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#1
06-04-2007, 10:50 AM
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Neteller Funds Accessable for US Members
http://www.neteller-group.com/press/en/130.htm
Press Release NETELLER Announces Agreed Plan to Return US Customers’ Funds Monday, 4 June 2007 – The NETELLER Plc Group (LSE: NLR), the independent global online payments business, today announced that it has agreed to a plan for the distribution of funds to its US customers. NETELLER is continuing to cooperate with the investigation being conducted by the United States Attorney’s Office for the Southern District of New York (“USAO”), under the advice of its legal advisers and in accordance with court orders in the Isle of Man. The Company is in discussions with the USAO for the purpose of resolving the investigation. The Company has advised the USAO that it will use its best efforts to resolve the investigation no later than 13 July 2007. On 21 March 2007, the Company announced that it signed agreements with the USAO and Navigant Consulting, Inc. (“Navigant”) with respect to, among other things, developing a plan for the distribution of funds to US customers. Since then, in accordance with the agreements, the Company has worked with the USAO and Navigant to develop the plan. The Distribution Plan is now agreed upon, and the Company anticipates implementing the plan upon the resolution of the investigation. The agreed Distribution Plan details the process and mechanisms for the return of funds to US customers. US customers will be able to access their NETELLER accounts online for a certain time and make a request for their funds. In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid. NETELLER will not charge fees to customers to process requests for funds. Funds will be distributed either by electronic transfer to the bank account on record with NETELLER or by a cheque to be sent to a mailing address as confirmed by the customer. If a US customer has a bank account already registered with NETELLER, funds transfer will be by electronic transfer subject to confirmation by the customer that the registered bank account remains valid. US customers will receive the entire balance of funds in their account; no requests for partial payments will be processed. US customers cannot use their accounts for any transaction other than to request the funds. Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the Distribution Plan is finalised. Ron Martin, Group President and CEO said: “The agreement on the Distribution Plan represents a milestone in our cooperation with the US authorities. While we are disappointed not to have been able to return funds to our US customers at this point, we believe that the steps we have made in our discussions are significant and we hope to be able to announce further progress with the USAO by 13 July 2007.” The Company continues to work with Navigant to produce a report to the USAO on the Company’s current financial condition. On 8 February 2007, the Company informed the market that approximately US$ 55 million had been seized by the USAO or otherwise restricted by third parties. After ongoing consultation with the USAO, the Company currently believes this amount could be up to approximately US$ 60 million. The Company’s shares continue to be suspended from trading on AIM in view of the continuing uncertainties the Company faces although the Company is making progress towards achieving restoration of trading. The Company is also working towards the finalisation of its audited annual results for the year ended 31 December 2006 and will announce the date on which these will be published to the market in due course. NETELLER customers not resident in the US continue to be minimally affected by the withdrawal from the US market. Further information is available on the Group’s website in the form of updated FAQs. About the NETELLER Group Trusted by millions of consumers in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the world's leading independent online money transfer business. The Group specializes in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries. The Group is quoted on the London Stock Exchange’s AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit www.netellergroup.com. Media and Investor Contacts NETELLER Group media and investor relations are managed by Citigate Dewe Rogerson. Contact them through the Media Relations Contact page. 
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#2
06-04-2007, 10:52 AM
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Re: Neteller Funds Accessable for US Members
pending withdrawl was declined. Initially, it had gone to "pending" and the balance of the account to 0.00. Now, both my january 17th pending and my june 4th pending are "declined" and balance has adjusted accordingly.
-edited
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#5
06-04-2007, 11:17 AM
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Re: Neteller Funds Accessable for US Members
[ QUOTE ]
I have put in a withdrawl request and it was accepted. I spoke with VIP, and my debit card balance is now accessable. My pending EFT from january 17 is being held indefinately by US Gov according to VIP Rep. Not to worry though, Neteller is negotiating on behalf of all neteller members [img]/images/graemlins/frown.gif[/img] [/ QUOTE ] Wait ... what? All I see is [ QUOTE ] Withdrawal options are currently suspended for US members. [/ QUOTE ] What's this about July 13th?
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#8
06-04-2007, 11:39 AM
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Re: Neteller Funds Accessable for US Members
FAQ Updated
http://content.neteller.com/content/...supdate_us.htm NETELLER US Member News Latest News from the NETELLER Group: Press release issued on June 4, 2007 about return of US member funds Please read the FAQs below for more information. US Member FAQs Last updated: 4 June 2007 Has NETELLER developed a distribution plan to return US member's funds? When will US members get their money back? What is the Distribution Plan? How long is the time period that US members can request their funds? What happens at the end of the allotted period of time? What if I do not withdraw my funds? How will I withdraw funds from my account? Can I choose which withdrawal method to use? Can I withdraw my funds in more than one request? What if I already requested to withdraw funds from my NETELLER account? Will I receive interest on my account balance? Can I perform any other transactions like a peer-to-peer transfer? Is there a fee to withdraw funds from my account? Who can I contact for assistance? Has NETELLER developed a distribution plan to return US member's funds? As announced on 21 March 2007, NETELLER signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”). In accordance with these agreements, NETELLER worked with Navigant to develop the Distribution Plan. This plan is now agreed and NETELLER is in discussions with the USAO regarding when the Distribution Plan can be implemented. When will US members get their money back? NETELLER currently anticipates that implementation of the Distribution Plan will commence upon the resolution of the USAO investigation. NETELLER has advised the USAO that it will use its best efforts to resolve the investigation no later than July 13, 2007. What is the Distribution Plan? The Distribution Plan outlines how US members will be able to withdraw their funds from their NETELLER e-wallets. The plan agreed upon with the USAO provides a prescribed period of time for these withdrawal requests to take place. How long is the time period that US members can request their funds? The plan provides a 180 day period for US members to make an online request for the return of funds using NETELLER's website. This time period starts from when NETELLER announces the commencement of funds distribution. This date has not been announced yet. What happens at the end of the allotted period of time? Accounts will be placed in a permanent-closed status and US members will no longer be able to sign in to the NETELLER website. What if I do not withdraw my funds? Funds that are not claimed by US members through the Distribution Plan will be forfeited by NETELLER in a manner to be determined by the USAO. How will I withdraw funds from my account? US members will be able to request funds either by electronic transfer to the bank account on record with NETELLER if the US member confirms that such account remains valid, failing which such member can request payment by cheque sent to the mailing address as confirmed by such member. Can I choose which withdrawal method to use? The Distribution Plan states that US members must request an electronic transfer if they already have a bank account registered with NETELLER and confirm that such bank account remains valid. US members who do not qualify for an electronic transfer will be able to request payment by cheque. Can I withdraw my funds in more than one request? US members will receive the entire balance of the funds in their account. US members cannot make partial requests for funds. What if I already requested to withdraw funds from my NETELLER account? If you already made a withdrawal request you will need to perform another request when the Distribution Plan is implemented. At that time, your NETELLER account will reflect the full amount that you are able to withdraw. Will I receive interest on my account balance? In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid. Can I perform any other transactions like a peer-to-peer transfer? US members cannot use their accounts for any type of transaction other than to request their funds. Is there a fee to withdraw funds from my account? NETELLER will not charge fees to US members to process requests for funds. Who can I contact for assistance? NETELLER will provide more information to its US members as the plan is implemented via this site and email. Until that time NETELLER is unable to return funds to US members. In the meantime if you require further assistance, please contact NETELLER Customer Service at usmembers@neteller.com.
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#10
06-04-2007, 11:54 AM
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Re: Neteller Funds Accessable for US Members
[ QUOTE ]
My request went from pending to declined, but the balance is still at 0. ??? [/ QUOTE ] Same here. I would like to know if this impacts my ability "make an online request for the return of funds". I'm guessing no one has any idea yet...
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