Neteller up. New Terms of Service

[curious123]

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No Probs with Neteller here. Cashouts and deposits works for me (Germany).

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But did you have to agree to the new T&Cs?

[Dunkman]

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14.1 At our discretion, we may suspend or limit access to your Account (including without limitation, placing a hold on funds in your Account, limiting your ability to send or redeem, transfer or withdraw electronic money from your Account, limiting your payment sources) or terminate your Account, at any time and for any reason, including but not limited to the following:

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3.1 You acknowledge that (i) NETELLER is not a bank; (ii) Accounts are not insured by any government agency; (iii) NETELLER does not act as a trustee, fiduciary or escrow holder in respect of balances in your Account; and (iv) NETELLER does not pay you interest on any balances in your Account.

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Do these statements mean that they can "steal" any money that you have in your account?

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These look like pretty standard TOS statements to me, the one about making sure it's legal in your area is the only one that looks odd.

[breaktwister]

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If neteller is doing something the US government deems illegal, these T&C's won't get them off the hook UNLESS the customer lies about residency.

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Yeah you're right. I'm just friggin' tired. I edited my post, it should have read that the clause does NOT indemnify Neteller from Federal laws.

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Ahhh- Neteller dont actually give a stuff about any Federal laws. Why should they? They are not an US company and any US laws do not directly apply to them.

[curious123]

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Ahhh- Neteller dont actually give a stuff about any Federal laws. Why should they? They are not an US company and any US laws do not directly apply to them.

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Thanks for your opinion, but they didn't seem to find it so clear according to the statement they released to investors.

[breaktwister]

Dunkman - you will find this disclaimer on all gaming websites products or I would guess any relate industry. It is simply to cover their back in the event that Federal charges are pressed (or indeed legal procedings brought in some other country) and the individual says "Hey, I was allowed to use the service - I thought if was illegal I wouldnt be allowed to use it."

As others have posted here, Neteller is an international company and is regulated by UK law. It simply puts the onus on the comsumer to check their own legal position before using the service. Why should a UK company regulate itself according to US law? It shouldn't.

Saying this - if you are a US citizen using Neteller is not illegal. Using Neteller to fund gaming sites is also not illegal under the new legislation. I know that many State statutes make online gambling "illegal" for years but no action has been taken against punters by US authorities.

Whether or not their attitude will change now remains to be seen.

[alvaroaze]

Brazil here, just signed up and had to accept or decline the new TOS

[yoursmine]

Couple of things
The list of non serviced countries was from 1/05
The statement points out they are not a bank

[kidpokeher]

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14. Limiting Access or Terminating your Account

14.1 At our discretion, we may suspend or limit access to your Account (including without limitation, placing a hold on funds in your Account, limiting your ability to send or redeem, transfer or withdraw electronic money from your Account, limiting your payment sources) or terminate your Account, at any time and for any reason, including but not limited to the following:

(a) breach of any of these Terms of Use;
(b) if we have reasonable grounds to believe that your Account has been used in connection with unauthorized or unusual credit card or bank account use, including without limitation, notice of same by your bank or credit card issuer;
(c) abuse by you of the reversal or charge back process provided by your bank or credit card company;
(d) receipt in your Account of potentially fraudulent funds;
(e) refusal to cooperate in an investigation or to provide adequate confirmation of identity or other identity or security information when requested;
(f) initiation of transactions that may be considered to be cash advances or assisting in cash advances;
(g) we believe your Account has been used or allegedly used in or to facilitate fraudulent or illegal activity;
(h) return of a payment for insufficient funds in the bank account;
(i) we believe that your Account, whether active or dormant, or your conduct, poses a security, credit, fraud or business risk to us; and
(j) to comply with money laundering or terrorist financing investigations conducted by government authorities, agencies or commissions.

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I hit defer.

[Copernicus]

This looks like good news to me. Whether they are asking to reaffirm old TOS or these are new, they arent blocking.

Use InstaCash to fund, get a check payout. The money passes thru neteller for an instant, but unless they decide to attempt ongoing fraud (as opposed to a one time "take the money and run" which would make them more money) they arent going to interecept transfers.

[Bogglor]

So nobody knows if that language about how they can abscond with your funds at any point is a new addition or part of the old TOS?