- Published: Saturday, 12 November 2022 12:23
The policy of racetracks owned by The Stronach Group (1/ST Racing) is that no cash will be accepted by a Paymaster or Horsemen's Bookkeeper office for the purpose of depositing into a horsemen's account. The operation of transactions in and out of horsemen accounts is integral to racing, and as such the following procedures and policy are established for the purpose of compliance with BSA and racetrack policy.
At the company's Maryland tracks, funding of horsemen accounts is limited to: wire transfers, which are credited to an account upon receipt, including electronic bank transfers; check deposits, which have delayed availability with a 3-to-5 business day hold; and purse payouts, which are credited to account receipt.
Regarding checks for established accounts, holds for checks should be disclosed to the account-holder at the time of receipt. Holds for checks $5,000 and under will be 3 business days. Checks exceeding $5,000 will have a hold of 5 business days.
New accounts may have an extended hold placed based on checks exceeding $5,000 but will not exceed a 7-business-day hold period. Exception to the hold policies noted may only be approved by the general manager.
All checks, inclusive of cashier's or official checks, are subject to the hold policies noted unless an exception is specifically approved by the General Manager of Racing. Wire transfers should be posted and made available upon bank confirmation through accounting department procedures.