Neteller's answer to withdrawls

[yoffff]

Well, I got my answer from Netteller today. They say at this time our abblitily to provide US members with withdrawls is significantly reduced. We assure you that restoring withdrawl options for you IS OUR TOP PRIORITY ( I think this to be BULLPOOP) In the meantime your funds continue to be safely maintained in trust on your behalf. UNFORTUNATELY we cannot determine at this time how long it will take to restore withdrawl systems but will advise you of any changes. TOTAL BULLPOOP to me. Be careful everyone. Now I requested an answer from them otherwise I believe I would have never heard from them and this is what I got.

[CecilBrown]

Scientists say that the simplest answer is the most probable.
Perhaps Jaypasco is/was right and they "spent the money". As long as deposits were flowing IN they were able to make payouts but subsequent to the arrests they only allowed the smallest of payouts via ATM until the funds were seemingly exhausted.
They claim that U.S. members may utilize their funds for transfer to over 1000affiliated merchants, however, I can't seem to locate a single one and the "merchant transfer" link on the Neteller website is inoperable.
Neteller has been very quiet and what little statements they have made have turned out to be FALSE.
Will U.S. depositors EVER recover their funds? More importantly, will investors get "smoked" when the stock tanks...

[OldMan]

I am so glad I never used Neteller, but I HOPE all those here that did get their $$$$$$ QUICKLY.

OldMan

[amhlilhaus]

netellers response: f$ck you guys.

[goterps74]

Originally Posted by amhlilhaus

netellers response: f$ck you guys.

basically.. ex customers are now at their mercy. unfortunate situation.

[BoBo]

spoke to an industry insider. every1 will get the money in time

[yoffff]

I got another answer. I told them why don't you just stick a check in the mail like you told me you would it just seems that easy to me. They say they can't because Neteller is not a bank they are just a online E-Money transferring service. They do everything threw a third party processor on all withdrawls and deposits. Well then the Hell with them. Why don't we find out who that third party is and screw Netteller and their high Fees anyway. Besides as someone said in time we will get our money. If that is the case and they don't get it to us in a reasonible time they should pay us interest. That's the way I see it.

[CecilBrown]

Why don't they issue checks? Because they don't have the funds! It's as simple as that...
It was already pointed out by someone in an earlier thread. Neteller is/was not a bank and not subject to regulation and more importantly, not insured. They made money by loaning out (or investing, depending on how you want to look at it) the cash that you and I and everyone else deposited. The practice is known in banking circles as "Fractional Reserve Banking". This theory is reinforced by the fact that as long as Neteller was receiving deposits they were able to process withdrawls, however, when the deposits ceased they no longer had the positive cash flow so they limited members to daily ATM withdrawls until their available cash was exhausted. U.S. members are NOT the only ones experiencing delays, I have heard the only persons to whom service has continued unimpeded are the Canadians. This is likely due to Neteller's location and the fact that they don't want the fraud division of the RCMP breaking their doors down and bringing things to a screeching halt.
Neteller has been rattled and their Management's mishandling of this fiasco will very likely lead to their demise. In the meantime they continue with the song and dance and treat employees to catered lunches. To say it is "unfortunate" is to grossly understate the true nature of the situation!