Will Neteller Pay?

[Mendacious]

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Just a point. Money outfits like AMEX, or a normal bank handle millions of EFTs per day, why is Neteller overwhelmed?



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Unless I am misreading the other threads on this, it appears (and forgive my terminology) that the clearinghouse(s) that process Netellers EFT's will no longer do so. Thus, it doesn't seem to me that ANYONE is likely to receive their money from Neteller by EFT. Perhaps by ATM but more likely by check. Part of what concerns me is the fact that Neteller has not changed the status of EFT's from "pending" to "canceled" so that people can request their money by other methods.

[bobman0330]

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Screwing Americans out of their money would kill their reputation and their business.

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Honestly, I don't think Neteller has ANY intention of screwing its American customers and I fully agree that this would be terrible for their viability in the rest of the world. What I am positing is that Neteller's decision is probably in the hands of their attorneys, and I expect they will give LEGAL (as opposed to business) advice after consulting/negotiating with the DOJ.

What the DOJ says is anyone's guess.
But based on what Neteller has done thus far, I do not think they will willfully go against the DOJ's position on this. So while I agree that the initial 2 week delay was caused by ACH processing, I think the new 6-8 week delay referenced in another post is another matter entirely, and not unexpected.

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If I were an attorney and advising neteller, I don't think I would advise them to steal millions of dollars. They're in the freaking UK, this isn't Riyadh. They can get away with facilitating gambling, but if the expropriate millions of dollars from their clients, do you really think any reputable government would do anything but arrest them and freeze their accounts?

[Mendacious]

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If I were an attorney and advising neteller, I don't think I would advise them to steal millions of dollars.

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This is totally non-responsive. I am suggesting that the DOJ may advise neteller what to do, and MAY seize a portion of the money.

In no way am I suggesting that Neteller would not pay absent some determinition by the DOJ as to what they can lawfully do.

[bekman]

I believe the problem is that in their system, they allowed 3rd parties to move funds. The Neteller card is however owned by their company (actually, they acquired the company that had the technology in Asia). The 3rd party processors probably severed ties with NT as soon as the crap hit the fan. Now, no reputable group will do business with them, right or not.

[sublime]

neteller IS PAYING!

they are just doing it in small inconvient amounts.

[joeker]

I dont see how the DOJ can seize Neteller's money. THe money is not in a US financial institution

If the US could seize funds in foreign banks they would've shut down Iran years ago.

[AssFrister]

I have a hard time thinking NT will comply with DOJ if DOJ wants clients' money siezed. If it turns out DOJ wants this then NT really is in between a rock and a hard place. How can they expect us non-US customers to feel safe? Doesn't matter if it is NT's fault or DOJ's fault; it happened. Stuff can happen in other countries too.

But I just can't see money being withheld. It will bring the wrong kind of publicity all round except for the players. I don't think even DOJ would want that kind of headache. They are getting what they want anyway. No need for a short term smash and grab.

[xadrez]

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Had a friend that yesterday tried to use his Neteller card, and it came up "Contact your provider"

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I had the same message a couple days ago. My card was inactive for some reason, I called Neteller, they reactivated it, I went back to the ATM and withrew money. I would suggest to your friend that he call them.

[ekdikeo]

I'd say it's probably just a matter of the fact that the system wasn't designed to handle zillions of failed transactions all at once.

Let me compare it to something online. Say, you have a simple forum system online, that has a couple of message boards on it. You want to move a bunch of posts from one board to another, because someone posted a bunch of off topic junk. But, you never installed a "move message" function, because everything was so small, you figured it'd be cake to handle it on a case-by-case basis, which was true, until you took a week off, and someone posted 500 messages in the wrong place.

Now, you either need to implement software to handle the task for you, or you need to go and edit the database manually to change 500 records.

[ericicecream]

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...I would be soliciting the opinion of the DOJ on what to do with the money in US accounts, and trying to leverage this as a way to avoid any further prosecution.


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I agree with the OP on this. I think NT would likely contact the DOJ for their advice.

If DOJ advises them to return all money to the u.s. customers, this can be a precident that they can use in their defense, no? DOJ says it's okay SOMETIMES to transfer money to customers that came from gambling sites.

If DOJ says not to return money, there can be some pressure from NT customers, NT shareholders etc. NT can basically go to British gov't and say "Hey, we got all this money we want to return to our u.s. customers but the u.s. says we can't" and perhaps the British gov't gets involved.

Except for the excessively long wait to actually get the funds, this could turn out to be a good thing.