Hypothetical Neteller response to the $400

[gurgeh]

We've pretty much heard from both sides of yesterday's Party fiasco- those who took the money and ran and those who didn't. Past the "It's okay to take the money because I don't like Party Poker's VIP program" rationalizations, here's an interesting question: What would happen if Neteller assisted Party in recovering the funds?

If this had involved any American banking institutions, the money would have been taken straight out of the accounts and returned to the party (no pun intended) that had made the error. My father is a retired bank examiner and my mother currently works in a credit union, and they've both seen this many, many times.

There was a little bit of speculation about whether this might happen, but I highly doubt it will, even if it's possible. If Neteller were to reverse these transactions, or were to take money and give it to Party to pay for negative accounts that gambled the $400 away, would you keep your account with them? I'm sure the answer is no for people who took the money, but for those of us who didn't, would this make you leave Neteller?

[DrunkHamster]

First thing I did when the $400 hit my neteller was to put ALL my money in Stars...

[cardcounter0]

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If this had involved any American banking institutions, the money would have been taken straight out of the accounts and returned to the party

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This is wrong. The American banking institutions would do exactly what they are allowed to do according to U.S. Law and U.S. Banking regulations. Certainly nothing more and probably nothing less, unless it was in their best interest.

[Arnfinn Madsen]

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but for those of us who didn't, would this make you leave Neteller?

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I did not take any Party-money, but if this happens to those who took, I would definately leave Neteller. If they would take a company known for shady conduct's word in front of mine (who has never cheated anybody) I would leave. Doesn't matter how big Party is, I don't want to be customer in a bank who does not protect my funds.

[gurgeh]

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If this had involved any American banking institutions, the money would have been taken straight out of the accounts and returned to the party

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This is wrong. The American banking institutions would do exactly what they are allowed to do according to U.S. Law and U.S. Banking regulations. Certainly nothing more and probably nothing less, unless it was in their best interest.

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What exactly are you saying is wrong? If a credit card refunds too much money to a bank account, yes that money indisputably is returned to the credit card, which is well within the law.

[cardcounter0]

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If a credit card refunds too much money to a bank account, yes that money indisputably is returned to the credit card

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Who says they refunded too much money? No, it is not indisputably returned. If you read the fine print of your agreement with the credit card company, you have given permission to the credit card company to remove funds. I don't think anyone has given Party Poker the rights to do so.

If Joe Blow gives me some money, and I deposit it to my bank account, Joe Blow can go to the bank and holler all he wants about how he didn't really mean to give me money, the bank is not going to take money out of my account and give it to Joe, no matter how legitimate his claim is.

Party Poker is not a credit card company, and no one has any banking agreements with them. For a bank to take Party Poker's word over one of it's depositors would be an open invitation for the Bank to be held liable.

[jb9]

From Neteller's web site:

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13. If you are a Recipient and a Sender charges back any amount relating to a payment made to a Recipient, NETeller may, at its option, elect to recover any portion of the amount charged back by either reducing your NETeller plc account balance or charging your credit card.

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[WalkAmongUs]

if neteller sucks $400 out of your account to give back to party, you got what was coming to you.

[gurgeh]

You've kind of distorted what I wrote. I didn't say "Banks can give your money back to credit card companies therefore Neteller can give money back to Party." I said that banks can refund your money to such entities as credit card companies as a means of suggesting the "what if" scenario that Neteller might do the same for Party.

And I don't put nearly as much stock in the "They have no right" argument as I do in the "They have no right, but we would have no recourse" argument. I think Neteller wants to keep it's reputation though, so I don't think it would happen. If it does I'm outta there.

[Homer]

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I think Neteller wants to keep it's reputation though, so I don't think it would happen. If it does I'm outta there.

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I doubt it. People always say stuff like this, but what are you going to do, use Firepay? Hahaha.