Neteller Founders arrested

[PoorLawyer]

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Why would my money not be safe in Neteller? Makes no sense...

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ROFLMAO

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Since its so funny, care to explain? I see a very very very small chance these two arrests would have any effect on my money sitting in Neteller. You obviously believe otherwise...

On a side note, there is absolutely no comparison with this and Enron.

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I really don't think people who brush this off by saying they are a public company are really thinking very clearly. Does being a public company mean your money is safe? Absolutely not. If the government seizes the funds, it could be quite a while before anyone sees any of it. I don't know what the Isle of Man bankruptcy procedures are, but if you have ever been involved in bankruptcy proceedings you know that most people get shafted and end up with cents on the dollar.

That being said, the major thing I would be concerned about is a good old fashioned run on the bank. You don't really think they have all of our money sitting there in a vault do you?

[electrical]

I'm logged in from Italy, and after the live chat window spitting out endless "All opperators are currently assisting others..." It turns out it is a pure coincidence. Neteller closed my account because I tried to access it from a foreign country (indicating to them that I'm not really me), but for pete's sake, it's the world-wide web. It says so right there in the name. If you run your bank on the world-wide web, you should be prepared to let people use it.

Unfortunately, the chat lady said the only way to restore the account is by phone, so I spent 20 minutes listening to their hold music and promotions about winning a trip by using Neteller, but never managed to get through to a person.

I have had no response to my email, but I'll give that another day or so.

False alarm.

[Nate tha\\\' Great]

I think there is a reasonable argument that the original BetOnSports indictment was a case of an ambitious prosecutor going after low-hanging fruit. That was a sports betting site that took bets over the phone, and that engaged in some relatively shady business practices.

What might have been instructive to authorities is the degree to which BetOnSports backed down. After all, the Neteller "investigation" only started in July 2006, which is exactly when the BoS indictment was handed down. Oh, I know that Carruthers will have his day in court, and maybe some good will come out of that, but the message was heard loud and clear: this sort of indictment can scare a company into shutting off its U.S. business, and perhaps half the industry in the process.

Put differently, I don't think this was by any means an inevitability. But, like global warming heats the waters of the Gulf of Mexico and creates more powerful hurricanes, the regulatory and legislative events of the past nine months made a Category 5 event more likely.

[fleece_me]

Anybody that claims that some UK banking organization is going to keep your money safe is very naive. If the US starts pressuring these big banks like BCS and Lloyds and starts throwing around charges of money laundering, there is no telling what the banks and/or neteller will do.

The larger question, now that many people have rapid fire deposited all their neteller money into poker sites is this:

If neteller decides to stiff the merchants, will the places you deposited the money honor the deposits? This has happened in the past with smaller processors and what you and I, as players think the right thing to do won't necessarily happen.

Also what everyone thinks are the real risks are usually wrong, as clearly demonstrated by the uninformed posters in this thread.

The cash cow for Neteller, Instacash is gone. It is clear they are going to exit the US market. But how exactly are they going to pay everyone if they can't process ACH payouts? It is going to be a check drawn on an overseas or Canadian bank.

It will be interesting to see if the people that requested overnight checks actually get one.

If Neteller the company is under indictment like Betonsports was, there is a very good chance everyone gets stiffed. It is a perfect opportunity for the banks and neteller and whomever to steal the money and pretend like the DOJ made them do it.

[MicroBob]

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I'm logged in from Italy, and after the live chat window spitting out endless "All opperators are currently assisting others..." It turns out it is a pure coincidence. Neteller closed my account because I tried to access it from a foreign country (indicating to them that I'm not really me), but for pete's sake, it's the world-wide web. It says so right there in the name. If you run your bank on the world-wide web, you should be prepared to let people use it.

Unfortunately, the chat lady said the only way to restore the account is by phone, so I spent 20 minutes listening to their hold music and promotions about winning a trip by using Neteller, but never managed to get through to a person.

I have had no response to my email, but I'll give that another day or so.

False alarm.

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freezing funds for such international log-ins is pretty standard by neteller.
hacking actually DOES happen and they are just being safe.

I believe that if you tell them ahead of time where you are going to be travelling maybe you can avoid avoid a lock.

Personally, I'm kind of glad they do this.
They something unusual and they act on it.

You should be happy that they are attempting to protect your money.
From what I've read of some neteller vulnerabilities we should probably be wishing that they did MORE of this kind of stuff (but also work as quickly as possible to verify that you are really you).

[electrical]

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freezing funds for such international log-ins is pretty standard by neteller.
hacking actually DOES happen and they are just being safe.

I believe that if you tell them ahead of time where you are going to be travelling maybe you can avoid avoid a lock.

Personally, I'm kind of glad they do this.
They something unusual and they act on it.

You should be happy that they are attempting to protect your money.
From what I've read of some neteller vulnerabilities we should probably be wishing that they did MORE of this kind of stuff (but also work as quickly as possible to verify that you are really you).

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The stupid part is that it seems to be automated. Since they have all the question-and-respose information to verify that I'm really me, instead of closing the account automatically, they could automatically make me verify the information or open a chat window to corroborate the login, or automtically generate an email that I would have to reply to with confirmation, etc.

That's the stupid part. They set up an automated system that doesn't resolve the question, make less work for anybody or aid the customer in any way, it just directs even more irritated people to their telephone hold system and generates more administrative hassle.

[RunDownHouse]

fleece_me,

Did you post any sort of bona fides, and I just missed them? Who the [censored] are you to be judging the liabilities of a UK business?

[fleece_me]

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fleece_me,

Did you post any sort of bona fides, and I just missed them? Who the [censored] are you to be judging the liabilities of a UK business?

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Neteller is leaving the US market. Pray they pay. They don't have to.

[latefordinner]

Can we ban him again please?

[TheGiorgio]

Hi,

I'm not US citizen and I would like to know how US players put money on gambling web site now ?

and if you think that they will be less players in the near future ?