Neteller Update...

[Emperor]

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This sounds like the "We should support the War in Iraq because the president says we should" argument..


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There are many reasons to support the war other than "because the president said so". As a matter of fact, I have never heard anyone use that as a reason except for you.

Don't derail your own thread with political ignorance.

[ike]

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Bottom line, are you pushing for a "wait and see" approach? I'm pushing for a "apply pressure and get answers" approach.. I don't think that anything the group does will prevent your approach from working -- even if it went as far as to file a lawsuit.

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wait and see is correct because as things stand we're getting our money back. i have 800k stuck in neteller. i'll pay you however much you lost to not file a lawsuit.

[Emperor]

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Bottom line, are you pushing for a "wait and see" approach? I'm pushing for a "apply pressure and get answers" approach.. I don't think that anything the group does will prevent your approach from working -- even if it went as far as to file a lawsuit.

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wait and see is correct because as things stand we're getting our money back. i have 800k stuck in neteller. i'll pay you however much you lost to not file a lawsuit.

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Yes I wonder what kind of risk this yahoo group is taking by being so public. Could they be sued for contract interference? If I decide not to do business with Neteller based upon comments made by said group, isn't that contract interference?

[Sniper]

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No idea why you're defensive about getting answers to simple questions...

This sounds like the "We should support the War in Iraq because the president says we should" argument..

Just because Neteller says they're "undergoing a forensic examination" and that "it's going to take some time" -- doesn't mean I have to say, "ok, sir, just let me know when that's all done"...

I doubt they're delaying for interest reasons - but I'm not clear why they ARE delaying...

Bottom line, are you pushing for a "wait and see" approach? I'm pushing for a "apply pressure and get answers" approach.. I don't think that anything the group does will prevent your approach from working -- even if it went as far as to file a lawsuit.

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Wouldn't describe my post as defensive... For starters, some of your questions have been answered... Beyond that, a threat of a lawsuit while productive discussions are going on, is counterproductive.

I will repost the latest updates to the Neteller FAQ, that I posted earlier in the thread. Maybe that will help clarify the current status for you:

When will US customers get their money back?

The recent agreements between NETELLER, Navigant Consulting, and the US Attorney’s Office (USAO) represent an important step in the process of an orderly distribution of funds to US customers. These agreements outline the terms and a timeline under which NETELLER will work toward distributing the funds. As a result, the Group anticipates that within the next 75 days it will be able to announce the plan by which the funds will be distributed to US customers.


Who is Navigant and what will they be doing?

In negotiation with the USAO, NETELLER has agreed to engage independent firm Navigant Consulting Inc., to provide financial consulting and forensic accounting services to the Group, including oversight of the process of returning funds to US customers.


How will funds be distributed to US customers?

The actual mechanism for how funds will be distributed to US customers will be determined during the next phase of the process. The USAO and Navigant must approve the distribution plan and we expect to be in a position to announce the distribution plan within the next 75 days.


Why will it take so long for US customers to get their money back?

NETELLER and the USAO intend to ensure an orderly return of funds to US customers and such a process takes time to establish and execute.


Why can’t NETELLER just send US customers cheques, bank wires, or allow them to use their ATM cards?

As discussed in our press release of February 8, 2007, the court-ordered seizure of funds, restrictions placed by third parties and related legal concerns have made it necessary to work to establish an orderly mechanism for the return of US customer funds with the USAO. The agreements reached between NETELLER, the USAO, and Navigant pave the way for that process to be established.

[bossplayer]

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I believe that at this point Neteller would use any excuse possible to delay payments and earn more interest. ANY excuse.

The auto-disclosure to governmental agencies might still only be in direct response to an investigation, rather than just offering up all info to any government on a 'just because we can' basis. Not sure though.

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The hit to Neteller's reputation is worth more than any interest they may earn... they are not delaying to earn interest.

What part of the fact that a forensic examination has been going on for quite some time already, didn't you understand?

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Their reputation has already been damaged to an extreme after the plethora of misinformation given to customers' questions. I am not saying they did it originally for that purpose, I am wondering what the basis for delays are now (not over the 'frozen' money, but whatever they have left in accounts).

Why, why, why, why, why.... would you not give true answers to a huuuuge and loyal customer base if you care about your reputation? This is what truly amazes me.

Was it because the government (US) told you to tell your customers crap information?

This is why I really don't know what their true motivations are.

What part didn't I understand? Everything Neteller has done up until their latest announcement.

Everything is in a set line of progression now toward the release of funds so the point is moot I suppose anyways, until the 75 days are over at least.

[egoldy]

Obviously, I have greatest sympathy here for Isaac and his $800K.. My held money is noise compared with what he's got held. There are people in the group with over $80K, $150K, $400K, but he's the one hurt most of anyone I've heard about, so I respect his concerns greatly.

Still - realize that I believe we're all on the same side here. The group was formed to ensure we do get our money back -- all of it -- and with as little impact as possible to our privacy..

The lawsuit is still being felt out by some within the group as an option -- that's it.. If it's not needed, beautiful. If it is, at least some people will have started the effort.

We haven't "interfered with any contract negotiations" - so no idea how you think we're at "risk". We're asking questions and posting what we know. If someone chooses not to do business with Neteller as a result, it's Neteller's fault for not being up front with their customers. The effort would never have been started in the first place if Neteller had communicated to its members what they were doing and the status of our money. They posted some BS FAQs and release and then blocked all e-mail, phone, and chat communications to their members. So, yes, different people in the group have been pushing Neteller, the DOJ, the press, and anyone who will listen. I have little sympathy for Neteller.

And again, while I've read Neteller's FAQs many times, it doesn't answer the questions the group is asking -- even the bolded sections.. They may have the right to ignore our questions, and we have the right to ask them..

In the end, I hope you're right. In 75 days we see some well formed plan by Neteller showing how they are going to get our money back. I'm hoping that things are moving along productively and there won't be any delays... The pessimist in me simply doesn't believe that's what's going to happen. I hope I'm wrong...


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And to my comment about GW and the War, didn't mean to make this a political discussion, but Brittany Spears most notably (and others e.g. the people attacking the Dixie Chicks) have said that very thing.... I realize that the topic is bigger - just trying to show that it's worth asking questions instead of just trusting what GW/Neteller tells us... Such sensitivity....

[fish2plus2]

Isaac,

Why havent you reopened your account yet???????

[Dennisa]

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Why, why, why, why, why.... would you not give true answers to a huuuuge and loyal customer base if you care about your reputation? This is what truly amazes me.

Once the s*it hit the fan, Neteller knew they would never do business in the US again. Remember, they only expected to be in the US market for about 6 months max anyways. Unfortunately their board made a decision that their current US clients had no future profits for their company, and there was no loss in goodwill by coopertaing with the US govenment. Its really not suprising how neteller has acted.



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[ike]

huh?

[coxquinn]

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huh?

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think he is implying move to Canada but like the lawsuit, that seems silly at this point