LeagueSafe - Protection of Player Funds? (1 Viewer)

POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

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POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

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steveski said:

LeagueNotSafe?

I'm fortunate that my bigger money leagues are local ones and I only play in a few smaller $$ value ones online that use LeagueSafe. But I understand the concern everybody is having. Their HAS to be a legit 3rd party tool that can hold money. Isn't their one called Tilt or something like that? They teamed up with ESPN. Not sure it's any different than LeagueSafe, but if it has a site like ESPN backing it then I would feel safer using them.

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wdcrob said:

A few random thoughts...With Leaguesafe any owner can log in at any time and see that the money there.

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Dr. Octopus said:

POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

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I would imagine that LeagueSafe considers itself as the escrow agent?

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Touchdown There said:

Dr. Octopus said:

POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

Click to expand...

I would imagine that LeagueSafe considers itself as the escrow agent?

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This was my thought as well and I had assumptions that escrow companies had additional legal licensing requirements, rules and restrictions. This may not be the case would certainly like to hear what the owner has to say.

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LeagueSafe is an online escrow service that secures and manages fantasy leagues’ finances. Pay your fantasy league and office pool entry fees online, knowing the funds will be paid out quickly and securely at the end of the season.

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msudaisy26 said:

Comparing a real bank stealing your money and league safe is insane. It is way easier to sue a bank and recover your money vs. league safe or Phenoms. I am not in the banking industry, but I am sure their are safe guards in place to protect the people from such a thing.

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LeagueSafe is an online escrow service that secures and manages fantasy leagues’ finances. Pay your fantasy league and office pool entry fees online, knowing the funds will be paid out quickly and securely at the end of the season.

Click to expand...

wdcrob said:

Sure. They could empty all the money from the bank and run off with it.

But so could your bank.

Click to expand...

Charch said:

My name is Paul Charchian. I'm the president of LeagueSafe, and I'm a huge supporter of FootballGuys, and in particular, Joe, David, and Sigmund.

I want to start by offering apologies to Jared for his frustration with the situation. You feel that you've been slighted by $300. And rightfully so. You have been.

I also want to apologize to Joe and David, people I've known for over a decade, for having this thread in their community. I'm sorry this has come to your house.

LeagueSafe handles hundreds of thousands of transactions. Virtually all of them go exactly as expected. This is an exception. And, we take it very seriously.

I'm very proud of LeagueSafe's track record. When we started LeagueSafe in 2008-2009, lots of people in these forums posted assurances that LeagueSafe would steal everyone's money. That LeagueSafe would be out of business in a year or two.

Instead, we've seamlessly paid everyone. We've paid out many millions of dollars, and nobody has been shorted a penny. We've provided a dramatic improvement in league security over PayPal and snailmail. I encourage people to search the Shark Pool for stories of people who have been screwed out of money. You'll quickly see dozens of stories of commissioners running off with league funds when people didn't use LeagueSafe.

LeagueSafe is designed to be a solution, not a problem. Of course, we're not perfect. Which brings me back to Jared's situation.

Jared, you've been swindled.

Josh stole $300 from your league when he A) asked us for a refund, B) didn't tell your league he had done so, and C) then played out his team for half a season before bailing on a losing team. That's stealing, plain and simple.

I can't help but wonder if Josh would have bailed in week seven if his team was 6-1.

In my eyes, 99% of this situation is on Josh's shoulders. He's the bad guy here. It's not Beth or Laura or Jared or Paul. Josh knowingly, purposefully, stole from you and your league. I imagine Josh could be reading this right now, and smiling with the knowledge that he's stolen $300, yet LeagueSafe is being vilified.

Did LeagueSafe help Josh steal? When someone asks LeagueSafe for a refund, we don't know the circumstances. I think everyone will agree, we can't possibly know how legitimate the request is. We follow our guidelines. When Josh made the request, we were obligated to honor it. We did.

While we strive to maintain the integrity of each league's funds, we are also responsible to each individual. Had we denied Josh's refund in July, we would have been violating our duty to him, and our own Terms of Service.

Should LeagueSafe have notified the Jared when Josh was refunded? We posted an entry on the league's home page, notifying the league that Josh had been given a refund. We weren't obligated to. As we learn from #######s like Josh, we may need to offer more reporting of refunds.

As most of you know, LeagueSafe is a trailblazing product. When I created LeagueSafe, there was nothing like it on the market. Even today, we believe we have 99% of the escrow business. That means that scams, like Josh's, get tried on us first.

There are no templates for us to follow. Things happen that we can't anticipate. Or things happen that we anticipate incorrectly. We're human, and we're learning as we grow to accommodate our expanding user base…a user base that has people like Josh in it.

Jared, I believe that LeagueSafe acted in 100% accordance with the Terms of Service on our site every step of the way. I also believe that Josh is the villain. He stole from you and your league. LeagueSafe has no obligation to double the wrongdoing and pay another $300. LeagueSafe won't do it.

But I will. Personally. I will buy Josh's ####ty team for $300. I will run it, try to improve it, and hopefully someday, resell it, and get my money back.

I hope you will accept this offer. It puts $300 back in your league, and it protects the integrity of your league by putting a motivated owner in charge of Josh's team.

Click to expand...

Evil G said:

I have used League Safe in the past, both as a player and as Commish, without issue. It has been reliable and good, for binding together a League of semi-strangers, online. So I have nothing but speculation to add to the notion that it might one day rip persons off.

On a side note, I don't play in those types of Leagues any more, because they are not rewarding emotionally, IMO.

What's more fulfilling is to play with friends/colleagues/acquaintances, with whom you might socialize, enjoy a pint, watch the games, and who function as a real part of your social network.

With a reliable dude as your Commish, handling cash fees, it renders League Safe obsolete. If you're not making the effort to play in such a league, assuming it's possible, then I would suggest you're missing the point of all this....and you might better use your time and intellect just betting/gambling on sports or Daily leagues.

Regardless, there is always some measure of 'mandatory trust', in the handling of money in a sports-Pool.

Click to expand...

wdcrob said:

Sure. They could empty all the money from the bank and run off with it.

But so could your bank.

Click to expand...

BroadwayG said:

wdcrob said:

Sure. They could empty all the money from the bank and run off with it.

But so could your bank.

Click to expand...

Does the FDIC cover leaguesafe?

Click to expand...

Ignoratio Elenchi said:

The guy who runs it has showed up here before, perhaps he'll weigh in again:

Charch said:

My name is Paul Charchian. I'm the president of LeagueSafe, and I'm a huge supporter of FootballGuys, and in particular, Joe, David, and Sigmund.

I want to start by offering apologies to Jared for his frustration with the situation. You feel that you've been slighted by $300. And rightfully so. You have been.

I also want to apologize to Joe and David, people I've known for over a decade, for having this thread in their community. I'm sorry this has come to your house.

LeagueSafe handles hundreds of thousands of transactions. Virtually all of them go exactly as expected. This is an exception. And, we take it very seriously.

I'm very proud of LeagueSafe's track record. When we started LeagueSafe in 2008-2009, lots of people in these forums posted assurances that LeagueSafe would steal everyone's money. That LeagueSafe would be out of business in a year or two.

Instead, we've seamlessly paid everyone. We've paid out many millions of dollars, and nobody has been shorted a penny. We've provided a dramatic improvement in league security over PayPal and snailmail. I encourage people to search the Shark Pool for stories of people who have been screwed out of money. You'll quickly see dozens of stories of commissioners running off with league funds when people didn't use LeagueSafe.

LeagueSafe is designed to be a solution, not a problem. Of course, we're not perfect. Which brings me back to Jared's situation.

Jared, you've been swindled.

Josh stole $300 from your league when he A) asked us for a refund, B) didn't tell your league he had done so, and C) then played out his team for half a season before bailing on a losing team. That's stealing, plain and simple.

I can't help but wonder if Josh would have bailed in week seven if his team was 6-1.

In my eyes, 99% of this situation is on Josh's shoulders. He's the bad guy here. It's not Beth or Laura or Jared or Paul. Josh knowingly, purposefully, stole from you and your league. I imagine Josh could be reading this right now, and smiling with the knowledge that he's stolen $300, yet LeagueSafe is being vilified.

Did LeagueSafe help Josh steal? When someone asks LeagueSafe for a refund, we don't know the circumstances. I think everyone will agree, we can't possibly know how legitimate the request is. We follow our guidelines. When Josh made the request, we were obligated to honor it. We did.

While we strive to maintain the integrity of each league's funds, we are also responsible to each individual. Had we denied Josh's refund in July, we would have been violating our duty to him, and our own Terms of Service.

Should LeagueSafe have notified the Jared when Josh was refunded? We posted an entry on the league's home page, notifying the league that Josh had been given a refund. We weren't obligated to. As we learn from #######s like Josh, we may need to offer more reporting of refunds.

As most of you know, LeagueSafe is a trailblazing product. When I created LeagueSafe, there was nothing like it on the market. Even today, we believe we have 99% of the escrow business. That means that scams, like Josh's, get tried on us first.

There are no templates for us to follow. Things happen that we can't anticipate. Or things happen that we anticipate incorrectly. We're human, and we're learning as we grow to accommodate our expanding user base…a user base that has people like Josh in it.

Jared, I believe that LeagueSafe acted in 100% accordance with the Terms of Service on our site every step of the way. I also believe that Josh is the villain. He stole from you and your league. LeagueSafe has no obligation to double the wrongdoing and pay another $300. LeagueSafe won't do it.

But I will. Personally. I will buy Josh's ####ty team for $300. I will run it, try to improve it, and hopefully someday, resell it, and get my money back.

I hope you will accept this offer. It puts $300 back in your league, and it protects the integrity of your league by putting a motivated owner in charge of Josh's team.

Click to expand...

Click to expand...

msudaisy26 said:

BroadwayG said:

wdcrob said:

Sure. They could empty all the money from the bank and run off with it.

But so could your bank.

Click to expand...

Does the FDIC cover leaguesafe?

Click to expand...

I am not trying to troll and I honestly don't know the answer, but I thought the FDIC covered theft from the bank, like robbery, identity theft and such.

Click to expand...

Spin said:

Ignoratio Elenchi said:

The guy who runs it has showed up here before, perhaps he'll weigh in again:

Charch said:

My name is Paul Charchian. I'm the president of LeagueSafe, and I'm a huge supporter of FootballGuys, and in particular, Joe, David, and Sigmund.

I want to start by offering apologies to Jared for his frustration with the situation. You feel that you've been slighted by $300. And rightfully so. You have been.

I also want to apologize to Joe and David, people I've known for over a decade, for having this thread in their community. I'm sorry this has come to your house.

LeagueSafe handles hundreds of thousands of transactions. Virtually all of them go exactly as expected. This is an exception. And, we take it very seriously.

I'm very proud of LeagueSafe's track record. When we started LeagueSafe in 2008-2009, lots of people in these forums posted assurances that LeagueSafe would steal everyone's money. That LeagueSafe would be out of business in a year or two.

Instead, we've seamlessly paid everyone. We've paid out many millions of dollars, and nobody has been shorted a penny. We've provided a dramatic improvement in league security over PayPal and snailmail. I encourage people to search the Shark Pool for stories of people who have been screwed out of money. You'll quickly see dozens of stories of commissioners running off with league funds when people didn't use LeagueSafe.

LeagueSafe is designed to be a solution, not a problem. Of course, we're not perfect. Which brings me back to Jared's situation.

Jared, you've been swindled.

Josh stole $300 from your league when he A) asked us for a refund, B) didn't tell your league he had done so, and C) then played out his team for half a season before bailing on a losing team. That's stealing, plain and simple.

I can't help but wonder if Josh would have bailed in week seven if his team was 6-1.

In my eyes, 99% of this situation is on Josh's shoulders. He's the bad guy here. It's not Beth or Laura or Jared or Paul. Josh knowingly, purposefully, stole from you and your league. I imagine Josh could be reading this right now, and smiling with the knowledge that he's stolen $300, yet LeagueSafe is being vilified.

Did LeagueSafe help Josh steal? When someone asks LeagueSafe for a refund, we don't know the circumstances. I think everyone will agree, we can't possibly know how legitimate the request is. We follow our guidelines. When Josh made the request, we were obligated to honor it. We did.

While we strive to maintain the integrity of each league's funds, we are also responsible to each individual. Had we denied Josh's refund in July, we would have been violating our duty to him, and our own Terms of Service.

Should LeagueSafe have notified the Jared when Josh was refunded? We posted an entry on the league's home page, notifying the league that Josh had been given a refund. We weren't obligated to. As we learn from #######s like Josh, we may need to offer more reporting of refunds.

As most of you know, LeagueSafe is a trailblazing product. When I created LeagueSafe, there was nothing like it on the market. Even today, we believe we have 99% of the escrow business. That means that scams, like Josh's, get tried on us first.

There are no templates for us to follow. Things happen that we can't anticipate. Or things happen that we anticipate incorrectly. We're human, and we're learning as we grow to accommodate our expanding user base…a user base that has people like Josh in it.

Jared, I believe that LeagueSafe acted in 100% accordance with the Terms of Service on our site every step of the way. I also believe that Josh is the villain. He stole from you and your league. LeagueSafe has no obligation to double the wrongdoing and pay another $300. LeagueSafe won't do it.

But I will. Personally. I will buy Josh's ####ty team for $300. I will run it, try to improve it, and hopefully someday, resell it, and get my money back.

I hope you will accept this offer. It puts $300 back in your league, and it protects the integrity of your league by putting a motivated owner in charge of Josh's team.

Click to expand...

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What thread is this from? I suck at searching apparently.

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msudaisy26 said:

BroadwayG said:

wdcrob said:

Sure. They could empty all the money from the bank and run off with it.

But so could your bank.

Click to expand...

Does the FDIC cover leaguesafe?

Click to expand...

I am not trying to troll and I honestly don't know the answer, but I thought the FDIC covered theft from the bank, like robbery, identity theft and such.

Click to expand...

Craig_MiamiFL said:

Where you see Charch, on 01 Nov 2013 - 6:44 PM, said: .......go all the way to the right and you'll see the 'arrow'

Click on it and it'll take you to that thread.

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FatUncleJerryBuss said:

msudaisy26 said:

BroadwayG said:

wdcrob said:

Sure. They could empty all the money from the bank and run off with it.

But so could your bank.

Click to expand...

Does the FDIC cover leaguesafe?

Click to expand...

I am not trying to troll and I honestly don't know the answer, but I thought the FDIC covered theft from the bank, like robbery, identity theft and such.

Click to expand...

In short, it will cover the funds if the bank fails but not from theft.

Click to expand...

FatUncleJerryBuss said:

msudaisy26 said:

BroadwayG said:

Does the FDIC cover leaguesafe?

Click to expand...

I am not trying to troll and I honestly don't know the answer, but I thought the FDIC covered theft from the bank, like robbery, identity theft and such.

Click to expand...

In short, it will cover the funds if the bank fails but not from theft.

Click to expand...

Evil G said:

I have used League Safe in the past, both as a player and as Commish, without issue. It has been reliable and good, for binding together a League of semi-strangers, online. So I have nothing but speculation to add to the notion that it might one day rip persons off.

On a side note, I don't play in those types of Leagues any more, because they are not rewarding emotionally, IMO.

What's more fulfilling is to play with friends/colleagues/acquaintances, with whom you might socialize, enjoy a pint, watch the games, and who function as a real part of your social network.

With a reliable dude as your Commish, handling cash fees, it renders League Safe obsolete. If you're not making the effort to play in such a league, assuming it's possible, then I would suggest you're missing the point of all this....and you might better use your time and intellect just betting/gambling on sports or Daily leagues.

Regardless, there is always some measure of 'mandatory trust', in the handling of money in a sports-Pool.

Click to expand...

Touchdown There said:

FatUncleJerryBuss said:

msudaisy26 said:

BroadwayG said:

Does the FDIC cover leaguesafe?

Click to expand...

I am not trying to troll and I honestly don't know the answer, but I thought the FDIC covered theft from the bank, like robbery, identity theft and such.

Click to expand...

In short, it will cover the funds if the bank fails but not from theft.

Click to expand...

FatJerry - Did this Paul Charchian guy pee in your cereal? You seem intent on crapping all over LeagueSafe.

Click to expand...

FatUncleJerryBuss said:

Touchdown There said:

FatUncleJerryBuss said:

msudaisy26 said:

BroadwayG said:

Does the FDIC cover leaguesafe?

Click to expand...

I am not trying to troll and I honestly don't know the answer, but I thought the FDIC covered theft from the bank, like robbery, identity theft and such.

Click to expand...

In short, it will cover the funds if the bank fails but not from theft.

Click to expand...

FatJerry - Did this Paul Charchian guy pee in your cereal? You seem intent on crapping all over LeagueSafe.

Click to expand...

I am crapping over them by stating what they are? If education is crapping then yes. My only point when it comes to them is that they are no different then Phenoms when it come to the security of you money. He can take the money just like Unlucky did. I am not going to say that he is going too but there are no more safeguards in place with him than there was with Phenoms. It still is simply a trust thing.

Click to expand...

RUSF18 said:

By LeagueSafe saying they are "like an escrow service" it seems like they may have unintentionally (IMO) misrepresented to their customers what they do. I'm not sure where they have deposited all those funds.

Click to expand...

Stompin said:

I get why companies like LeagueSafe exist, the business model is pretty straight forward. Why you would want someone to act as the middlemen and beneficiary of time/value of your league funds is illogical to me given downside risks. Why not:

* open a high interest online savings account with no fees on minimums and free EFTs

* deposit league fees at beginning of year

* disburse payouts to winners at end of year

* take any interest accrued and use that $12 or so ($100/team in a 12 man league at an APY of 1%) to buy 120 10 cent wings at a playoff party for the league at the end of the season.

Win wins all around.

Click to expand...

Touchdown There said:

RUSF18 said:

By LeagueSafe saying they are "like an escrow service" it seems like they may have unintentionally (IMO) misrepresented to their customers what they do. I'm not sure where they have deposited all those funds.

Click to expand...

Time for this Paul guy to step in and discuss how the funds are held. What prevents him from pulling the millions out of US Bank in cash and then heading for Latin America...

Click to expand...

Ignoratio Elenchi said:

Touchdown There said:

RUSF18 said:

By LeagueSafe saying they are "like an escrow service" it seems like they may have unintentionally (IMO) misrepresented to their customers what they do. I'm not sure where they have deposited all those funds.

Click to expand...

Time for this Paul guy to step in and discuss how the funds are held. What prevents him from pulling the millions out of US Bank in cash and then heading for Latin America...

Click to expand...

Ultimately nothing. That's the point. You either trust the entity you're doing business with, or you don't.

I mean, if Charch comes in here and tells you where the money is, what difference does that make? If you tell me what bank you keep all your money in, that won't stop you from withdrawing it all tomorrow. It would do me no good to know it used to be in an account at Bank of America yesterday if, today, it's in a duffel bag in your car.

That's the big thing I don't get in a lot of these discussions. FDIC insurance doesn't do you any good. Seeing screenshots of bank statements doesn't do you any good. At the end of the day you're giving someone your money and trusting that they'll give it back to you later.

Click to expand...

wdcrob said:

A few random thoughts...

With Leaguesafe any owner can log in at any time and see that the money is there.

Additionally, once the season starts you can't do anything with the money even as Commisioner.

As far as Paul/Leaguesafe itself, what's to stop your bank from running off with all your money? At some point it comes down to trust and the possibility of legal action if that trust is broken.

I feel a LOT more comfortable treating Leaguesafe as a bank than I do Eddie in Topeka.

Click to expand...

Ignoratio Elenchi said:

Touchdown There said:

RUSF18 said:

By LeagueSafe saying they are "like an escrow service" it seems like they may have unintentionally (IMO) misrepresented to their customers what they do. I'm not sure where they have deposited all those funds.

Click to expand...

Time for this Paul guy to step in and discuss how the funds are held. What prevents him from pulling the millions out of US Bank in cash and then heading for Latin America...

Click to expand...

Ultimately nothing. That's the point. You either trust the entity you're doing business with, or you don't.

I mean, if Charch comes in here and tells you where the money is, what difference does that make? If you tell me what bank you keep all your money in, that won't stop you from withdrawing it all tomorrow. It would do me no good to know it used to be in an account at Bank of America yesterday if, today, it's in a duffel bag in your car.

That's the big thing I don't get in a lot of these discussions. FDIC insurance doesn't do you any good. Seeing screenshots of bank statements doesn't do you any good. At the end of the day you're giving someone your money and trusting that they'll give it back to you later.

Click to expand...

I'm very proud of LeagueSafe's track record. When we started LeagueSafe in 2008-2009, lots of people in these forums posted assurances that LeagueSafe would steal everyone's money. That LeagueSafe would be out of business in a year or two.

Instead, we've seamlessly paid everyone. We've paid out many millions of dollars, and nobody has been shorted a penny.

Click to expand...

cstu said:

I'm very proud of LeagueSafe's track record. When we started LeagueSafe in 2008-2009, lots of people in these forums posted assurances that LeagueSafe would steal everyone's money. That LeagueSafe would be out of business in a year or two.

Instead, we've seamlessly paid everyone. We've paid out many millions of dollars, and nobody has been shorted a penny.

Click to expand...

Phenoms started in 2008 and seamlessly paid out millions of dollars...until the day the owner decided not to.

Click to expand...

cstu said:

POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

Click to expand...

The site says to 'think of it as escrow for fantasy leagues', but I've seen nothing to indicate a 3rd party is involved.

At the moment I believe Charchian himself has full control of the funds. Waiting to see what he has to say.

Click to expand...

T with T said:

cstu said:

POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

Click to expand...

The site says to 'think of it as escrow for fantasy leagues', but I've seen nothing to indicate a 3rd party is involved.

At the moment I believe Charchian himself has full control of the funds. Waiting to see what he has to say.

Click to expand...

also if you use leaguesafe be prepared to have the IRS involved.

Click to expand...

mozzy84 said:

Stompin said:

I get why companies like LeagueSafe exist, the business model is pretty straight forward. Why you would want someone to act as the middlemen and beneficiary of time/value of your league funds is illogical to me given downside risks. Why not:

* open a high interest online savings account with no fees on minimums and free EFTs

* deposit league fees at beginning of year

* disburse payouts to winners at end of year

* take any interest accrued and use that $12 or so ($100/team in a 12 man league at an APY of 1%) to buy 120 10 cent wings at a playoff party for the league at the end of the season.

Win wins all around.

Click to expand...

and if your playing with a bunch of strangers how does the four things you listed work? some stranger still has to be in charge of the cash don't they? I get what you are saying because I just play in local leagues, but going by the phenoms thread a lot of people play with complete strangers.

Click to expand...

cstu said:

T with T said:

cstu said:

POTA said:

My understanding is that LeagueSafe uses escrow. Which means the money isn't in some bank account that can be debited at will, but is under the control of an attorney / law firm that is a third party and not a LeagueSafe employee (though is probably compensated by LeagueSafe). There is a whole legal structure in place around the concept of escrow.

EDIT: I can't find any mention of "escrow" on the LeagueSafe page but I could -swear- it was mentioned somewhere that LS used escrow. So ultimately, I don't know. I don't use LS and don't know anything about LS other than commercials, Charch plugging it, etc.

Click to expand...

The site says to 'think of it as escrow for fantasy leagues', but I've seen nothing to indicate a 3rd party is involved.

At the moment I believe Charchian himself has full control of the funds. Waiting to see what he has to say.

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also if you use leaguesafe be prepared to have the IRS involved.

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I read about that when LS was sending out Visa cards, but if you get an Amazon card it shouldn't involve the IRS.

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