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Bank moves against Internet gambling

Thursday, Aug. 1, 2002 | 11:22 a.m.

PHOENIX -- Bank of America recently mailed out thousands of statement stuffers to its Arizona customers informing them that they can't use their cards for illegal transactions such as Internet gambling.

Banks nationwide are increasingly prohibiting the use of credit cards for Internet gambling, which is on the rise despite being illegal in Arizona and most other states.

Bank of America's mailer, which amended the firm's policies on various issues, includes a gambling summary informing card customers that the bank won't be liable for illegal transactions, even if it fails to decline them.

"Display of a payment-card logo by an online merchant does not mean that an Internet transaction is legal where you conduct it," the mailer warns.

The tougher credit-card policies are having an impact on the online-gaming industry, said analyst Sebastian Sinclair, of Christiansen Capital Advisers of New York.

"But that will work itself out over time as alternative payment mechanisms arrive on the scene," he said.

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