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Written by Bob Taylor
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Wednesday, 21 January 2009 14:04 |
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In these economically troubling time, who would you trust more with your fantasy league funds -- your commish or a U.S. Bank? Yeah, I know ... tough call. Guess it depends on how well you know your commish. I pose the question because a league I just joined uses a site called LeagueSafe -- which I had previously never heard of -- to collect, hold and pay out league funds over the course of a season. It literally works as a bank for your fantasy league. LeagueSafe promises that, during the season, your funds are secured at one of their FDIC-insured partner banks.
I suppose this makes sense if you're playing in a money league filled with strangers (which is the situation I'm in). With LeagueSafe, you can be sure all managers have paid and that your commissioner hasn't taken your money and bolted for the nearest poker room. Although, the site is a little more complex than it likely needs to be. For example, when you first accept an invite to join a league, you're asked to vote to approve the payout system recommended by the commish. (Options include things like [a] payouts are authorized by the commissioner, [b] payouts are authorized by league vote, etc.) Who knows what kind of hell would break loose if that vote ended in a stalemate?
There are also some minor annoyances with LeagueSafe: Small fees for deposting money at the beginning of the season and withdrawing winnings at the end. Also, the site doesn't play nice with PayPal, meaning I had to deposit my entry fee using a credit card. Still, I know there are leagues out there where a little fiscal transparency would make everyone feel more comfortable. LeagueSafe definitely offers that. Just remember that the U.S. government has never had to bail out your commissioner's mattress.
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