Neteller Freeze Possible?

SBR_John · 07-19-06, 07:26 PM

New Guy,
I'm not a lawyer but under current law there is not a reason or law that the DoJ could point to that could be used against Neteller. Now if they pass HR 4411 then thats a different story but currently there is no law they could hang their hat on to go after Neteller.

gotsteam · 07-19-06, 08:28 PM

Originally posted by Newguyintown

So its my understanding that the argument that Neteller is not a US company is of little significance. I'm not sure how the legalities work but what exactly can happen? Is it that the DoJ can come down on US citizens to not use any online banks to fund internet gambling. Or somehow can they directly force Neteller not do it.

Would it be possible for them to order a freeze not allowing Neteller to pay any money that is the result of online gambling and that's it- you lose?

New Guy in Town

Frm what I understand the only thing they could do at present is litigate them for aiding and abetting, and seek a TRO preventing them from continuing business. I don't think that would hold water as any lawyer worth his salt can make a solid defense, but needless to say it would inconvenience a lot of people.

They could also throw in laundering allegations as a further dilatory tactic, but again, I believe any judge ( outside the USA ) would see through that.

In any scenario I would be confident in saying peoples funds seem to be perfectly safe with NETeller.

Newguyintown · 07-22-06, 01:53 AM

"Now if they pass HR 4411 then thats a different story but currently there is no law they could hang their hat on to go after Neteller."

Can you tell me the story. So what is a worst-case scenario if they went after Neteller? In any scenario do you foresee complete forfeiture of Neteller funds?

N G T

rm18 · 07-22-06, 02:45 AM

Originally posted by Newguyintown

"Now if they pass HR 4411 then thats a different story but currently there is no law they could hang their hat on to go after Neteller."

Can you tell me the story. So what is a worst-case scenario if they went after Neteller? In any scenario do you foresee complete forfeiture of Neteller funds?

N G T

Neteller is a bank, you will never forfeit your funds from them, although I guess it is conceivable they could somehow be strongarmed to not work with sportsbooks, but I can't envision this with England's stance on gambling.

pags11 · 07-22-06, 03:52 AM

I don't see a freeze happening, but you never know these days...from what I read even if the govt. limits our EFT's through neteller, we can still get a check cut to us...

isetcap · 07-22-06, 04:15 AM

Originally posted by rm18

Neteller is a bank, you will never forfeit your funds from them, although I guess it is conceivable they could somehow be strongarmed to not work with sportsbooks, but I can't envision this with England's stance on gambling.

Neteller is definitely not a bank, and their list of merchants is almost exclusively involved in the online gambling industry.

Santo · 07-22-06, 10:06 AM

Neteller is regulated by the Financial Services Authority in the United Kingdom, so to all intents and purposes they are a bank. Technically they are a "regulated e-money issuer".

isetcap · 07-22-06, 04:40 PM

Originally posted by Santo

Neteller is regulated by the Financial Services Authority in the United Kingdom, so to all intents and purposes they are a bank. Technically they are a "regulated e-money issuer".

If the banks in the UK make it common practice to share information about their clients with their merchant partners then I suppose you could consider Neteller a bank.

If the banks in the UK commonly offer no interest accrual products to their account holders then I suppose you could consider Neteller a bank.

If the banks in the UK commonly offer no documented insurance on their accounts then I suppose you could consider Neteller a bank.

If the banks in the UK commonly use the excuse, "possibly engages in fraudulent activity" as a reason to close accounts then I suppose you could consider Neteller a bank.

Newguyintown · 07-22-06, 04:59 PM

"If the banks in the UK make it common practice to share information about their clients with their merchant partners then I suppose you could consider Neteller a bank."

What? Can you expand on this one. Never heard of this before.

isetcap · 07-22-06, 06:06 PM

Originally posted by Newguyintown

"If the banks in the UK make it common practice to share information about their clients with their merchant partners then I suppose you could consider Neteller a bank."

What? Can you expand on this one. Never heard of this before.

Neteller will gladly share your IP information with any of its merchants who request it. They will also "assist" their merchants by revealing the IP addresses of individuals who have transferred money to your account. They will also reveal to merchants whether your account details match the information you provide a merchant with. If a merchant conducts an investigation into your account in concert with Neteller and either entity declares some type of "fraudulence" has taken place, they reserve the right to close your account without recourse.

jumper · 07-24-06, 10:15 AM

after reading this thread i called the neteller vip line and was told there is no way funds would be confiscated since they were derived from gambling(some of the people who post here are idiots)worst case scenario neteller would have a hard time receiving funds from us bank accts.so if the impending legislation is worrysome to you and you wish to continue gambling load up your neteller now with about $100000 and withdraw what you need over time with the debit card or fed-ex checks

pags11 · 07-25-06, 03:12 AM

good to know jumper...