New Stars Cashout Policy...WTF?

[daedalus]

I tried to cash out some funds from PS tonight to Neteller. It let me only cashout the amount of my "last deposit" from Neteller into PS. The remaining funds would be distributed in some convoluted procedure involving "exchange rates"!!!! WTF?

Recommend before anyone deposits in PS they figure out what this is all about. Can someone explain this to me if they understand it.
[img]/images/graemlins/confused.gif[/img]

[daedalus]

check this out

[ QUOTE ]
4. NETeller

If you have used NETeller to purchase, your cashouts will then be processed back to NETeller up to the amount purchased, again from the amount of your oldest NETeller deposit to the amount of your most recent deposit.

If your cashout is being applied back to a previous NETeller deposit that was made in any other currency than $US, your cashout will be converted into your NETeller account currency by PokerStars, before being sent to NETeller. PokerStars uses Reuters exchange rates to covert players' funds from US$ to local currency. PokerStars does not charge a conversion fee!

[/ QUOTE ]

Sounds like you can ONLY cash out to Neteller an amount covered by PREVIOUS deposits. So if you deposit $100 and then win #2K, you can only withdraw $100 to Neteller and the other $1900 is in lah-lah-land. Am I missing something or is this alarming!?

[MikeRice]

The deposit amount is usually withdrawn Stars style instant. Winnings go through review and take like 24-48 hours. I have no idea what they would mean by exchange rates I've never heard of that.

[daedalus]

here's the linky....Anyone with a Stars account is going to want to read this. This must be how they got around the U.S. Law.

http://www.pokerstars.com/poker/real-money/cashouts/

[kevin017]

uh, i could be wrong, but i think stars has always said that, and all it means is the amount of your last deposit will go out instantly and the rest has to be cleared. all that's talking about is changing it into the right currency, which they don't charge anything for, so i don't see what it could matter.

[Dunkman]

What am I supposed to be looking for...this looks the same as their policy has always been.

[ZBTHorton]

This is not a change. This is the way it has always been done.

[JasonK]

Sounds to me like they're just converting currencies for those who deposited in something other than US$, so you receive your money in the same currency as you deposited it. And I believe since PS isn't charging conversion fees you'll actually make out better since Neteller would charge you conversion fees.

[Joe Taylor]

Indeed, it is the same as it always was. Just read down a little lower to where it says "Receiving your Winnings". Clearly explains what happens with money withdrawn over your deposits.

[soah]

"If your cashout is being applied back to a previous NETeller deposit that was made in any other currency than $US, your cashout will be converted into your NETeller account currency by PokerStars, before being sent to NETeller. PokerStars uses Reuters exchange rates to covert players' funds from US$ to local currency. PokerStars does not charge a conversion fee!"

zomg so complicated!