Neteller Update...

[Sniper]

[ QUOTE ]
I think all will be paid .........patience is required here.

[/ QUOTE ]

Yes

[Sniper]

[ QUOTE ]
i called them to ask for my pending withdrawl to go back into my neteller account since it would never reach my bank, and the CSR told me that it will get to my bank it will just be a longer wait while they fix their withdrawl process. I said i was under the impression that US customers could not withdraw anymore, and he said only to and from gaming companies, but into the bank is fine. i'm confused... comments?

[/ QUOTE ]

Withdrawals that used to take 2 days they are now saying 2,4, maybe 6 weeks (big difference)... it will get there, but in reality, they are not really stating how long it will take...

[Cap_Of_Water]

[ QUOTE ]
[ QUOTE ]
i called them to ask for my pending withdrawl to go back into my neteller account since it would never reach my bank, and the CSR told me that it will get to my bank it will just be a longer wait while they fix their withdrawl process. I said i was under the impression that US customers could not withdraw anymore, and he said only to and from gaming companies, but into the bank is fine. i'm confused... comments?

[/ QUOTE ]

Withdrawals that used to take 2 days they are now saying 2,4, maybe 6 weeks (big difference)... it will get there, but in reality, they are not really stating how long it will take...

[/ QUOTE ]
If they will just take longer, even 6 weeks or whatever, id just wait. If they arent going to be able to send the withdrawl then im going to have to look into canadian bank account or friends in UK transfering to them. Which is why im trying to find out what exactly the situation is.

[sergsz]

[ QUOTE ]
So basically, the DOJ basically just informed the banks that XYZ Corps (actually JSA something or another and others) were really Neteller in disguise and doing business with those companies is BAD [img]/images/graemlins/wink.gif[/img]

Hence, effectively Neteller's entire current ability to make transactions with US Banks (thru intermidiaries) has been shut down by the Gov't. (for the moment)

[/ QUOTE ]

Sniper,
I don't really get this part.
1) I though the issue of banks not being able to deal with certian companies was supposed to be dealt with in the UIGA regulations, which have not been enacted yet.

2) I could see DOJ/the government pressuring banks not to allow money to be transferred TO the gambling compaines, but why would they want to prevent American citizens from getting their money back from the gambling companies?

3) If what you say is accurate, does that mean the ability to cash out by check from poker sites is on very shaky footing (i.e. can one fine day the government just tell the banks, "don't do any business with the following companies, they are intermediaries for Poker Stars," and then you are SOOL if you have money in your Poker Stars account?)

[Sniper]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
i called them to ask for my pending withdrawl to go back into my neteller account since it would never reach my bank, and the CSR told me that it will get to my bank it will just be a longer wait while they fix their withdrawl process. I said i was under the impression that US customers could not withdraw anymore, and he said only to and from gaming companies, but into the bank is fine. i'm confused... comments?

[/ QUOTE ]

Withdrawals that used to take 2 days they are now saying 2,4, maybe 6 weeks (big difference)... it will get there, but in reality, they are not really stating how long it will take...

[/ QUOTE ]
If they will just take longer, even 6 weeks or whatever, id just wait. If they arent going to be able to send the withdrawl then im going to have to look into canadian bank account or friends in UK transfering to them. Which is why im trying to find out what exactly the situation is.

[/ QUOTE ]

fwiw, I believe that a bit more patience is required before Neteller will be able to honestly provide a timeframe... for those who can't wait, others are already using alternative methods (friends) to transfer off, the primary thread in the Zoo was linked in this thread (there is of course some risk & expense in doing that).

[rcd]

[ QUOTE ]

3) If what you say is accurate, does that mean the ability to cash out by check from poker sites is on very shaky footing (i.e. can one fine day the government just tell the banks, "don't do any business with the following companies, they are intermediaries for Poker Stars," and then you are SOOL if you have money in your Poker Stars account?)

[/ QUOTE ]

Correct

[Sniper]

[ QUOTE ]
1) I though the issue of banks not being able to deal with certian companies was supposed to be dealt with in the UIGA regulations, which have not been enacted yet.

[/ QUOTE ]

There has been no information from the Federal Reserve on any actions regarding even drafting of the Regs.

What happened here, imo, is that the DOJ action against the founders directly impacted the "intermediary" companies used; compounded by the other subpeneas on banks, lawyers, etc...

Remember that the UIGEA didn't create new law, it only clarified enforcement mechanisms, etc.

[ QUOTE ]
2) I could see DOJ/the government pressuring banks not to allow money to be transferred TO the gambling compaines, but why would they want to prevent American citizens from getting their money back from the gambling companies?

[/ QUOTE ]

Collateral Damage?

We may never know the full facts about exactly what is going on right now...

[ QUOTE ]
3) If what you say is accurate, does that mean the ability to cash out by check from poker sites is on very shaky footing (i.e. can one fine day the government just tell the banks, "don't do any business with the following companies, they are intermediaries for Poker Stars," and then you are SOOL if you have money in your Poker Stars account?)

[/ QUOTE ]

It is certainly a possibility, and the risk of this occuring should be managed.

[Unabridged]

[ QUOTE ]
[ QUOTE ]
sniper could you comment on why cashiers checks couldn't be used? surely there is a bank somewhere in europe will to print alot of cashiers checks.

[/ QUOTE ]

Their bank may not be able to handle a massive 200 million+ (could be much higher) withdrawal (on top of regular business) in 1 day (or 1 week, or 1 month).


[/ QUOTE ]

but this is the definition of solvency. neteller should be able to pay their debts with cash or have their money tied up in investments so safe they are able to instantly get a credit line against it.
what if pokerstars had huge deposit bonus last month and 90% of money was trying to leave neteller? would you expect to have to wait 6-8 weeks for your money? a company that deals entirely in the transit of money should have alot higher % of cash on hand than a bank

[rcd]

[ QUOTE ]


Quote:
--------------------------------------------------------------------------------


Quote:
--------------------------------------------------------------------------------

sniper could you comment on why cashiers checks couldn't be used? surely there is a bank somewhere in europe will to print alot of cashiers checks.


--------------------------------------------------------------------------------



Their bank may not be able to handle a massive 200 million+ (could be much higher) withdrawal (on top of regular business) in 1 day (or 1 week, or 1 month).



--------------------------------------------------------------------------------



but this is the definition of solvency. neteller should be able to pay their debts with cash or have their money tied up in investments so safe they are able to instantly get a credit line against it.
what if pokerstars had huge deposit bonus last month and 90% of money was trying to leave neteller? would you expect to have to wait 6-8 weeks for your money? a company that deals entirely in the transit of money should have alot higher % of cash on hand than a bank

[/ QUOTE ]

No. I think it is an issue of liquidity, not solvency. BIG Difference!

[shadow.]

i've been in vegas for the past week, so i'm a bit out of the loop.

if i request a nt withdrawal by check, will there be any problems? when will i get it? if i request it by courier, will that solve anything?

thanks.