations (sames as BASEL for Banks
> and SOLVENCY for Insurance) is to be transparent
> to the public.
>
> Hence - would make sense to advertise the facts
> (NO WITHDRAWALS) in bold on the ACCOUNT CREATION
> and DEPOSIT screens.
>
> I am not disputing the reasons, but question the
> transparency.


I don't recall seeing any such warnings when I deposited money. Very good point made here.

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  • mr hawaii
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Re: Re: DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

14 years 8 months ago
#103806
I also feel it is totally wrong to give customers vouchers because you have "no cash" - this forces the customer to return to your outlets to cash his voucher at a later stage and then he/she mightbe tempted to punt again (let's be realistic gambling is an addiction) - pay the person or determine how much the ticket is worth if you have no cash on hand and recommend a cheque or send them to a branch that does have funds - far too often i have seen friends go into the tote to withdraw from telebet (or have a winning ticket of even R2000) and because the tote cannot pay out they do their cash during the afternoon because quite frankly they are addicts(not the tote's fault but allowing them to withdraw funds would at least make it impossible to punt using telebet)

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  • Andrewest
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Re: Re: DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

14 years 8 months ago
#103818
Next time you play a cash bet on the tote they might keep your stakes and pay you the profit only?
You can never get your deposit/stake money back?

Wonder what the FSB says about this type of gangster ism?

Guess if the tote had to refund deposits - bank account will be in the red.

Do they show customer deposits under assets or liabilities on their balance sheet?

Like to know what the JSE have to say about the Phumelela share trading based on this.
Should the JSE not suspend the Phumelela shares from being traded?
Jooste will have a fit - he just bought!

With such questions the JSE should suspend Phumelela trading ELSE it would seem that the JSE condone such practises ?

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  • mr hawaii
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Re: Re: DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

14 years 8 months ago
#103822
That is not true - they cannot keep your money - I'm sure that it would be construed as theft - also by forcing a person to use the cash in their account to gamble (perhaps the person wishes to give up gambling and wants to close their account) you are encouraging irresponsible gambling which is conflict with gambling laws i would think - Also the nature of telebets would mean their is a simple electronic trail to prove if a person has accumulated money via betting profit or just tried to "wash" money by backing a horse at R1 a place etc -

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  • umlilo
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Re: Re: DON'T OPEN AN ONLINE TOTE ACCOUNT!!!!

14 years 8 months ago
#103823
@Mr Hawaai & Andrewest:

Delictual liablity in the event of a loss/damage/injury, etc........ with a tinge of criminality!

X(

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