PIC-Club is an American payment processor that has been around since April of 2007. Although the major sites such as Poker Stars and Full Tilt have yet to embrace PIC-Club, they are becoming a popular deposit and withdrawal method at many of the medium and small sites that accept Americans. They maintain that their method of payment processing for poker rooms removes them out of the gray area for other processors and makes them 100% legal in every state except Louisiana, Illinois and Washington.
To deposit to Pic-Club you must use one of the following methods: Visa, Mastercard, Discover, American Express, Diners Club International, JCB, Money Transfer, MoneyGram, e-Gold or online bank transfer. Credit Card deposits will incur a 5% fee and all other methods are free. Once players have deposited into PIC-Club, they are able to deposit and withdraw from poker rooms that accept PIC-Club. There are no fees to withdraw back and forth from poker sites and most of these transfers will be instant.
Players will have two accounts at PIC Club. The first account (referred to as ASA or "Available Share Account") has "shares" in PIC-Club at a rate of 1 share per $1 deposited and is the account that is used to deposit and withdraw into poker sites. This account works like a traditional e-wallet. The second account is referred to as CSA ( or "Common Share Account"), which is a growth account that can be accessed once per year. Players may withdraw once from this account at the end of the year. $1 from each deposit into PIC-Club from an original source (for example credit card) is placed in the account to secure players' membership and PIC-Club's legal status. Players can invest more funds directly into their CSA but those transactions must go through PIC-Club account managers. Players can earn interest on their CSA account.
When withdrawing from PIC-Club, you will incur withdrawal fees with certain methods. Checks are free, express check is $25, wire transfer is $45, certified check is $15 and money order is $15. For a Money Transfer, fees will be levied by them. Withdrawals are limited to 2 per week totaling no more than $2500. Most of these options claim to withdraw 3-5 days after processing is completed and within 15 business days of the initial request. Minimum withdrawal is $50.
