If Neteller Goes Under....

[azkid]

You apparently have no recourse. While Neteller is indeed legitimately regulated by the United Kingdom's Financial Services Authority, the FSA's compensation scheme is NOT open to customers of companies registered in the Isle of Man. If Neteller stiffs us, we are screwed. There will be no way to get the money back.

In other news: Neteller is a huge, publicly traded company. They won't stiff us! Yay!

[new2betting]

Does it mean if they are a publicly-listed company, they will not "stiff" anyone? Publicly-listed companies can be de-listed too.

If ever they are not able to pay anyone, it would be due to events that made them do so... like the DOJ.

I do not think they would fool anybody. They could be manipulated not to pay anyone which is already beyond their control.

[marc]

If our money is truly held in trust accounts, than at some point, which could be in the very distant future, we should get paid. If neteller has been lying about the trust accounts, then we likely all get stiffed. But if that happens, the directors of the compnay my get prosecuted for fraud.

[bigloser]

If they are held in trust accounts (and I believe everything should be fine ). Unfortunately in this day and age it is unclear whose laws will apply. It may be that if the money was found to be the proceeds of criminal activities the trusts could be unwound or at least challenged by creditors.
Whatever happens it will not be Netellers fault

[wack]

I am fairly sure though that it IS regulated by the Isle of Man equivalent of the FSCS, which is actually better than the UK one - in as much as the UK one only guarantees 90% up to 30ishk, whereas the Isle of Man one guarantees the full amount.

Pretty sure on that.

[bigloser]

in as much as the UK one only guarantees 90% up to 30ishk, whereas the Isle of Man one guarantees the full amount.

Pretty sure on that.

Isnt that for banks ? Neteller isnt a bank

[azkid]

This would be great news but where does it say that they're regulated by the Isle of Man equivalent of FSCS? I can't find that anywhere on their website.

[GamblingPrincessXOXO]

In other news: Neteller is a huge, publicly traded company. They won't stiff us! Yay!

Oh that right, publicly traded companies have never stiffed anyone.

Am I the only one waiting for a 6k payout from BoS? I guess I should feel perfectly at ease since they were publicly traded....

[Dark Horse]

Unless Neteller was completely mismanaged, funds deposited there were never at risk. They were/are offering a low overhead service. It's not like they were building cars and had millions invested in a factory. This is their, totally self-centered, way of saying thank you. All this delay means is that they are earning interest on your money.

Think about it. They had already been preparing to comply with the US law. This is how prepared they chose to be. Emphasis on choice.

[azkid]

was BOS publicly traded?

I thought it was one of those shady private firms? Are you sure they were publicly traded?

[bigloser]

Unless Neteller was completely mismanaged, funds deposited there were never at risk. They were/are offering a low overhead service. It's not like they were building cars and had millions invested in a factory. This is their, totally self-centered, way of saying thank you. All this delay means is that they are earning interest on your money.

Think about it. They had already been preparing to comply with the US law. This is how prepared they chose to be. Emphasis on choice.

I probably agree with the above.

However
What if the money was being transferred illegally. Would those players who have bet and lost have a claim against neteller ?

Anything is possible these days

[GamblingPrincessXOXO]

I thought it was one of those shady private firms? Are you sure they were publicly traded?

Yes, 100% sure they were publicly traded on the london stock exchange.

http://www.ftse.com/tech_notices/2007/Q1/13136_20070118_BETonSPORTS_PLC.jsp;jsessionid=14939C547A0CD07D6F4C29B63B7D57F5

[Santo]

AIM actually, not the LSE.

[jjgold]

Writing was on the wall, no excuse to have lots of money in Neteller

[capitalist pig]

The longer they keep the shares closed to trading, the better the odds of them folding up. Ive seen this to many times with US stocks, when they re-open to trading the price will be cut in half at the open.Then the slow painfull downward spiral will continue.

They should at the very least put out some sort of press release telling people something.

later

[tacomax]

I am fairly sure though that it IS regulated by the Isle of Man equivalent of the FSCS, which is actually better than the UK one - in as much as the UK one only guarantees 90% up to 30ishk, whereas the Isle of Man one guarantees the full amount.

Pretty sure on that.

That's not right.

Neteller aren't a bank, they are an e-money distributor. The last time I checked, you were covered up to the first $1000 and nothing more.

[bboots]

what scares me about this whole thing is the way Neteller is not telling the truth...the line still is heavy volume...but the truth is they havent processed any US requests....do they think we cant handle the truth?....they sure smell of an F book on their way out.

[thesimpleone]

I've been with them for 2 years, and did countless memberwire. And they always promptly paid me when they sent me a confirmation email. This time round, my money is still sitting in Neteller 4 working days after they told me they have sent it. And I still have not heard from them why they haven't sent me my money when they said they have. And when my friend emailed them about other questions, they replied very promptly. Shady......

[bigloser]

Why dont you call ?

[bigloser]

what scares me about this whole thing is the way Neteller is not telling the truth...the line still is heavy volume...but the truth is they havent processed any US requests....do they think we cant handle the truth?....they sure smell of an F book on their way out.

If the US banks wont take their money what can they do ? That is what is holding it up. Banks are shitting themselves that if they take Neteller money they could be implicated.
You guys need to stop whinging about Neteller , write to your Senator, Congressman, President, ask them why you are not allowed to access your money in Neteller.
But guess that is just a little too proactive

[louis]

They can send a foreign check but may need trust fund to cover legal expenses

Yes, they have ways of paying us. They have bank accounts in Europe and Canada. They can send us a check drawn on one of these banks. They do not have to send us a check drawn on a US bank.

Although it is inconvenient to receive one of these checks - banks will in fact cash them. We'll have to wait a long time for them to clear, and there will be a fee. But who cares? At this point at least we're getting our money.

Secondly, neteller is not lieing. They do have the money in trust funds. They have a prospectus that they send potential investors. They are a public company and their finances - including balance sheet and income statements - are public.

The trust funds as they stand easily cover our balances. The question is whether or not the trust fund will be used, when/if neteller faces fines and legal expenses.

Overall, I remain optimistic with them but more customers need to start calling them demanding foreign checks if they can't provide U.S. ones.

[marc]

If the US banks wont take their money what can they do ? That is what is holding it up. Banks are shitting themselves that if they take Neteller money they could be implicated.
You guys need to stop whinging about Neteller , write to your Senator, Congressman, President, ask them why you are not allowed to access your money in Neteller.
But guess that is just a little too proactive

Bigloser,

Congress didn't pass a law requiring Neteller to lie. The cause of our concern is the fact that Neteller contiues to lie. If Neteller would tell the truth, that might alleviate our concerns.

Neteller reported earning last year of $170,000,000 yet they can't pay US customers and they can't pay thier merchants. Now maybe you can blame thier inability to pay US customers on the US banks. But why can't they pay thier merchants. The merchansts get paid in Euros, not dollars.

Partygaming left the US market and thier stick still trades. Sportingbet left the US market and thier stock still traded. WHy won't neteller let thier stock resume trading. This has all the makings of a stiff job. This stiff is going to dwarf betonsports, aces gold and alladins gold all put together

[Lucas]

yes,
i have just returned from live chat... why they can not pay me, EU citizen??
Payments are "delayed" and I should expect "update soon".

[louis]

They are paying merchants in Euros

They are paying merchants who have Euro accounts. From what I understand from SBR, they are not paying merchants who have USD accounts.

The same goes for customers. Those in Canada and Europe are getting paid in their respective currencies.

My question is why in the world can't they pay US residents in Euros? Some of us would be more than happy to take a Candian dollar or Euro check right now.

[marc]

Louis,

There are no merchants with USD accounts anymore. After the passage of the Unlawful internet gambling law, Neteller told all the merchants that they would have to take Euros instead of dollars.

I asked Neteller if I could get a check in Euros. They said you can only get paid in the currency listed on your account. Which in our case is dollars. So I asked if I could just switch my account over to Euros. They said no. The only thing yuou could do, is open a new account under a different email address and a different bank account and create a euro account. However, US residents are not able to open a new acount at this time, so it's not doable.

This just points out how Neteller is not interested in paying. Here we are offering them a solution. We're offering to take our money in Euros, and rather than working with us, they just say "NO!"

[bigloser]

Bigloser,
Congress didn't pass a law requiring Neteller to lie.

And what lie/lies are those then ?

[bigloser]

Bigloser,
But why can't they pay thier merchants. The merchansts get paid in Euros, not dollars.

People with sterling, Euro and Canadian $ accounts are being paid, if they are not US resident or US businesses

[bigloser]

Bigloser,

Partygaming left the US market and thier stick still trades. Sportingbet left the US market and thier stock still traded. WHy won't neteller let thier stock resume trading. This has all the makings of a stiff job. This stiff is going to dwarf betonsports, aces gold and alladins gold all put together

Do you really believe these things are the same ?
AND
You clearly dont understand UK company law

[marc]

And what lie/lies are those then ?

How about the lie that payouts are "delayed" due to high volume. Not a single eft or check has gone out since the 16th. It has nothing to do with volume, they simply can't or won't pay.

[bigloser]

yes,
i have just returned from live chat... why they can not pay me, EU citizen??
Payments are "delayed" and I should expect "update soon".

What currency is your account in ?

[Lucas]

What currency is your account in ?

USD

[marc]

Lucas,

As i posted a little bit earlier, you need to open a new account in Euros. Then you do a peer to peer transfer to yourself (you will have to pay neteller 1.9% to send the money to yourself) Then you pay neteller 1.9% to convert your dollars into euros, and then you can withdraw the euros.

So if you pay neteller 3.8%, they will send you your money.

[Lucas]

thank you marc,
if this is possible, fine, I am not going to do that now, but it is nice to know that

I do not need the money now, but sometimes I WILL. I am US sports bettor and many US bookies have only USD currency, I need to have active USD accounts at e-wallets; because I am up at many sportspooks and my Neteller deposits were covered by withdrawals I guess I can get my money via Moneybookers or bank wire from sportsbooks.

[bigloser]

Lucas,

As i posted a little bit earlier, you need to open a new account in Euros. Then you do a peer to peer transfer to yourself (you will have to pay neteller 1.9% to send the money to yourself) Then you pay neteller 1.9% to convert your dollars into euros, and then you can withdraw the euros.

So if you pay neteller 3.8%, they will send you your money.

No need to do this. Just ask neteller to convert your existing account to Euros (or sterling ,with the UKs positive approach to gambling I believe this is the route many offshore books will go). No 1.9% fees and all pretty instant. Thye will be happy to assist.

[JoshW]

Louis you say:

The trust funds as they stand easily cover our balances. The question is whether or not the trust fund will be used, when/if neteller faces fines and legal expenses.

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How do you know the balance of this fund? What is the source and amount of most recent total?