Call me Pollyanna - but I've read the independent accountant's review of Neteller for the past few years. [Yes, I am that into following this story.] One of the ways Neteller makes money is from interest they earn on money that is in trust accounts that they are holding for individuals or merchants while awaiting instruction on withdrawls or transfers.
I believe that the money's there. But they're cashing out what is at least 70% of their clients. As of June 2005 - they had 1.75 million members. So that's 1,225,000 accounts to settle! Friggin' impossible to do that overnight.
I believe that the money's there. But they're cashing out what is at least 70% of their clients. As of June 2005 - they had 1.75 million members. So that's 1,225,000 accounts to settle! Friggin' impossible to do that overnight.
I've got news for you guys. Their EFT server is not overloaded.
Hundreds of millions of EFTs are processed around the world. These are not input manually.
The server can handle an endless number.
They either have their money tied up in investments, they like the debit card fees and interest (at $1000/day) or their EFT processor(s) have said no more US.
Sean
Hundreds of millions of EFTs are processed around the world. These are not input manually.
The server can handle an endless number.
They either have their money tied up in investments, they like the debit card fees and interest (at $1000/day) or their EFT processor(s) have said no more US.
Sean
Helmut, you are a much better capper than worrier.
Neteller's money is not gone. They are regulated. Additionally they never had any risk.
When they went public (From their AUDITED prospectus) they were sitting on $150,000,000 in profit cash in addition to 110% of their account values.
I can't tell you why neteller is taking a while - see above possibilities, but it is not due to lack of money.
Sean
Neteller's money is not gone. They are regulated. Additionally they never had any risk.
When they went public (From their AUDITED prospectus) they were sitting on $150,000,000 in profit cash in addition to 110% of their account values.
I can't tell you why neteller is taking a while - see above possibilities, but it is not due to lack of money.
Sean
I agree.
Neteller needs to get a PR person to jump in and handle this. Without credible assurances about payment and some better explaination for slow payment than "circumstances beyond our control" [see their website] they are screwing themselves with regard to future non-US business and stock value.
I think the independent audits prove that the money's there - but they're managing this withdrawl from the US market poorly - both to the detriment of US clients and to their own detriment.
Neteller needs to get a PR person to jump in and handle this. Without credible assurances about payment and some better explaination for slow payment than "circumstances beyond our control" [see their website] they are screwing themselves with regard to future non-US business and stock value.
I think the independent audits prove that the money's there - but they're managing this withdrawl from the US market poorly - both to the detriment of US clients and to their own detriment.
Maybe they need a little time to determine if they are legally obligated to pay back U.S. customers. Maybe they would like to hold on to American deposits to deal with potential lawsuits or just to fund their golden parachutes. If Neteller activities are found to be unlawful by a court ruling, then maybe that means all bets are off, and Neteller thinks they can stiff everyone because no one will legally go to bat for the hapless American-based Neteller customers who lost their deposits. I'll tell you this, they are using this time they've bought for themselves to figure something out...and it HAS to be how they are going to handle the massive amount of cash they are sitting on at the moment. Neteller is sitting on an amount of cash that this company is unlikely to see again or at least not for a very long time. They might be hesitant to part ways with the cash at this point, unless legally forced to do so.
I applied for a card after the shit hit the fan. Received the Neteller Card in the mail today (after being forwarded from my previous address).
I called Neteller and had them cancel my pending EFT's. Then you go back into your account and withdraw the amount (max $1000 per day
hno: ) to your card.
I'm heading out to the ATM machine to see if the final stage works out!
I called Neteller and had them cancel my pending EFT's. Then you go back into your account and withdraw the amount (max $1000 per day
hno: ) to your card.I'm heading out to the ATM machine to see if the final stage works out!
Anti-liberal said:
But if they stiff Americans, won't that kill the rest of their business? There other customers are gonna know and who's going to continue to do business with an outfit that has no qualms with stiffing their customers? If they plan to continue as an ongoing concern, then they cannot outright stiff.
D2bets said:
Maybe Neteller is unraveling. Neteller isn't immune from failure and they could easily go bankrupt. I think they're very suspect for anyone in the world to do business with at the moment.
We're on the outside looking in and it's uncertain as to what's going on behind the scenes. The one fact we do have is that a large majority of American Neteller customers are getting slow paid, if paid at all.
All the above, without exception, is speculation. Guessmaking. Rumors. Hearsay.
IE, garbage.
Rummaging through trash can be interesting, even fun, but in the end you're not going to feed yourself with stale and possibly toxic leftovers.
Here's the big Q: is there one single media out there, just ONE, print or electronic, that deals in facts re offshore gaming? Not speculation . . . and not TOW, a wannabe, surely not the birdhead "across the street" . . .
Corporate investors have the Wall St Journal, Barron's, dozens others. But the millions of online bettors have only self-consuming speculations to satisfy a real hunger . . .
IE, garbage.
Rummaging through trash can be interesting, even fun, but in the end you're not going to feed yourself with stale and possibly toxic leftovers.
Here's the big Q: is there one single media out there, just ONE, print or electronic, that deals in facts re offshore gaming? Not speculation . . . and not TOW, a wannabe, surely not the birdhead "across the street" . . .
Corporate investors have the Wall St Journal, Barron's, dozens others. But the millions of online bettors have only self-consuming speculations to satisfy a real hunger . . .
