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Bank of America is not liable for e-gaming

6 August 2002

Nationwide, banks continue forbidding the use of credit cards for E-Gaming, which is illegal in Arizona and, in fact, most other states. 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, E-Gaming included. The bank won''t be liable for those illegal transactions even if it fails to decline them. The mailer warns that ""Display of a payment-card logo by an online merchant does not mean that an Internet transaction is legal where you conduct it." Although the E-Gaming industry is on the rise, the credit-cards policies definitely have an impact on it. Analyst Sebastian Sinclair, of Christiansen Capital Advisers of New York, is optimistic. He suggests to wait for new payment methods arrive to the scene.

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