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  1. #1
    The Buzz's Avatar
    The Buzz is offline GPWA Gossip Hound
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    Default NETeller lost 12.3m so far this year

    The Telegraph is reporting that NETeller lost 12.3m in the first half of 2007. That's quite a turnaround from the profits it was posting in 2006.

    That said, that group had a $9 million legal bill, according to the story, which accounts for almost half the loses (yes, Buzzy took math ... the loss is stated in pounds, the legal bill in USD).

    That said, that story also points out that NETeller has no debt.

    http://www.telegraph.co.uk/money/mai...eteller124.xml

  2. #2
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    I guess this was to be expected. I'm glad that rather than sitting and taking it and letting the US Govt. close them down, they are taking an active approach now to building their business again.

  3. #3
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    I don't have time to go read the story right now. Did the story state what their net worth was and I wonder if they are brave enough to continue to operate a few years even if they continue to post losses such as these.

    An example could be that if they were worth 500 million and lost 20 million per year they should be able to operate a few years before the losses would become critical compared to assets. (much of this would depend on the total of liquidity)

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  4. #4
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    They deserve it. The way they treated their customers the past 6 months has been deplorable. They argue they had no choice - but I disagree.
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  5. #5
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    Default

    Quote Originally Posted by matted View Post
    The way they treated their customers the past 6 months has been deplorable.
    I'm surprised how they've stayed afloat. Considering their incompetence levels.

    Get this... Was promised my debit card would be here late June. Told July no your not getting one. Late July get email invitation to get ATM card for free before Aug 8. Apply for card...Get told yesterday Australia is not getting cards till Oct at the earliest.

    Also receive email yesterday asking my opinion of NT. I give it to them both barrels!...

    Receive email today from NT, trying to say how wonderful they are and how I can benefit by using them.

    Yeah...Takes me 1 minute to transfer funds via my bank account...But takes at least 7 - 10 days to get an EFT, or 3 weeks to get a cheque (4-7 day via FedX) and another 4 weeks to cash the damn thing...

    I'm definitely missing out not being at NT...NOT!



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