Neteller Eft Deposit ????

[JGB3]

I requested an EFT to my bank account on the 16th and it hasn't hit yet . Called them yesterday and they said the process for transfers because of the new US legislation will be two weeks from the requested date . Has anyone encountered this yet ?

[Dr. Jack]

Yes, Same with me. It has gone back and fourth from pending to accepted, back to pending. When I spoke to neteller that is what they told me that it would take 2 weeks now since that date when they made the changes

[JGB3]

Originally Posted by Dr. Jack

Yes, Same with me. It has gone back and fourth from pending to accepted, back to pending. When I spoke to neteller that is what they told me that it would take 2 weeks now since that date when they made the changes

I think I'm just going to stick with the gambling on church premises . It seems as though church and state get the free exemptions for legality and morality on this issue . If you can't beat em then F..K IT, Might as well join em . Refilled my Bingo markers last night . I'm buying 1000.00 bucks in specials right out of the gate . Gonna blow those old ladies out of the water when I yell "B.I.N.G.O" !

[Dr. Jack]

Originally Posted by JGB3

I think I'm just going to stick with the gambling on church premises . It seems as though church and state get the free exemptions for legality and morality on this issue . If you can't beat em then F..K IT, Might as well join em . Refilled my Bingo markers last night . I'm buying 1000.00 bucks in specials right out of the gate . Gonna blow those old ladies out of the water when I yell "B.I.N.G.O" !

LMAO - don't let Trossi know

[domafia]

Thanks for the info! Have been sitting on an EFT for a week now as well that I snuck in just before Neteller closed up shop to the US and was starting to worry about it being hung up.

[CecilBrown]

Originally Posted by Dr. Jack

Yes, Same with me. It has gone back and fourth from pending to accepted, back to pending. When I spoke to neteller that is what they told me that it would take 2 weeks now since that date when they made the changes

Thank you Dr. Jack, it is at least somewhat reassuring that you still have faith that you will inevitably be paid. I, on the other hand, have a somewhat more pessimistic view. A week before Neteller went public with their "new policy", I emailed VIP Customer Service and asked them straight out if they were about to pull out of the U.S. market. The response I received catagorically denied the rumor, however, 3 words gave me the distinct impression that the CS rep was not being totally honest... the words were: "...AT THIS TIME". Fire alarms were ringing in my ears as I immediately requested an EFT withdrawl for my entire balance and not long after I received a confirmation email from the Supervisor in the VIP Department which stated that my withdrawl request had been processed and that the funds would hit my bank in 1-2 business days. Like everyone else, I'm still waiting patiently. As you have stated, they are trying to buy time by advising their clients that there will be a 2 week delay. The reason given for the delay: "I am not at liberty to discuss that information". That was the response I got from the VIP CS Rep this morning. I have ALOT of money in my Neteller account and the fact that they have refused to comment on the actual cause for the delay leads me to believe that either the money is not available or they are busy squirreling it away somewhere beyond the reach of Johnny law. If they do take the money and run it may be the catalyst for the ultimate demise of the offshore industry...

[hammink]

Was your money in Neteller itself or in an off-shore gaming site? It was my understanding that US residents could still use Neteller, just not for gaming transactions. If they are holding funds that were not even in a gambling site, that's a little unsettling.

As for the "at this time" thing - it was always Neteller's public stance that they would pull out of the US as soon as the law went into effect (remember there was a 270 day window for compliance). I'm sure those arrests caught Neteller by surprise - if they knew about it, why would the execs have traveled to the US to be arrested???

[CecilBrown]

RE: Neteller

{QUOTE}In the past, it handled funds for online gamblers in the US but it is said to have stopped the practice when tough new laws banned internet gambling in America last October.{UNQUOTE}

[Dr. Jack]

Cecil - I have zero connections with neteller and was only passing on info that they told me. I do share the same concerns with you as you. I also have a decent amount of money there.

Yes I am optimistic by nature. I do not think neteller is trying to steal from us, why would they not have just shut down all together.

They are being pressured by banks and I think that is the issue from it going from 2 days to 2 weeks. I think the operators who are talking to people might not all be in the same page

Unfortunately with what is going on lately the biggest damage is it's inconvenient and not as easy to w/d money quickly. It's frustrating I agree. It's a choice that people havr to make to continue playing.

I also have a decent amount of money on my neteller debit card. I have been using it daily and have not (knock on wood) faced any issues.

I agree with Hammink above. Neteller always was planning on doing this but they were forced to do this before they were fully prepared.

Either way keep us updated on when you get your money

[CecilBrown]

Here is some interesting info I found at the NACHA Website:

First off, who is NACHA...
NACHA is a not-for-profit association that represents more than 11,000 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e-checks, financial electronic data interchange (EDI), international payments, and electronic benefits services (EBS).



OPERATIONS BULLETIN
INTERNET GAMBLING TRANSACTIONS
Through this Operations Bulletin, NACHA calls attention to current laws and
forthcoming regulations that may affect the ACH Network.
On October 13, 2006, the President signed into law the SAFE Port Act1 which,
among other things, contained the Unlawful Internet Gambling Enforcement Act of 2006
(“Internet Gambling Act”). The Internet Gambling Act specifically prohibits some, but
not all, kinds of Internet gambling. In addition, it requires the Department of Treasury
and the Federal Reserve, in consultation with the Department of Justice, to prescribe
regulations to require that designated payment systems and their respective participants
identify and block payments for illegal Internet gambling transactions. The agencies
must issue these regulations within 270 days of the law’s enactment, which is on or
around July 9, 2007.Although NACHA is working with the agencies to determine how the new
regulations will affect the ACH Network, NACHA understands that the Department of
Justice believes that existing federal law prohibits many Internet gambling transactions
and that in many cases the Internet Gambling Act merely restates the current law. For
example, a court has ruled that a sports betting Internet gambling site violated the Wire
Act and enjoined processing payments for that site.2 However, the full scope of any
existing prohibition against Internet gambling, and the processing of payments for
Internet gambling sites, under federal law is unclear and has not been fully tested in the
courts.
Financial institutions should be aware that Internet gambling operations may be
contrary to existing federal or state law. Knowingly originating or processing ACH
entries on behalf of companies that are directly involved in, or companies that facilitate,
illegal Internet gambling involves legal risk for ODFIs and merchant processors.
NACHA reminds financial institutions that (i) they should know their customers
and (ii) they should not be originating for companies doing illegal business. , Also in the case of financial institutions processing entries that are received through a third-party
service provider, the financial institutions should know their customer’s customer.

I just had an mental image in my mind of Steve Martin in "The Jerk" writing the refund checks by hand and putting them in envelopes one-by-one. That may be what it comes down to...

[CecilBrown]

{Quote}As for the "at this time" thing - it was always Neteller's public stance that they would pull out of the US as soon as the law went into effect{Unquote}

Neteller Committed to Staying in the U.S. Market
October 12, 2006


The passage of the Unlawful Internet Gambling Act sent shockwaves through the online poker industry. Reactions ranged from 'the sky is falling' to 'all is well' as the industry analyzed the language of the bill, looking for what the true impact would be.

As time went on, and it became clear that the core emphasis of the bill was to prevent U.S. banks from taking gaming transactions. This fact made the big question – What are Neteller going to do?

Neteller is a company that provides financial transactions between consumers and third party vendors via the Internet. Most people that play poker online have Neteller accounts, and a great portion of the transactions that occur between players and online poker sites occur via Neteller.

Most players have had trouble in the past trying to fund via their banks long before the bill was even introduced to Congress, so Neteller has become a way of life for many online poker players.

So, if U.S. banks are forced via this law to stop taking gaming transactions, companies like Neteller would be a player's only recourse if he or she were to want to continue playing.

It is a great relief to all in the business that Neteller's Executive Vice President of Sales and Marketing Bruce Elliot told an audience of online gaming executives in Barcelona yesterday.

"We are staying in the U.S. I don't think we have a problem."

A PokerNews.com executive who is at the conference confirmed the news, and spoke to another top Neteller executive who confirmed "We are completely committed to the U.S.".

The last two weeks have been a dizzying ride for most people in the online poker business, but the news over the last few days has mostly been positive toward the continued survival of the business. By no means is online poker 'out of the woods' with respect to possible troubling times ahead, but the commitment of Neteller to the U.S. market will put player's minds more at ease

[hammink]

Not long after that, Neteller made it known they would comply with the law. Maybe they didn't make that assessment the day after the law was passed, but it's been known for months that Neteller would eventually pull out.