[Billman]

[ QUOTE ]


Actually, these assurances should be able to stop Neteller from "taking" everyone's money. For the moment, our money is not accessible, and for this I am displeased. But there are supposedly means within the UK banking regulations for petition of grievances and remedy.

Similarly, if a bank in the USA says "we can't let you withdraw your money right now," you have means through the government ofr a remedy. It may not get fixed in a short time, but it is highly likely you will get your money returned. I don't think it a stretch to call it a scam if either the company or FTP is aware that what just happened with Neteller is likely to happen to MyWebATM as soon as they become big enough to attract some attention.

None of this may be perfect, and the outcome may still be very bad for those with money still in Neteller.

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Actually, there are two issues. First is whether or not it's a scam. A scam implies that there is never any attempt to provide the service and to either make off with any funds you deposit or to use the collected information in order to defraud you.

The second part is whether or not this is a scam in the sense that these guys have solved none of the problems that have resulted in other payment processors being shut down. Read up on it a bit and it's the same ACH/EFT and credit card funding methods that haven been shut down recently. And when they get blocked it's likely to be much more difficult to get your money back than it is from Neteller who is at least regulated.

So when someone says that this is a "safe and secure" method to transfer funds you really need to ask for a definition of safe and secure. With the current legal climate I think a valid question to ask any processor would be what their damage control plan is when their access to the ACH/EFT networks is cut off. How are users going to access their funds when the Cirrus network cuts them off. If they don't have answers to those questions then, IMHO, your money is anything but safe and secure.