Prepaid ATM is going out of business

Prepaid ATM, which was one of the first online web wallets founded in 2001, has decided to close down. The apparent shutting down has been going on for the past 6 months (since February 2006) and will go entirely offline when all their merchants are paid. The site is currently disabled for members but the customer service team is still in place for emails and phone calls.

Prepaid ATM is based in the state of OHIO in the USA. With all the talk about legislation with online gaming in the US, Prepaid ATM might have been facing legal ramifications for encouraging online gaming. Apparently there are many people who stiffed the company by closing their bank accounts and they had hired a collection agency to collect the debt owed to them.

Several online casinos including Microgaming stopped accepting Prepaid ATM as a deposit option last year and other followed. Prepaid ATM was accused of holding monies owed to merchants and holding more in the reserve for chargebacks than what was originally agreed on. This is all speculation until proven but there have been many discussions on the validity of this information.

If you think you may have any funds with the company, make sure you contact them at 1-866-35-PPATM or email them at customercare@prepaidatm.com immediately.