Neteller to stop making transfers to merchants in 12 hours

[Davey]

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anyone taking money out of stars now to avoid a headache later?

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Something is definitely up - I checked Neteller's site and no info there. But I went to Stars cashier and it indicates that the Neteller Instant Transfer from your bank account function is disabled, although normal Neteller transactions are not affected.

I went in the other direction, action44. I transferred my remaining Neteller balance, a significant sum into my Stars account. Probably the safest spot for it outside of my bank or my pocket, IMO. I have confidence that my money will be safe and available in some manner at Stars

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I did the same thing. Id rather have the money that was in Neteller online still so I trust Stars with it.

[Soulman]

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US customers only, or all customers?

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[Rigel]

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If one has money in Neteller and poker sites such as WSEX and Pokerstars, then what is their play right now?

(assuming this is true)

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Keep it there. There's nothing in the new law that prevents you from WITHDRAWING money from the poker sites (think about it- why would Congress make it hard for US citizens to retrieve assets from Antigua, etc?) so you'll always be able to take it out.

And AFAIK the reputable poker sites who did stop doing business with Americans all allowed them to withdraw their funds. So I wouldn't worry about a cash grab from reputable sites like PokerStars, Bodog or FTP, even if they do eventually leave the US market, which I think is very unlikely.

The new law isn't a show-stopper for privately help corporations- it just makes getting money to them harder. Mailing a personal check should always work just fine though.

[kylma]

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US customers only, or all customers?

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I assume US customers only.
BODOG was the fastest to react to the recent news, but it seems like as a European customer I'm still able to deposit using Neteller. You'd figure they (Neteller) have expected this, and will be concentrating on the "rest-of-the-world"-market, which is not as huge, but still profitable, and AFAIK, profitable businesses just don't stop running their business

[brendanb438]

My roll is now

25% Full Tilt Poker
25% WSEX
25% The Greek
25% Matchbook

I just finished getting all my money out of Neteller.

-Brendan

[marvin_1935]

You are now chatting with 'Clayton'
Clayton: Welcome to our live chat service. How may we help you?
ME: Hi Clayton, it is true that you will be stopping transfers to merchants in the next 12 hours?
Clayton: no sier
ME: will you stop accepting transfers to/from merchants in the next week?
Clayton: I dont believe so
ME: so maybe . . .
Clayton: not likely

customer support says no . . . but that's what I expected him to say . . .

[DING-DONG YO]

then why post it Marvin? CS people are not typically in the loop real time when large companies make sweeping business altering decisions, sounds like you know this, so why post it in the first place?

[maxpower72]

Just got off the phone with my Neteller source. He claims business as usual for all non US residents.

He claims US residents can still use Neteller for non insta-cash transactions for the next month or so but Neteller is planning on discontinuing US service in the coming months.

[action44]

I was just wondering because I thought most sites had a policy that withdrawing had to be done by the same method of depositing. I'm hoping an exception would be made in this case by the poker sites but who knows?

[dlk9s]

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It will be very interesting to see if this is true or just rumormongering.

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It's true.

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How do you know?

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I'm actually not allowed to say (the two sources of the info does not want to get in trouble), but I can assure you that what CostaRicaBill said is correct, although I was not told of any time frames or anything.

As someone who works in the industry, writes for a magazine, and is a moderator here at 2+2, I would not confirm what the OP said if I only thought it was a rumor. It is fact, but it's from one of those sources who "wishes to remain anonymous."

Edit: If this all turns out to be very, very, wrong, then someone has some explaining to do! Then again, this is a time where I wouldn't mind receiving inaccurate information.