NETeller re-opening Canadian accounts closed due to P2P

[xpanda]

My account was closed last night for processing P2P transactions. I was told it would take 4-5 business days to re-certify my account. I sent in my ID and other docs at around 2pm this afternoon, and my account was re-opened sometime in the past four hours. Quick.

While I know this doesn't help any Americans get their money out, it bodes well on the whole that NETeller is still servicing non-US clients and allowing the release of funds orginating from US clients.

Also, I posted this in another thread that might bring some peace of mind. It makes sense, and is consistent with everything that we are seeing so far:

I have heard (and this is fully heresay, third party stuff) that NETeller has voluntarily suspended all US transactions precisely because they are not yet under indictment. And they don't want to be.

Apparently - again, this is just third party so I can't verify a thing - NETeller is awaiting a green light from the DoJ that they won't be charged with money laundering if they move the funds. Because if that happens, ALL of their assets could be seized, and NETeller would end up screwing ALL of its customers.

In other words, all of this is to protect its non-US business. This means that NETeller is trying to remain viable, a positive sign.

Again, this makes sense to me ... and it supports what I've been told regarding the reasons for putting the kaibosh on P2P transfers.

Based on what I know of UK regulatory issues, I can't imagine that all funds are outright stolen. Stalled and in limbo and subject to very very poor public relations, yes. But stolen? I doubt that.

 

[nimue77]

I'd feel better if I couldve p2ped you too! This is no consolation.

My account was closed last night for processing P2P transactions. I was told it would take 4-5 business days to re-certify my account. I sent in my ID and other docs at around 2pm this afternoon, and my account was re-opened sometime in the past four hours. Quick.

While I know this doesn't help any Americans get their money out, it bodes well on the whole that NETeller is still servicing non-US clients and allowing the release of funds orginating from US clients.

Also, I posted this in another thread that might bring some peace of mind. It makes sense, and is consistent with everything that we are seeing so far:

 

[xpanda]

Nimue, again I realise this doesn't do anything to release your funds, but at least it goes to disprove the theory that NETeller is stealing from everyone.

It's not 100% perfect news, I know, but it's better than the alternative if these Canadian accounts were not re-opened.

 

[Pitumbo]

thanks for the update xpanda

i am glad you have access to your funds...the fewer people who get hurt by neteller, the better.

 

[dave2007]

Based on what I know of UK regulatory issues, I can't imagine that all of our funds are outright stolen. Stalled and in limbo and subject to very very poor public relations, yes. But stolen? I doubt that.

Then how do you explain the article in USA Today saying "Funds from Neteller are being held in court as potential evidence. Some customers may get their money back." It sounds like funds have been stolen. What are your thoughts on this xpanda?

 

[JimMorrison]

Then how do you explain the article in USA Today saying "Funds from Neteller are being held in court as potential evidence. Some customers may get their money back." It sounds like funds have been stolen. What are your thoughts on this xpanda?

Uh if they are being held by the court then how are they stolen?

 

[X-Files]

Then how do you explain the article in USA Today saying "Funds from Neteller are being held in court as potential evidence. Some customers may get their money back." It sounds like funds have been stolen. What are your thoughts on this xpanda?

Might the article refer to the accounts of those with addresses in the
USA? This thread is speaking of Canadian accounts. Apples & oranges? ;

 

[dave2007]

Sorry, I was talking about the funds of US residents. The article implies that those funds are being held and the court will decide what to do with them.

 

[X-Files]

Sorry, I was talking about the funds of US residents. The article implies that those funds are being held and the court will decide what to do with them.

According to Neteller they, not the courts, have them in trust.
Who to believe? The unsolved mysteries.

 

[Woody0]

Then how do you explain the article in USA Today saying "Funds from Neteller are being held in court as potential evidence. Some customers may get their money back." It sounds like funds have been stolen. What are your thoughts on this xpanda?

The only substantial amount of US funds that could be "held in court" are EFT transfers to US clients that NETeller initated and were not completed due to being seized by the Feds in connection with the Lawrence/Lefebvre case. This is merely speculation. Alternatively they might be the less than $200 involving CW, the co-operating witness named in the indictment.

Bottom line is it seems very unlikely that the Feds currently have much in escrow to affect the 110% of client funds that NETeller has to maintain in trust.

The DOJ is waging a campaign of fear and "some customers may get their money back" is part of that campaign. Your inability to get your money from NETeller is entirely due to the DOJ and not NETeller.

Neil Donovan can be reached at 212-384-2715 if you have any queries.

 

[sd2]

The USA Today article was poorly researched and written. Cryptic, self-contradictory statements.

 

[xpanda]

The article also leaves the impression that NETeller itself has been indicted, when in fact it has not.

How could the FEDS confiscate NETeller's funds when they're not under indictment? And how could the Feds confiscate funds that aren't within US jurisdiction? I doubt NETeller's 110% in trust are kept in US banks.

I agree with Woody. It's probably just a peacocking DoJ and/or FBI trying to scare the public.

 

[Scorpion63]

if neteller was a decent company and wasnt trying their best to steal money from their US clients then they would release an official statement to let us know WTF is going on! They read these forum and know how worried some of us are

**** neteller

All the non us people who still keep alot in neteller are STUPID!

Take your money out of this shit place now!

regards

 

[Scorpion63]

Xpanda, I need to get a canadian photo ID(not a driverlicense), how can I do this in MOntreal?

 

[SENDITIN]

The "trust" accounts are held in the Isle of Man per their financial statements. Also if the feds were holding any EFT's why was Neteller allowing you to cancel them?

 

[tgbn]

All the non us people who still keep alot in neteller are STUPID!

Take your money out of this shit place now!

regards

Just did

 

[Chispa]

The USA Today article was poorly researched and written. Cryptic, self-contradictory statements.

Agreed. Posters here could have done a better job.

 

[marc]

If Neteller wanted to pay us the could. OSme people have opened foreign accounts, and asked Neteller to wire the funds in any currency to thier foriegn bank account. Neteller refused. People are offering to fly out to the isle of man to pick up a check, but Neteller won't pay. People are willing to do whaever it takes to keep all the transactions outside of US soil, but Neteller still won't pay.

I agree that Neteller is waiting for assurances from the DOJ before they pay. But I don't think their fear is the funds could be siezed. I think Neteller is trying to use us as leverage. Neteller's attorney's are proabaly telling the DOJ "c'mon, lets cut a deal so we can get your citizens paid."

One thing to remember is that in the BOS case, the DOJ didn't tell BOS to ahndover all thier assets. Instead they told BOS to pay all thier customers. While non of us have been paid, I doubt the DOJ is trying to prevent us from getting our money

 

[beenlosing4ever]

"Some people have opened foreign accounts, and asked Neteller to wire the funds in any currency to thier foriegn bank account."

Are you saying that going to another country and changing your address with Neteller is not even an option?

 

[Anti-liberal]

"Some people have opened foreign accounts, and asked Neteller to wire the funds in any currency to thier foriegn bank account."

Are you saying that going to another country and changing your address with Neteller is not even an option?

Call them and ask, but I'm almost sure that it wouldn't work. They probably won't let you change your address to a non-U.S. location.