UseMyFunds (formerly UseMyBank) is an online payment processing service that allows buyers to use their bank accounts directly without compromising their privacy. For online casino players, UseMyFunds offers a solution that is convenient, fast, and secure, and available to account holders at several banks in 11 different countries.
Before you attempt to fund your online casino account with UseMyFunds, make sure that you hold an account at one of the participating banks. Currently, some of the largest banks in Australia, Austria, Belgium, Canada, Germany, Mexico, the Netherlands, Poland, Sweden, Switzerland, and the UK work with UseMyFunds for online gaming transactions. See the list by going to the UseMyFunds website and selecting “Current Bank & Country List” on the right-hand side.
Depositing with UseMyFunds
Unlike most online payment services, UseMyFunds does not require you to have an account to make a deposit (except in certain circumstances). If your bank is listed on their website, you should be able to use them instantly. Load up the participating casino of your choice and choose UseMyFunds/UseMyBank from the cashier window. First, enter the amount you wish to deposit. You will then simply need to choose your bank and account information, then submit the payment. The bank information is processed behind SSL encryption on the UseMyFunds server. Your bank takes care of the actual transaction, and the entire process is absolutely free.
Withdrawing via UseMyFunds
Unfortunately, only Canadians may use UseMyFunds as a method of withdrawal from an online casino account. In order to use this service, you'll first need to register a UseMyFunds Buyer account. Then complete the Pre-Authorised Debit (PAD) forms and submit them via fax, mail, or email. Once they receive these, you will then have to verify the amount of the micro-deposits sent to your bank account. Afterward, you're free to begin withdrawing directly to your Canadian bank account for only $1 a transfer.
Advantages of UseMyFunds
UseMyFunds is one of the very few online payment processors that allow you to use most of their services without even making an account. This level of convenience is hardly ever found with anything other than a direct credit card purchase. And since your banking data is kept safe with UseMyFunds, you get the added knowledge of knowing your information won't be compromised.
Additionally, all deposits are conducted at absolutely no charge. Since UseMyFunds merely facilitates the transaction and your bank does most of the work, this really seems only fair.
Disadvantages of UseMyFunds
Although the level of convenience offered by UseMyFunds for deposits is virtually unbeatable, using it for withdrawals is not nearly as straightforward. The verification process is slightly more involved than that of most online payment processors, and the service is only available for those residing in Canada who have an account at an eligible bank. As such, the vast majority of UseMyFunds members will need to look for another way to get their funds out of their casino accounts.