Neteller Waiver

[fnurt]

[ QUOTE ]
I missed that part, I was so excited in cashing out that I just clicked accept to the waiver thing that popped up and didn't even read it or realize what it was. Anyone have a copy of the waiver?

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You shouldn't click accept; there's no benefit to you in so doing, and you can withdraw your money just the same whether or not you accept. However, if you clicked it by mistake, it's not the end of the world.

I'm a lawyer and I have quite a bit of experience in filing class actions. I don't really have an idea whether there's a viable class action against Neteller, because I'm not all that familiar with the facts and circumstances here, or with their claimed basis for freezing the money in the first place.

However, there is certainly a nonzero chance that a class action will be filed, and a nonzero chance that class action will result in some sort of recovery for all of us. You don't have to do anything to participate in a class action; one day, a "claim form" shows up in the mail, and you fill it out and return it in order to collect free money.

By declining to sign the waiver, you leave open the possibility of getting this free money someday, and you don't really give up anything since the chance of Neteller wanting to sue you someday is virtually nil. So you might as well not sign.

Even for those who did sign, however, I have serious doubts as to whether this release is enforceable. At a minimum, you could make a good legal argument that it's not. And even if it is, odds are there won't be a class action or a recovery, so the point will most likely be moot. Unless you had a truly massive balance in your account for the last several months, at worst you're giving up a potential shot at a few bucks by signing the release.

[schwza]

[ QUOTE ]
[ QUOTE ]
I missed that part, I was so excited in cashing out that I just clicked accept to the waiver thing that popped up and didn't even read it or realize what it was. Anyone have a copy of the waiver?

[/ QUOTE ]

You shouldn't click accept; there's no benefit to you in so doing, and you can withdraw your money just the same whether or not you accept. However, if you clicked it by mistake, it's not the end of the world.

I'm a lawyer and I have quite a bit of experience in filing class actions. I don't really have an idea whether there's a viable class action against Neteller, because I'm not all that familiar with the facts and circumstances here, or with their claimed basis for freezing the money in the first place.

However, there is certainly a nonzero chance that a class action will be filed, and a nonzero chance that class action will result in some sort of recovery for all of us. You don't have to do anything to participate in a class action; one day, a "claim form" shows up in the mail, and you fill it out and return it in order to collect free money.

By declining to sign the waiver, you leave open the possibility of getting this free money someday, and you don't really give up anything since the chance of Neteller wanting to sue you someday is virtually nil. So you might as well not sign.

Even for those who did sign, however, I have serious doubts as to whether this release is enforceable. At a minimum, you could make a good legal argument that it's not. And even if it is, odds are there won't be a class action or a recovery, so the point will most likely be moot. Unless you had a truly massive balance in your account for the last several months, at worst you're giving up a potential shot at a few bucks by signing the release.

[/ QUOTE ]

thanks for the analysis.

[PoorLawyer]

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I didn't sign it. I had like 30k stuck in there and if I ever get the chance to get the interest on it, it would probably be worth it.

[/ QUOTE ]

Don't the T&C say it is a non-interest bearing account?

[NapoleonDolemite]

Yes, it's a non-interest bearing account, but by holding your money hostage for 7.5 months they have cost you the opportunity to earn interest elsewhere.

[Backspin20]

NO SIGN for me. 3k..ship it!

[bobbyi]

[ QUOTE ]
[ QUOTE ]
I didn't sign it. I had like 30k stuck in there and if I ever get the chance to get the interest on it, it would probably be worth it.

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Don't the T&C say it is a non-interest bearing account?

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They also say that you're allowed to withdraw your money.

[WarmonkEd]

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Yes, it's a non-interest bearing account, but by holding your money hostage for 7.5 months they have cost you the opportunity to earn interest elsewhere.

[/ QUOTE ]

But Neteller wasn't holding your money hostage. The DOJ froze it.

[yahboohoo]

To resolve any ambiguity, here's NETeller's Terms of Service.

[Dondoh]

Withdrew. Didn't sign, but I will not participate in any sort of class action towards NT unless some future event warrants it. Quite the contrary - if this check clears, I will tell anyone who is listening what a stand-up, reputable company Neteller is. They have taken it on the chin from the US government and done right by their customers.
If they are ever permitted to do business again in the States, I will gladly use their service.

[SteveL91]

I signed because the way it was worded made me think I had to if I wanted to withdrawal my money. I don't particularly care about getting in on any lawsuits; I really just want to be done with Neteller.