Warning Neteller Money May No Longer be Safe

[donkey69]

Just a warning to all those using Neteller for funding poker accounts, your money may no longer be in safe hands.

Neteller is not a bank and is not subject to the stringent regulatory requirements banks are. Therefore the safety of your funds held in Neteller depended on the bank that is standing behind Neteller. I think it used to be the Royal Bank of Scotland or some other top tier bank. Consequently your money was relatively safe. A top tier bank would impose stringent conditions on Neteller in order preserve its reputation.

The interesting thing is that Neteller used to publicly advertise how safe your money was because it was backed by a top tier bank. Now they refuse to state the bank standing behind it. I contacted live support. Called the Processing Team. Called security. All refused to divulge the information. Some told me they didnt know. Others said they knew but it was confidential information.

How dare they? They take our money and refuse to tell us where its kept. The only logical conclusion we can draw from this drastic change of policy is "The new bank isnt a very reputable one".

Keeping a bare minimum in Neteller would be a wise decision. Our money may no longer be safe.

[Beavis68]

I am pretty sure it is Barclays.

[donkey69]

It may have been Barclays. Thats not the issue. The issue is that they used to advertise the bank where the trust funds are kept. Now they refuse to tell anyone. You can draw your own conclusions as to reason for the change in policy. Yeah conclusions are all bad ones.

[AAAA]

well, one conclusion is that they don't want to draw attention to it, but i suppose anyone who wanted to attack them could find out.

p.s. i signed up for epassporte and am waiting for the small deposits to clear. so i agree about not depending on neteller as much as i had.

[Sniper]

donkey are you really this clueless???

Neteller is a publically traded company that is authorized to do business by the UK FSA.

Further, their business is so profitable that worrying about their running off with your money would be pretty silly!

[Broken Glass Can]

They would lose all their business worldwide if they stole money from Americans. You don't think the news of this would spread like wildfire? You can only successfully execute a massive public fraud once, and then you have to fold up your tent.

[I_C_ALL]

If its Barclays (huge bank), one of Barclay's stipulations could have been not disclose they are handling transactions for Neteller. Don't know if you've been paying attention, but gambling and sites that promote/provide/support gambling have turned into four letter words.

I would still advocate making other plans, but I have little fear of Neteller running off with my funds and I think I have greater exposure than most. If I find time, I'll comb through their financial disclosures... Its probably in there somewhere.

[boondoggle]

This post depicts the low quality of thinking which populates the 2+2 boards. The boards are made up of 95% idiots.

cheers
Boon

--(2+2) + idiots = 2-2

[4_2_it]

I feel dumber after reading this. I am locking it so others may be spared.