NETELLER WITHDRAWAL

[pic6vic]

Just thought I would start a new thread to keep everyone updates. here is the latest from Neteller. Not sure when anyone will get their money.

here it is

At this time, our ability to provide US members with withdrawals is significantly reduced. We assure you that restoring withdrawal options for you is our top priority. In the meantime, your funds continue to be safely maintained in trust on your behalf.

Unfortunately, we cannot determine how long it will take to restore our withdrawal systems, but will advise you of any changes at updates.neteller.com.

If you would like to withdraw your funds via cheque, please be aware that NETELLER can no longer process Express Cheque deliveries and cheques sent via Standard Mail may take up to 6-8 weeks to be delivered

All US members and non-US members will continue to be able to use their NETELLER e-wallet account for safe online transfers to and from non-gambling merchants and secure peer-to-peer transfers with friends and family around the world.

Please continue to visit our US Member Update at http://updates.neteller.com for the latest information about NETELLER and its service to US members

Kind Regards,


Anji Neilson

Account Representative

VIP Member Services

Phone: 1.877.288.4545
Fax: 1.877.384.7329

NETELLER

[Jeff P]

Neteller Press Release 02/08/2007
http://www.neteller-group.com/press/en/124.htm

Following upon the complaints dated 16 January 2007, banks in the US began declining to permit transactions involving the Group through accounts maintained at one or more automated clearinghouses in the United States. Additionally, the Group has been advised that the USAO has obtained court-ordered seizure warrants seizing funds pertaining to the Group’s transactions. To the best of the Group’s knowledge, it believes that the amount of funds seized by the USAO or otherwise restricted by third parties does not exceed US$ 55 million. These funds were largely in the process of being transferred from the Group to its US customers or vice versa.

So our government seized funds in transit while Neteller was actually trying to repay us and convinced our banking system to refuse to do business with Neteller. To me that's newsworthy. The people running Neteller are idiots. Instead of making their customer support people lie to us by saying "it's only a volume backlog" or "it's just a technical problem" you'd think they'd have had them telling the truth. "Look, we WANT to pay you but your own government won't let us."

The discussions between the Group’s legal advisers and the USAO are ongoing. The Group is, under advice of its legal advisers, commencing production of documents and intends to cooperate with the USAO in its investigation.

I'd bet those "documents" are going to end up in the hands of the IRS. News flash Barbie: Pay your taxes.

...the Group pledged to cooperate with the USAO, indicated it was prepared to begin document production promptly and discussed a potential mechanism for arranging an orderly repayment of funds to US customers.

I kind of like this last part.




-jp

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[Robert Fischer]

They break the law - and make millions doing it! Now they have a deal to hold the money!

"safely maintain". Does that mean they can continue to invest, collect interest and borrow off of it ??

Not to make light of another bad situation for the racing customer. I do know that "safely maintain" does not mean we will get interest on the money!

I also feel bad for those who do not gamble and simply used NT as a third-party to fund activities that face no such legal scrutiny.
I am lucky to have gotten out when I did.

[Topcat]

How convenient for Neteller. The interest on the funds they have tied up is a nice tiddy profit for them-if they had sent out checks via regular mail (as they acknowledge they can do) on 1/15 or shortly thereafter the refunds would be on there way and everyone would probably have their money by the end of February. Instead they have done nothing but sit on the money, and collect the interest. There is really no incentive for them to do anything and I believe they are milking this.

[PlanB]

OK, the worst scenario is that all NeTellers got screwed. And it looks that way to me. Sorry guys. Why can't we all live on the strip in Vegas?

[Jeff P]

FINALLY... some good news:
http://www.neteller-group.com/press/en/126.htm



-jp

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[open_question]

Thanks for the updates

[pic6vic]

I don't expect for them to begin sending out the money for at least 4 months

[toetoe]

Vic,

Thanks for your solicitousness (solicitosity? ).

Plamby,

I DO live on the strip. I expect you and La Belle Solange to look me up next time you go Vegan. Say, does Solange have a friend, preferably named Chantal or Babette? (Cue Vic Stauffer ... YES !!!) No offense. After all, I'm only 6'1" and 200 pounds. I'm all talk. (ya THINK?!?)

Hey, let's have a Las Vegas version of the Saratoga bash, for the Westcoasters.

[Jeff P]

6/4/2007 Neteller Press Release
http://www.neteller-group.com/press/en/130.htm

6/4/2007 Update to US Members FAQ Page
http://content.neteller.com/content/...supdate_us.htm


Fingers crossed that this works out in the end...


-jp

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[Jeff P]

Second Neteller founder reaches plea agreement
http://business.scotsman.com/latest.cfm?id=1078622007

Last month, Britain's NETeller said it agreed to a plan for U.S. customers to access their money for the first time since the online payment processor's U.S. funds were frozen in February.

Neteller's next press release is scheduled for this coming Friday.



-jp

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[gIracing]

the funds if I am not mistaken were held up as evidence in the federal case against the founder.

that's exactly why when the non us bans hit, i didn't even attempt.... just find you a darn us based account and be done with it. The federal goverment doesn't have to explain why they do what they do (trust me, I know all too well)

[betovernetcapper]

For me this represents the true danger in betting with quasi legal off shores, not getting paid. I find the game tough enough without the threat of my funds being confiscated or my AWD vanishing.
Hey PlanB-welcome back.

[trying2win]

One of the quotes from that article says:

"NETELLER customers not resident in the US continue to be minimally affected by the withdrawal from the US market".

--I'm a Canadian resident and that has not been my experience with NETELLER in the last while, when I tried to withdraw some funds from one of my betting accounts online recently.

T2W

[Jeff P]

Neteller Press Release 7/13/2007
http://www.neteller-group.com/press/en/134.htm

More delays...

As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.

-jp

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