The poker insiders are trying to dub today as #greenfriday—more like #emotionalfriday I'd say. Most people of the first wave of payments are reporting successful bank transfers showing up in their accounts from the DOJ, and I am one of them!
Second wave of payments are scheduled to arrive in a couple weeks via check for those who had errors in their bank info that they submitted to the GCG.
First wave of payments are expected to begin Friday, February 28th!
How do you know if you're in the first wave? The short version: CALL THEM at (866) 250-2640! I called and it literally took two minutes to hear those magic words, "You are in the first wave of payments." The only info they needed was my name and address. The long version you can read below.
Here's the full statement released today:
"As part of the normal bank account testing conducted prior to issuing ACH payments (as further described below), GCG has identified certain Petitioners who are approved for payment but who submitted account information that was either incomplete or incorrect. On February 21, 2014, GCG sent emails to all such Petitioners with instructions as to how to update their bank account information through the online filing site. Please note that if we do not receive updated, complete and accurate information by March 13, 2014, a check will be sent to the mailing address provided with the Petition. Petitioners contacted by GCG in connection with their bank account information will receive payment in the second round of payments. If any such Petitioners have questions about this process, please contact GCG.
All other Petitioners who have been approved for payment in the first round of distributions and whose bank account information has passed the preliminary testing process will be sent an email notice on Monday, February 24 or Tuesday, February 25 with the amount of their payment. The first round of payments is scheduled to be issued on Friday, February 28."
"GCG is in the process of preparing payments for Petitioners who timely confirmed their FTP Account Balance. Beginning on February 13, such Petitioners may notice a zero-dollar transaction in their bank account statement that relates to the Full Tilt Poker Claims Administration. Please be aware that this is a normal part of the bank testing process in preparation for payment of ACHs. However, not all banks post these notices during the testing process, so do not be concerned if you do not receive such a notice and believe you are eligible to receive payment in the upcoming initial distribution."
The transaction the quote speaks of might look something like "Processing: DOJ POKER STARS POKERPAY01 $0.00."
This is a great sign as we all anxiously wait for our old Full Tilt Poker funds!
"This distribution will include approximately 30,000 Petitions totaling $82 million submitted by Petitioners with timely, complete Petitions, who confirmed their FTP Account Balances. GCG is currently working with the bank selected by the DOJ to set up the payment process. GCG expects to issue payments via ACH before the end of February 2014 and will post further updates on the payment process in 2-3 weeks."
YourPokerCash has just learned from @ppapoker that "good news" will be release within 24 hours for those awaiting undisputed funds.
We expect to see updated payment information from, Full Tilt Claims Administrator, the Garden City Group on the FTP claims page.
From John A. Pappas, Executive Director of Poker Players Alliance, on TwoPlusTwo:
"Players with undisputed claims should be looking for an email from Garden City Group within the next few weeks with instructions on how to receive their payment. The DoJ could not provide me with a definitive date on when these emails will go out and when payments will be processed. But it looks like it will be in advance of their March 31 deadline."
tl;dr - The PPA spoke to the DOJ today and they said the GCG's audit of player petitions has been completed. Approved was the release of $82 million in funds to approximately thirty thousand players.
Here are the original tweets that broke the news:
BREAKING: PPA spoke to DOJ today re: FTP remission. Good news 4 those with undisputed claims. Should be receiving payment info from GCG soon— PokerPlayersAlliance (@ppapoker) January 22, 2014
BREAKING: DOJ says it completed it's audit of GCG group player petitions. Approved release of 82m in funds to approx 30k players— PokerPlayersAlliance (@ppapoker) January 22, 2014
BREAKING: GCG should be updating this page in the next 24 hours with info: http://t.co/VJk2jtmEPy— PokerPlayersAlliance (@ppapoker) January 22, 2014
YPC will continue to keep this page updated as more information is released.