Neteller update = EFT status

[2easy]

grjr:

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Just got off the phone with Neteller and the rep cancelled my EFT and the money is back in my account. I don't have a debit card...

The rep said today is the first day they can cancel EFTs so if you tried before and were denied then try it again.

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Barrin6:

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Just called, and he said I couldn't cancel the pending withdrawal and that I had to wait 2 weeks for the money to appear in my bank

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same for me as Barrin6. but i do have a debit card.

if neteller is trying to float their timeframe to rustle up cash, then maybe this would explain why two different answers. i.e., safer to cancel eft for those who are less likely to be able to withdraw right away. they probably figure those without cards they can stall for 6 weeks with the check dance.

[stoxtrader]

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if neteller is trying to float their timeframe to rustle up cash, then maybe this would explain why two different answers. i.e., safer to cancel eft for those who are less likely to be able to withdraw right away. they probably figure those without cards they can stall for 6 weeks with the check dance.

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I doubt this is the case. The chance that they don't have the cash (i.e. like a "run" on a bank) is very minimal in my opinion (this is my opinion only).

I think it much more likely that the difficulty they are having with EFTs is not getting the cash but it's getting the transaction actually processed through US banks. I'm pretty sure there are NOT delays in any other countries on any transactions.

Neteller insists that the EFTs are processing but slowly. However I suspect the 2 week delay is so they setup an alternative ACH processor though they adamantly deny this is the case. They say that a volume related technical issue is the cause and they are sorting it out slowly.

I do not have a good explanation for why someone was able to cancel a pending EFT and another was not other than it's possible they went to different processors (neteller uses (used?)) three different ones, and/or the actual EFTs where ni different "stages" of limbo.

Debit card is a very valid and effective method for smaller amounts (20k or less?) but a cumbersome process for larger amounts. 20k would take 20 days minimum, 50k 50 days, etc.....

anyways, I would like people to continue to contribute to this thread with their experiences, information from neteller and request that people try and be courteous with neteller and each other in this thread! A productive/informational thread would be useful.

[curious123]

Good post stox.

[grjr]

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Just called, and he said I couldn't cancel the pending withdrawal and that I had to wait 2 weeks for the money to appear in my bank

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I started my call by saying that I got an email from Neteller saying that I should cancel my EFT so that I could withdraw via debit card. You might try that.

[Punker]

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The chance that they don't have the cash (i.e. like a "run" on a bank) is very minimal in my opinion

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In my opinion, it's more likely they have the bulk of their deposits tied up in some sort of extremely safe but small interest bearing vehicles, and just need a bit of time to get it all back into "immediately available" funds. Similar to how a real bank would not keep cash available on hand to cover the sum of all money on deposit; if everyone came in to cash out on the same day, there would be delays as they had money delivered, etc. Just my opinion though.

[2easy]

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However I suspect the 2 week delay is so they setup an alternative ACH processor though they adamantly deny this is the case.

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anyways, I would like people to...be courteous with neteller

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not sure what being courteous with neteller really means, or entails but...

in light of your first quoted position what i would really like to see is neteller being straightforward, if not courteous, with us.

i personally find disingenuousness not very courteous.

[grjr]

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grjr:

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Just got off the phone with Neteller and the rep cancelled my EFT and the money is back in my account. I don't have a debit card...

The rep said today is the first day they can cancel EFTs so if you tried before and were denied then try it again.

[/ QUOTE ]




Barrin6:

[ QUOTE ]
Just called, and he said I couldn't cancel the pending withdrawal and that I had to wait 2 weeks for the money to appear in my bank

[/ QUOTE ]


same for me as Barrin6. but i do have a debit card.

if neteller is trying to float their timeframe to rustle up cash, then maybe this would explain why two different answers. i.e., safer to cancel eft for those who are less likely to be able to withdraw right away. they probably figure those without cards they can stall for 6 weeks with the check dance.

[/ QUOTE ]

When I told the rep that I didn't need a debit card because I was planning on sending the money to a friend and letting him cash out via his card the rep said he would have to check to see if I could do that. I thought that was strange at the time but if they actually are trying to stall people then it makes a little sense. Anyways, the rep came back and said he cancelled my EFT and that it was fine to send the money to my friend and have him cash it out.

My EFT was for $645.00 if that matters. I'm thinking it might if they are waiting to free up some more funds.

[kiddj]

I requested my withdrawal around noon on the 16th. This was before everything was shut down. The status has been "accepted" for over 2 days now. Obviously, since i'm posting this, my bank has recieved nothing.

I could understand a "pending" status, but where is my $ if Neteller states that the transaction is done? Is it even worth my time to email or contact support?

[stoxtrader]

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However I suspect the 2 week delay is so they setup an alternative ACH processor though they adamantly deny this is the case.

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[ QUOTE ]
anyways, I would like people to...be courteous with neteller

[/ QUOTE ]


not sure what being courteous with neteller really means, or entails but...

in light of your first quoted position what i would really like to see is neteller being straightforward, if not courteous, with us.

i personally find disingenuousness not very courteous.

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agreed, and I am frustrated as well. I just feel overall that making accusations will probably not produce results, but additionally a systematic abuse of neteller CS dept could possibly increase the poor information relay because reps simply start to say anything to get ppl off their back. Not really a big deal, mostly I want this thread to be informational and productive rather than trolling and complaining.

[HedonismBot]

I withdrew on the 16th and it was accpeted for a few days but just switched to pending.