Paying off Markers.

I could be wrong but I dont believe getting rated for credit(markers) means you are authorizing a check transaction. Yes, they check your avg balance(I think it's 6 months) to see what kind of money you have, but If by some chance you took out a marker and didn't pay within the time frame, they are not authorized to run an electronic check to get the money. You would still be committing a crime by nevada law if you dont pay it back by the way.

 

That makes sense, since Certegy would have been doing the verification and authorization of the actual account and your casino credit history was already known.

I forgot to mention for a previous poster who asked about minimums, the online apps for the MGM casinos don't show a minimum but the PDF version shows it as $10,000: http://www.mgmgrand.com/casino/marker_app.pdf

 

You are authorizing them to withdraw the money from your account. Read a typical marker application like this: https://secure02.mgm-mirage.com/marker/default.aspx?CO=930

Not only that, but when you sign a marker you are not signing an agreement to pay, you are signing an actual check that can be deposited against your account.

 

I just dont think that ever happens, If anyone has ever experienced a casino running a check without approval I'd like them to chime in? It's my understanding that if you dont pay within the time frame(typically a month) they will start calling you and progress to harsher measures, but you have to pay them, they will not take it.

 

Whether or not the markers are commonly cashed by the casino, I can’t say.

But they are checks. You sign several documents that say so in as many words…including the markers themselves.

 

Without question, they have the authorization to deposit the check. Now, all of the casinos have varying policies, but all of the ones I deal with ask how I want to handle payment of markers. I just tell all of them to deposit at the date due and that is exactly what they do. They just want paid, so they will accept any method as long as it is within terms. Some send bills, others call, etc. I set all of mine up at the time of application to note "deposit marker when due". Not a problem at all, they have all acknowledged this is fine with them as long as you always have available funds in the account. First time marker users with a property may have tighter payment windows and might have to settle up at departure, but that probably varies. Once established, you have a plethora of options.

 

minimun is 2500$ i just did it from them at aria and bellagio thats 10,000 number is wrong

 

Actually when you apply for a marker and sign the waiver it says that (at least the boyd markers) if you don't pay by the prescribed due date they can automatically take what you owe out of your checking account. I am not sure if that happens when you are delinquent because I always pay off my markers when I get the bill. Lately (my Jan and June trips) I have been lucky enough to pay off my markers before I left Vegas but that is mostly because I took along TC's just in case (either $500 or $1k).

Would be interested in knowing if they actually take the $$ out of your checking account or if like Merlin says they will go after you before going after your account. I know merlin is correct if you don't have sufficient funds in your checking account but I always assumed that they would automatically take the $$ out of your checking account if you don't pay them back by the due date. Also note that on the MGM application that they can charge you 18% interest on overdue accounts so I won't take the chance of being delinquent.

As for LOC amounts, it depends on the casino and how much you have in your checking accounts. I have a $1k LOC at the Cal but 2K LOC limit at MSS and the Fremont. I think the downtown casinos have lower limits for LOC's than the strip casinos.

 

Usually you get a bill (more or less) about 2 weeks after your last transaction. You then have due date of about 3 or 4 weeks to pay back the marker.

I like the markers because I don't have to take up as much $$ with me, easier IMHO to use their money and pay them back by the due date interest free.

 

I also doubt that you can use your cc to pay off your marker but some companies allow you to take out $$ without making it a cash-like transaction. Like at some stores you can also take out extra $$ when you are charging purchases and you won't be hit with the % you pay from cash transactions. Your cc can accumulate points off the charge. Be aware that YMMV with this, some stores allow you to take out extra cash when charging, others won't.

 

correct on the bill, i get one too its a letter that u can mail back thats say just depostite my check to cover my marker , or a reminder to pay it by that date another way.

ps some place will due 30 days ,mlife if new will due 7 days unless your host can bump it up to 30 after a while they will change it 30 day terms for you after you establish a good relationship.

mlife and cet and palms are all 2500$ miniums if that helps

psss, theres a thing called a tto(sp) that any host on duty can get you u if u blow thru your marker its basicly a 1 time half of you marker credit exstension so you can continue to play..once you pay ot all off it can be repeated as needed

so a 10 k marker you can get up to 5 k tto

 

If your looking to build points with a credit card (or you just need cash for Vegas and all you have is a credit line)

Get the app VENMO peer to peer money transfers using credit card or check card, the credit cards have a 1% fee but its ran as a purchase and not a cash advance, open account (go online you can get a free $50 for signing people up who then use the product) have spouse or trusted party sign up, send them the money up to I think 3k a week, they can cash out money (takes max 2days) into a checking account, and then hopefully you pay off the credit card ASAP so you come out ahead and don't get killed by interest and you build your points via credit card.

You can wire the money to any casino in Vegas and withdraw as needed. if you wire a good amount you can ask to speak to a host they may also offer your some comps or at least monitor your play and comp after your trip is over.

 

thanks!

 

Can you pay off a marker partially at the casino? Like say you take out a $500 marker at the table. But then decide to stop playing and now you have just $200. Or should you just wait until the end?

 

yes you can pay of all or part , if part they will make you sign a new marker , for the new balance, but if you have chips in front of you they might not be happy if you dont pay all the that you have towards it, its alot of payper work for 500$ dollars, its takes a while to get a marker issiued at some prperties, Bellagio , around 5 minutes maybe more if busy,its paperwork

 

Having lines at Aria, Bellagio, and several others, I have seen three ways markers are paid. Aria automatically withdraws from my acct. Venetian sends a bill. Mandalay Bay used the check they have you sign and the copy showed up on my monthly bank statement. With Aria and Bellagio upon setting up the line, they gave me a choice of auto pay or billing me.

 

I have auto pay with MB and MGM. They just pull from my checking account after 30 days.

 

How long does it take for them to approve/decline a LOC application? I applied for one at CET almost 2 weeks ago and haven't heard anything since. Although there is a good chance they thought my application was a joke. I messed up and put the wrong checking account on it which has nowhere near the balance required for the amount of line I was asking for.

 

did u put an arival date down

your probaly aproved and dont know it

if you have a host contact him if not call casino credit

ususauly within 2 days its done if its ur first cet property if u all ready have one it could be done in an hour

 

This would be my guess as well. I've always applied several weeks, if not months, in advance. And when I've called to ask what's up, they've always told me they review them based on arrival date. If your date is a ways off, they might have just put it on the back burner until it becomes more urgent.