Neteller to return all US funds in 75 days

[BoBo]

LONDON, March 21 (Reuters) - British payment processor NETeller (NLR.L: Quote, Profile , Research) said on Wednesday it expected to announce a plan to distribute funds seized by U.S. prosecutors to its U.S. customers within the next 75 days.

NETeller quit the United States in January, abandoning 65 percent of its business, after authorities there arrested its two founders in a crackdown on online gaming.

A month later, NETeller said U.S. prosecutors had seized funds, stopping U.S. customers from accessing their money.

The firm said on Wednesday it had signed agreements with the United States Attorney's Office for the Southern District of New York (USAO) and consulting group Navigant Consulting Inc to outline terms and a timeline under which it would work towards distributing funds to its U.S. customers.

"Per the agreements, the group anticipates that within the next 75 days it will announce a plan by which the funds will be distributed to U.S. customers," NETeller said in a statement.

The firm said in February that the amount of funds seized by the USAO or otherwise restricted by third parties did not exceed $55 million.

The legality of Internet gambling in the United States was ambiguous for many years, but it was effectively banned last October when U.S. President George W. Bush signed legislation outlawing gaming financial transactions.

The big UK stock market-listed companies pulled out just ahead of the ban, although some privately owned Web sites such as Bodog.com and Pokerstars continued to take wagers through payment processors.

NETeller requested its shares be suspended in January, after its Canadian founders, Stephen Lawrence and John Lefebvre, were charged with handling billions of dollars in illegal gambling proceeds.

[dave nz]

Sounds promising

[Dr. Jack]

Certainly a step in the right direction

[domafia]

Not doing jumping jacks in glee over the timing (3 more months before they even lift a finger to return our money), but certainly welcome news anyway.

[Dr. Jack]

I kind of was looking forward to seeing you do jumping jacks. damn. lol

[CecilBrown]

Apparently Neteller will have accumulated enough interest from the U.S. depositors witholdings by mid-June to pay their fines and fees...

[T100]

Originally Posted by CecilBrown

Apparently Neteller will have accumulated enough interest from the U.S. depositors witholdings by mid-June to pay their fines and fees...

Man, you are one negative dude.

Neteller has done nothing but help you transfer your money safely to Online accs without the worry of them having your full banking info. Their payouts and deposits were/are always prompt. Their C/S very helpful, top of the line as compared to the books that we deal with.
They get shut down by YOUR DOJ and YOUR FUNDS/ACCs seized by YOUR DOJ and all you can do is kick them/neteller while their down.
Now I realize that your probably pissed that your $$$ is locked down and inacessable but this is NOT netellers fault, try venting against the DOJ, that idiot FRIST and whomever else was involved in ****ing up a good thing

I have been reading your rants since all this went down and I cant find anything positive you had to say about neteller, nor can I find anything negative you had to say about YOUR OWN government that started all this shit.

Grow some balls and put the blame where it belongs.

[hammink]

No need for the harsh tone T100 but...

I'm still trying to figure out what Neteller did wrong also. I see tons of people saying they will never use Neteller again and those people seem intelligent. So what exactly did Neteller do besides get completely screwed over by the DOJ and have their hands completely tied?

[hammink]

Are people implying Neteller did not have the funds to cover all the requested payouts? Because if that's the case then I understand.

[skippy]

A lot of things can happen in 75 days.

[yoffff]

Originally Posted by hammink

Are people implying Neteller did not have the funds to cover all the requested payouts? Because if that's the case then I understand.

I tried to get my money out of Neteller the Friday before they announced they would not take US monies anymore but they locked up my money so I could not get it or deposit it with a book. Why? In 75 days days they will annouce a plan which means it could be another 75 days before they get the money flowing if at all. I know Neteller didn't put themselves in this postion but everyone should know that the longer they hold our money the better their financial bottom line will look. They hold your money as long as they can. In this case it is prefect for Neteller because they no longer have to please us by getting our money back fast because we will no longer be their customers. So I agree with Cecil Brown Neteller is not interested in pleasing US customers because we no longer are.

[amhlilhaus]

while I share your anger at our money being held, I think you forget the old adage, 'one bird in the hand is better than two in a bush'. I frankly want my money now, but if I have to wait to get it, rather than not knowing I'm getting is just a small price I have to pay to get my money back. and I agree with you, 75 days from now they'll announce a graduated 6 month dispersal to it's us customers.

[hammink]

Originally Posted by yoffff

I know Neteller didn't put themselves in this postion but everyone should know that the longer they hold our money the better their financial bottom line will look. They hold your money as long as they can.

But that's the thing... the DOJ "seized" the funds. So supposedly Neteller doesn't have the money at all. They can't make interest off money they don't have. So, what exactly did they do wrong?

[yoffff]

Originally Posted by hammink

But that's the thing... the DOJ "seized" the funds. So supposedly Neteller doesn't have the money at all. They can't make interest off money they don't have. So, what exactly did they do wrong?

Did you read what I said? I got out before they announced but I still did not get my money

[CecilBrown]

Originally Posted by T100

Man, you are one negative dude.

Neteller has done nothing but help you transfer your money safely to Online accs without the worry of them having your full banking info. Their payouts and deposits were/are always prompt. Their C/S very helpful, top of the line as compared to the books that we deal with.
They get shut down by YOUR DOJ and YOUR FUNDS/ACCs seized by YOUR DOJ and all you can do is kick them/neteller while their down.
Now I realize that your probably pissed that your $$$ is locked down and inacessable but this is NOT netellers fault, try venting against the DOJ, that idiot FRIST and whomever else was involved in ****ing up a good thing

I have been reading your rants since all this went down and I cant find anything positive you had to say about neteller, nor can I find anything negative you had to say about YOUR OWN government that started all this shit.

Grow some balls and put the blame where it belongs.

Interesting that you suggest that I "grow Balls"... especially in light of Neteller's propensity to roll over on their bellies!

BTW, here's a recent press release from NT's website, looks like they're leaving the Canucks hanging as well...

Cessation of Canadian transfers to gambling merchants: the Group will cease processing online gambling related transactions for Canada-resident customers with effect from 12.01 AM MST Monday 9 April 2007