Full Tilt Poker has introduced MyWebATM as its newest payment processor, an option brought onboard to allow U.S. residents to transfer money to and from the online poker room.
MyWebATM is similar to traditional e-wallets in that it lets you deposit money into your account from a bank account, bank wire, or credit card (this last option is not available in the first 30 days), as well as cash back out to a bank account. Where it differs, however, is that customers also receive traditional debit card upon creating an account. Using the funds in your MyWebATM account, you can make purchases almost anywhere that debit cards are accepted. Additionally, you can withdraw cash from hundreds of thousands of ATM’s.
The biggest problem with MyWebATM is that it is loaded with fees. Fees are charged whenever you move money to or from your account. It costs money to use the debit card both at stores and at ATM’s. There is even a monthly service fee, unless you have no money in your account.
It doesn’t help that there is a $2,700 cap put on accounts, either. To lessen the damage of fees, it would be best to make transfers as infrequent and as large as possible, but with a sub-$3,000 cap, many poker players will have to move funds fairly often.
That said, if the service is reliable and open to U.S. customers, it’s better than nothing.