Bank Draft - Sportsbook Deposit Options
When you are looking for a proven, secure and reliable deposit method to make payments to a sportsbook that accepts players from the United States, you can't go wrong if you opt for a bank draft. This deposit method is amongst the most reliable payment methods when it comes to online betting, even with all the advances in the field of electronic payments and e-wallets.
Although most players primarily go for the electronic methods of payment, mostly because they are fast (in some cases even instantaneous), it should be noted that these payment methods come with additional fees, which in the long run could really ramp up your spending unnecessarily.
If you choose to send a bank draft through the mail, you are aware that it is not the fastest payment method, but there are typically no additional fees associated with it (apart from paying the postage). After you send the bank draft to the sportsbook, you must allow at least 7 days for it to reach the operator and clear the bank, before the money is deposited into your account. But if you don't mind the wait, you will find that bank draft is an extremely reliable and secure deposit method.
Before we answer some of the most important questions regarding bank drafts, we should first explain the difference between a bank draft and a personal check. Unlike a personal check that can be voided, because there is no telling whether there will be enough funds in the bank account at the time of the cashing of the check, the bank draft is always honored, as the bank withdraws the funds from the account of the person at the very moment when the bank draft is ordered and holds them until the payment is requested by the payee.
Advantages of Bank Drafts
The greatest advantage of using bank draft as a deposit method is the reliability and the security. But, another great advantage is the fact that bank drafts are accepted at almost every sportsbook, which gives you virtually unlimited options when deciding which online sportsbook to choose. The only requirements for using this method of payment are: having a bank account, an envelope and postage.
Disadvantages of Bank Drafts
The biggest disadvantage of using a bank draft as a deposit method is the slowness of the transaction. Typically, it takes around 7 days for the bank draft to be delivered to the online sportsbook and then it needs to clear the bank before the sum ordered by the bank draft can be credited to your account and can be used to place bets.
Can a Bank Draft be Declined?
One of the reasons why bank drafts are so reliable is the fact that bank drafts usually are not declined, seeing as you have to have enough funds in your bank account for them to authorize the bank draft in the first place.
Bank Draft Deposit Fees
Typically, there are no additional fees associated with this method of payment, aside from the postage that needs to be paid so that the bank draft can be mailed to the online sportsbook. This makes the bank draft ideal for high rollers who wish to deposit large sums, but also for those who don't want to pay additional sums on top of their deposit.
Bank Draft Withdrawals
Bank Drafts are among the most common methods of withdrawals from online sportsbooks, as they carry the lowest fees. The only exception when it comes to fees for withdrawals via bank draft are the checks that are delivered by express courier, and have a flat fee of $50. But, if you are willing to wait a couple of days for the bank draft with your winnings to be delivered by regular mail, it will cost you next to nothing.
Security of Bank Draft Deposits
As we mentioned earlier, bank drafts are among the most reliable and most secure of all deposit methods when it comes to online sportsbooks. The bank draft can only be paid out to the named payee, so the bank won't release the funds to anybody else, even if by any chance the draft doesn't reach its destination. That's why there is no danger when sending a bank draft to a sportsbook. Also, they are accepted at almost every online sportstbook that takes on players from the United States.
Sportsbook Deposit Bonuses
Even though there are no specific bonuses targeted at deposits made via bank draft, players at online sportsbooks can take advantage of various sign up bonuses and promotions offered to new players and make their first deposit via bank draft. One such online sportsbook that takes on players from the United States and will give you a chance to earn a hefty sign up bonus is Bovada, where your first bank draft deposit will be rewarded with a bonus of up to $250!