1) Bidrack.com is a thinly disguised gambling operation, which is illegal in the United States. Although they claim that they are an auction web site, a participant has to purchase bids (chips) for $. 60, less or more depending on additional discount that can be used to bid (gamble) on items, by placing bids on the item. Each bid increases the auction value of the item by $. 01, and extends the time by 10 seconds. When all the participants exhaust their bids or give up, the holder of the last bid wins the item. Many items of interest to most people are retailing for $500.00 to $2000.00, but are usually “won” for around $200 to $300 or more. It becomes quickly obvious that the company (bidrack.com) obtains $18,000 (each dollar is worth 100 x $. 60/bid or $60.00) or more for these items, way out of line for a normal internet auction site like eBay, which normally collects around 20% of the purchase price at most.
Illegal for Chase bank to process transaction for an unregulated internet gambling operation.
3) I have contacted bidrack via e-mail requesting my money back, but was turned down. I have then informed my bank (Chase) that I feel I have been defrauded of my money, as I have not initially realized that this was an illegal gambling operation (bidrack even attempted to hide their real business intent/name by claiming they are “mens/womens clothing stores” according to the Chase statement (print out of transactions) I have received, which is not surprising considering their real illegal intent).
4) I have informed Chase rep that I felt that Chase was at fault by clearly being an accomplice to the illegal gambling operation of bidrack.com by processing their payments (illegal under federal and State of California statues), and that they maybe exposed to lawsuits and potential penalties exacted by Federal Trade Commission.
5) Chase Consumer Claim Department rep said that while he understood what was going on, he could not refund my money since I have agreed to the terms of bidrack.com when I registered with the website (which I did, albeit unknowingly, as I didn't pay attention to their "agreement when I registered).
6) I have stated to the Chase rep that I would be contacting Federal Trade Commission about bidrack.com and Chase Bank illegal activities (I haven't done that yet).
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