|
Who
Owns The Float?
Casino bosses are not shy about telling dealers when they break
the rules; now it's our turn to tell them!
Most casinos in the last several years have
switched from cash envelopes to depositing toke money with the
cage daily on its way to payroll and eventually, our paychecks.
But what happens to the interest earned on this money while it
waits for payday? And, how much money are we talking about anyway?
Surely, it is not enough for you to arrange a
retirement party next week, but nevertheless, it is still your
money, not the casino's. If hypothetically, you worked in a casino
with 375 dealers and your toke average was $125/day, and you
assume a 7% annual interest rate, the interest on the float for
one year would be $24,898.12. Again, it's not an earth-shaking
amount, but it's still your money and when someone takes it they
are committing a wrongful act.
Black's Law Dictionary defines
"float" as money that has been credited to the
depositor's (the casino's) bank account, but not yet debited to
the drawer's (the dealer's) account. It further defines the
wrongful practice of taking advantage of the float as
"kiting," a criminal endeavor. Remember, it's your
money!
by Jack Lipsman
(Back
to Index)
|
