Neteller UPDATE (the plot thickens...)

[CecilBrown]

This horse ain't dead yet!


01.24.2007 (08:22 PM CST)
Neteller Electronic Funds Transfers (ACHs) delayed until at least the last week of February for U.S. residents. The e-wallet is currently telling players they must wait 4 to 6 weeks for EFTs. Sportsbooks with Neteller merchant accounts have also been told they must wait a minimum of 4 weeks to redeem their funds in full. Neteller is encouraging U.S. residents who hold a Neteller debit card to withdraw the daily limit. Players report the payout method is currently functioning normally

[CecilBrown]

Can anyone please explain to me why Neteller cannot just start issuing checks drawn on the funds in their Banks in Canada?

[jaypasco]

they dont have the money, they spent most of it

[CecilBrown]

Originally Posted by jaypasco

they dont have the money, they spent most of it

SPENT??? Granted their stock is now worthless, but considering they had
$5.1 billion in revenue in the first half of 2006 I find that hard to swallow... if anything, they're squirreling away a "legal fund" right now!

[CecilBrown]

Latest Update: Neteller ATM no longer available for withdrawls.
However, you can use YOUR funds to transfer to any of "thousands" of nongambling merchants... funny I can't seem to locate a single ONE!

Latest Rumor That Makes Sense: Pinny was aware of the pending arrests of the founders of Neteller, that's why they exited the week prior. The FBI had them by the balls so they flipped and voluntarily withdrew and are likely confidential informants in the investigation.

[goterps74]

Originally Posted by CecilBrown

Latest Update: Neteller ATM no longer available for withdrawls.
However, you can use YOUR funds to transfer to any of "thousands" of nongambling merchants... funny I can't seem to locate a single ONE!

Latest Rumor That Makes Sense: Pinny was aware of the pending arrests of the founders of Neteller, that's why they exited the week prior. The FBI had them by the balls so they flipped and voluntarily withdrew and are likely confidential informants in the investigation.

The latest cappersmall rumor is this.. If u change your avatar, u will get your money via check.

[jaypasco]

....

[Wes Fisher]

Neteller says they are still open to US Accounts, you just can't send $ to gambling sites, so they haven't stopped completely to US residents. That's something anyway.

[CecilBrown]

Originally Posted by Wes Fisher

Neteller says they are still open to US Accounts, you just can't send $ to gambling sites, so they haven't stopped completely to US residents. That's something anyway.

Open? Go to the website and click on the transfer to merchant link. It's a dead link! They are collecting tons of interest on that cash and will continue to do so. I am amazed that they can openly defraud consumers for billions of dollars and nothing can be done. Eventually, in about 5-10 years (or so) you may be able to recover via a judgement, but by then the lawyers will have taken their cut so whats the point, you will get pennys back on the dollar...

[johnny1212]

I have about 14 dimes still in neteller plus about 8 dimes on my gold card. As of this morning I can still get my money out of my gold card but I guess I can't transfer anymore to the card. Crossing my fingers it will all work out

[CecilBrown]

I keep hearing about Neteller's "non-gaming" transactions for U.S. members, can someone please enlighten me.

Neteller appears to be waiting until Feb. 14th at which time the preliminary hearing will take place for what is now being referred to in financial circles as the Neteller2. These guys no doubt knew this was on the horizon having unloaded 25% of their personal Neteller shares in the weeks prior to their arrests. I think Neteller is relying heavily on the issue of jurisdiction, why else would Neteller set-up shop in Canada and the UK (including the Isle of Man) with a view to being party to a conspiracy to launder money?

The latest Money Laundering Threat Assessment (December 2005) released by the US Department of Treasury on 11th January 2006 states, on page 27, that:

“… Many online payment systems are based outside the United States and are not subject to U.S. jurisdiction. Some online payment systems may be licensed in one country and maintain operations (including staff, computer systems, and customers) in various other countries without a physical retail presence anywhere. Determining which legal entity has jurisdiction for regulatory and enforcement purposes can be challenging. …”

[CecilBrown]

Ahh hell, my money is being held hostage and there's nothing I can do about it.
Looks like it's time to find a new hobby

[amhlilhaus]

I guess I'm lucky, if I don't get my money it won't kill me, just wish I'd have had my book send me a check instead.