NETeller opens up U.S. accounts for withdrawals

[The Buzz]

Here's the press release:

Press Release

Distribution Plan Implemented Today


Monday, 30 July 2007 – NETELLER Plc (LSE: NLR), the independent global online payments business, today announced that US customers now have access to their accounts online to request the withdrawal of funds.

As described in the Company's announcement of 4 June 2007, under the Distribution Plan agreed to with the United States Attorney's Office for the Southern District of New York, US customers will be able to commence the process to achieve a return of their funds currently within their NETELLER e-wallets.

US customers will be able to access their NETELLER accounts online until 26 January 2008 and make a request for their funds. In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid. NETELLER will not charge fees to customers to process requests for funds. Funds will be distributed either by electronic transfer to the bank account on record with NETELLER or by a cheque to be sent to a mailing address as confirmed by the customer. If a US customer has a bank account already registered with NETELLER, funds transfer will be by electronic transfer subject to confirmation by the customer that the registered bank account remains valid. US customers will receive the entire balance of funds in their account; no requests for partial payments will be processed. US customers cannot use their accounts for any transaction other than to request the funds.

Further information is available on the Company’s customer website, www.neteller.com, in particular the US customer update FAQs which are posted at updates.neteller.com.

"We are very pleased to start the funds distribution process today. I can assure our US customers it has been our highest priority and we'd like to thank them for their patience during this period", said Ron Martin, President and CEO. "The implementation of this plan marks another major step forward in the Company's recovery strategy".

[ck8795]

Way to go you guys who finally get your hard earned money. I have seen other posts from affiliates saying that transactions are going smoothly.


Nice to see some good news for others

[big fish]

i am going to go try now. lets hope it works!!! i will keep you posted. thanks once again fot the critical updates!

[big fish]

ok - i successfully submitted for the withdrawl. they said it can take up to 3 days to process. if and when that hits my bank i am going to be one happy camper!!!

[kenonut]

I just went in and made a withdrawal for my Neteller balance. Everything seemed to go just fine. It did say to allow up to 3 business days to be processed. I am keeping my fingers crossed.

It gave you the option of changing your mailing address and also your bank details if they have changed. I have a nice chunk coming so it will be nice to finally get it.

[satya]

A great step by Neteller. Very helpful to all the affiliates who had huge sums of money blocked.

Glad for all of you guys!

[aksana]

Congratulations to all US residents, very good news!

[Ziggy]

Indeed, very happy for those who have been waiting for their money for so long.

[kenonut]

Just checked my bank account online and my Neteller withdrawal is showing already. It is in the pending stage. My bank holds all transactions in a pending stage for I believe 24 hours before they are actually posted to the account, but it is showing already and I just initiated the request yesterday. No too bad. Neteller may just get back some of its credibility.

[matted]

What do you all thinnk of that "release?"

Is it a standard release? Are they just trying to protect themselves? Would there be any reason for them to want to sue me? (If I dont release them, they dont release me, apparently)

Maybe I'm paranoid, but could this be freeing them from lawsuits for violations of their privacy policy?

[rob3786]

Thats the good news you have all been waiting for. I am glad that didnt happen to me that would have driven me mad!!!!!

[vinism]

FYI -- Casino City withdrew its money from NETeller on Monday. NETeller successfully processed the request and the money arrived in our bank account that same day.

[big fish]

we also got paid. thank you neteller and doj for finally releasing the money!!! it actually happened. i was beginning to think we might never see it.

[The Buzz]

Ron Martin, the CEO of NETeller, just posted a video on YouTube apologizing to US customers for the delay in returning their funds. Here, in Buzzy's mind, is the key quote ...

I have read many of your e-mails, blog entries and Web site posts over the last few months. I've also spoken to our staff in our contact center. I know that for some of you, the lack of access to these funds has been very frustrating. It's been difficult for our staff too. There's been little we've been able to say as we've worked through the process. We're not accustomed to not being unable to give the customers the service they expect.

Clearly, the situation has strained the trust we built over the years. For that loss of trust, I'd like to apologize and that you sincerely for your patience. I'd also like to reassure you again that we've been working very hard to ensure the return of your funds. It has been our highest priority.

You can watch the whole video here ...

http://content.neteller.com/content/...e_20070802.htm

[The Buzz]

USA Today did a pretty good job evaluating the impact of the NETeller plea in this story, but one quote really sticks in Buzzy's craw ...

The resolution of the longstanding case — watched closely in the gaming industry — could have far-reaching implications for consumers and law-enforcement officials trying to muzzle online gambling, which is illegal.

Apparently the writer listened only to the Justice Department. Quotes like this have a chilling effect on the casual gamer, even though there is no law on the books that makes Internet gambling illegal for the U.S. player.

Buzzy blames Vin, who once worked at USA Today, for such careless reporting.