The Safety of Our Funds

[Wools]

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So you think a company with 3 million customers, that transferred over 7 BILLION DOLLARS last year, that is publically traded on the London Stock Exchange, is just gonna decide to pocket your bankroll. Just think about that for a minute.

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If only we could send out mass PM's to everyone...

[permafrost]

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Why should I not be afraid?

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You should panic.

That always seems to help.

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Turning to the Hitchhiker's Guide to the Galaxy would provide some reassurance for everyone right now.

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nh

[maurile]

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i'm not worried about neteller itself BUT i'm worried about the bank blocking neteller.shocked more people aren't worried about the bank blocking neteller.

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Why would a bank refuse to accept a transfer from Neteller? The law doesn't say anything about withdrawals. Just deposits.

[redbeard]

i think so long as neteller is publically traded on a reputible exchange (which london is) that its customers should be safe i assume. however, your fear about them closing down shop and absconding with everyone's funds is rational in the sense that you have no recourse -- unless the fact that they are publically traded would some how make them less likely to do so. perhaps those with knowledge of the british stock market could comment on that. i guess enron would be a decent parallel in the u.s. and i'm not sure what the sec or our government did for those who lost their money in that event -- i assume very little. along the same lines, if people are less concerned about having their money in publically traded sites like neteller and party poker are you more concerned about having your money in sites that are not publically traded? and what publically traded sites are rumored to still be willing to accept american citizens (for now let's assume party and stars don't -- as most people believe). as always thanks for any imput on this subject.

[Slim Pickens]

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"How I Learned to Stop Worrying and Love the Bomb"





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Sweet. I think I used that pic as my first ever 2+2 avatar...

[ncboiler]

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"How I Learned to Stop Worrying and Love the Bomb"





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[censored] fantastic!

[Keepitsimple]

that movie is my alltime favorite

[OasisG]

I am not scared of the money not being able to get to me I am scared of getting audited when I do cash out of neteller. I don't think that is realistic at this point though.

[cartman]

I was unaware that Neteller is publicly traded. Whether a site is publicly traded seems to have been an important factor regarding the statements of the various sites this week.

Can anyone explain specifically why our funds are safe or safer in the hands of publicly traded companies (sites and/or Neteller)?

Thanks,
Cartman

[Zele]

If a company is publicly traded, particularly in a place like London (or anywhere the rule of law is strong), there is a much clearer redress if they won't pay you. If the directors tried to steal your money, they could face criminal penalties. If the company goes bankrupt, you can get in line with the rest of its creditors (presumably your claim would come after unpaid taxes but before bondholders).

Of course, a privately held company in a jurisdiction with strong rule of law is similarly safe, and a publicly traded company in certain places may not be.