Neteller's US Customers Question

oldmantime · Jun 12, 2003

Like all of us here, I don't want to have a "knee Jerk" reaction to what the government is trying to pass. But IF the bank's should stop processing anything from Neteller--ETFs or checks (God Forbid)--How long could they stay in business without US customers? (I'm guessing their business is well over 50% US)

Also--what do some of the top name offshore owners have in mind to replace it, if anything?

Like all of us, Just a worried soul!!

lander · Jun 12, 2003

Great questions OMT. I think we'd all love to hear the answers to these, but I doubt NETeller will both to address these in the same manner that they haven't address any questions regarding the PATRIOT ACT that they "aren't concerned with" despite telling us that because of the PATRIOT ACT we need to provide NETeller with our SSNs.

Hopefully, I'm wrong & they'll answer.

cecil+ · Jun 12, 2003

Good topic and nice post Lander!

I sure hope Neteller stays as far away from the u.s. government as they can, or I would stop using them.
I think they should consider moving there operation farther away...

Halifax · Jun 12, 2003

Just posted by Dell Dude:

"Dell Dude
Sergeant

Posts: 1010
Joined: Apr 2002
Thursday, June 12, 2003 1:24 PM

WTF? My suicide NETeller deposit was just declined

NETeller cannot process debit or credit cards from this banking institution at this time. We apologize for the inconvenience.

I was already blocked from making debit card deposits at PPATM and now I can't do it at NETeller either. That means I can now only use my debit card at a handful of places directly, and I'm not so sure about those. The overdraft noose is tightening around my Bank One checking account. "

IntuitionBET · Jun 12, 2003

Very good questions Lander...Let's see if NETeller answers.

DellDude · Jun 12, 2003

Yep, they sure did decline it. I can still make overdraft deposits but it would have to be of the EFT variety. Not a good idea since every time I'd be rolling the dice as to whether they go through.

Even though I have had $400 plus overdraft EFT's go through, I've also had one that was under (-)$200 bounce. I can't do suicide parlays under that kind of uncertain environment. You just know the one time I finally make it to Level Three, Bank One would decide to bounce the EFT.

I still have a half dozen places I can use it. I'm thinking I can get the NETeller ATM then make my suicide parlays at Bowmans. That's the only place that I can both use my debit card for deposits and receive my payments through NETeller without having to charge back first.

ericdixon · Jun 12, 2003

I do almost all my transactions neteller and it is smooth, I hope nothing changes!

DannyMay · Jun 12, 2003

Why would Banks stop accepting Netteller transactions if this bill passes ?

This Bill is about gambling. Netteller can be used for online purchases, such as buying something through Ebay, Yahoo, etc. The books will have to have an employee open a netteller account in his name. Say John Smith. Then all deposits will be sent from the player to John Smith, and all withdrawals will come from John Smith. This is how Western Union is done.

Why wouldn't this work ? How would anyone know it isnt simply a purchase through Ebay from a guy named John Smith ?

DannyMay · Jun 12, 2003

The books will find a way to continue recieving deposits. Otherwise, their business is gone.

Guest · Jun 12, 2003

I think US customers are about 70% of all NeTeller's customers, 25% from Canada and rest of the world 5%.

My opinion on this case is that Neteller is one banking option operating from Canada and have all ID info about the users.
So as long USA doesn't put Canada into the Black list, there's nothing USA can't do. Correct me if I'm wrong, but I think Canada and USA have somekind of free trade contract which includes money transfers between banks. If US goverment tries to block money transfers to and from NeTeller it's restraint of trade and they have a damn good reason to sue US goverment.

USA the land of freedom, uhhh.

DellDude · Jun 12, 2003

DannyMay,

Once the money is in NETeller, you wouldn't need to do anything drastic like that. Just transfer funds like you normally would.

The problem would be funding your NETeller account first. If they are put on the banking blacklist, how would you get money to them?

It's true it would affect other transactions besides gambling. This is why any law is doomed to fail. This would destroy online commerce.

Dante · Jun 12, 2003

good point Dell...

Dante · Jun 12, 2003

I think Offshore banking might be the answer

DellDude · Jun 12, 2003

Good news. I'm still able to deposit with my Bank One debit card. It was an overdraft thing and not a blocked thing.

I can only do negative $50.

But I'm going for POSITIVE $400!

WildBill · Jun 12, 2003

The bill is very unlikely to have any enforcement responsibility on the banks and its generally illegal to order a complete block on doing business with another processor unless you are certain they are doing something illegal and also that you have jurisdiction over the action. I don't think either case could be sufficiently proved in a court, but hey stranger things have happened.

Whatever the case, I can quite seriously see this someday setting off some major WTO action. The US has overstepped its bounds on so many occasions, and the "we are fighting terrorists" is only go to work so much. Some guy in the UK will say "we have thousands of bettors putting up millions of pounds a week on our sporting events, are you Uncle Sam going to tell me with a straight face they are all helping out terrorism?"

PO69 · Jun 13, 2003

I would say that neteller is about 90% US and maybe 5% canada

oldmantime · Jun 13, 2003

Thanks for all the answers. I know in my case without Neteller or something very similiar to it, I'd be finished with Offshore.

Does anyone know when the Senate is scheduled to vote on the action?

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