Neteller and their Instacash Revenues

BooksWorstEnemy · Jul 22, 2005

If you deposit to Neteller using Instacash, the money can be there instantly. But they charge the player 8.9% to deposit with Instacash. If you use the regular method they will not allow you to have access to your money for an extra three or four days.

My God! I can send a cashier's check via Fed Ex much faster than if I go through Neteller.

Please wait for a site operator to respond.

You are now chatting with 'XXXX'
XXXX: Welcome to our live chat service. How may we help you?
Mer: I am transferring $5,000 from my US checking account to Neteller. You guys took the money from my bank yesterday. Why is the amount still listed as "pending" when I log into Neteller? Where is the money? Who has it?
XXXX: EFT and Instacash deposits take 4-5 business days to clear from the date the deposit was requested. Due to the fact that we are not a bank, the funds go through a 3rd party processor prior to us recovering them. So, regardless of whether something has cleared your bank or not, it still takes the full 4-5 business days to reach us. With Instacash however, you have ACCESS to the funds right away, even though it takes 4-5 business days to clear. It will show 'pending' until we've received the funds from your bank.
Me: Oh, so what you are really saying is that if I don't pay the Instacash fees you guys won't let me have my money for 3 extra days while you pretend you don't have the money? Am I not right about this?
Me: I don't have the money. So who does?
XXXX: Our third party processor does
Me: But you can't verify that they have the money in less than 3 days? Seems odd that I initiate a cash movement from my checking account to Neteller and the money is gone from my checking account the next day, yet you guys can't get a confirmation from your processor in under 3 days? I don't get it. So you are telling me you don't have my money and you are unable to confirm who has my money? I am certain I don't have the money. So you need to confirm who has the money because the person who took the money from my account, according to my bank, was NT888-258-5859, which is your initials and your phone number.
Me: If you are telling me you don't have the money and you can't confirm that your processor has the money, do I need to alert my bank to a possible fraudulent withdrawal?
XXXX: No, NETeller is not a financial institution and therefore need to go through a third part to obtain funds. There is a 5 business day process that it will take each time
Me: So who has my money right now? If you can't tell me you have it, I will have no choice but to alert my bank to a possible fraudulent withdrawal? All I know is, the $5,000 is gone and if you are telling me you don't have it and you are unable to confirm that your agent has it then I really don't have a choice.
Me: The fact are these: The money is gone. I don't know who has it. You don't know who has it.
XXXX: I do know who has it
XXXX: it is our third party processor
Me: So you have confirmation that your agent has the money?
XXXX: We will not have confirmation until it is posted to your account. If it has left your bank account it is on its way
Me: But you are unable to confirm that your agent has the money? Either you can confirm that your agent has the money or you can't. If you can't confirm that your agent has the money then I need to alert my bank to a possible fraud. If you can confirm that your agent has my money then you need to remove the pending status of my deposit.
Me: Helloooooo?
XXXX: I am going to ask that you contact our Account Retention department
XXXX: I cannot confirm the third part processor has these funds until they are posted to your NETeller account
Me: Thanks for your help. I am very nervous about my money now. We don't know who has it.
XXXX: You're Welcome. Thank you for choosing NETeller!

Later,
Books Worst Enemy

royalfan · Jul 22, 2005

Do you always act like that? You must live a miserable life if so. Cannot believe you would post that on here.

BooksWorstEnemy · Jul 22, 2005

Royalfan,

No. I don't always act like this. And if you've read any of my posts you know it.

The point is that Neteller has the money and they know damn good and well that they have it. But because they would prefer that all players deposit via Instacash they pretend they don't have the money for three extra days.

I just don't see the need for Neteller. I can move paper around the world in less time.

Later,
Books Worst Enemy

royalfan · Jul 22, 2005

I didn't think so, the advanatage of neteller is once you have enough money oversees that you can just move it in and out very easily without sending more to neteller. I can understand the frustration of waiting, but I think acting alarmed and worried you were going to lose it and calling your bank about possible fraud were way over the top. Let's have a good football season and you won't have to worry about sending money over there in any way shape or form!!

TTinCO · Jul 22, 2005

BWE, some books will cover the instacash fees-I know WSEX does.

That's the only way I would ever use it-this gambling game is tough enough to win without starting 8.9% in the hole.

BooksWorstEnemy · Jul 22, 2005

Ok. Just look at this from WSEX' point of view.

I deposit $5,000 into Neteller. If WSEX is going to cover the Instacash fees, then they are out $445.

Then, WSEX pays another fee to move the remaining $4,555 from Neteller to them. We think that fee is generally around 4 to 5%. Assuming another 5%, WSEX is out another $227.

So WSEX pays 13.4% to get my money via Neteller.

With a cashier's check and FedEx, we can move $5,000 to WSEX for 43 bucks. That's less than 1%.

I just don't see the advantage of using Neteller. I think I will play the FedEx game again this year. The bankroll is $135K and I will post up $50K before the season starts. If I need to replenish my funds at one book, I can have the funds moved from my bank to the book in less time with FedEx than I can with Neteller. If I want to have the entire bank roll available with Neteller I would have to send the entire bankroll to Neteller. If I've had a bad weekend and I need more money with the books next weekend, and if the money is at my bank in the US, Neteller won't help me move the money without charging the 8.9%. I will not send my entire bankroll to Neteller. My god, they're not even a financial institution. They don't offer consumer fraud protection either.

Later,
Books Worst Enemy

BooksWorstEnemy · Jul 22, 2005

If you stop and think about Neteller's story, the whole thing is preposterous.

The money is gone from my checking account. Somebody has my money and it isn't me.

They tell me they won't let me have the money because they don't have the money.

They tell me not to worry because their agent has the money.

But then they tell me they unable to confirm that their agent has my money. In other words, they don't know with certainty that their agent has the money.

So I don't have the money. Neteller doesn't have the money. They can't say with certainty who has the money at this time.

Bullshit!

Later,
Books Worst Enemy

PO69 · Jul 22, 2005

I stopped using neteller quite a while ago because of the high fees!

Doug · Jul 22, 2005

Agree, the 4-5 days is too long, NT must have an interest bearing account that always has millions in it. They are unfortunately the best option now, they need competition. Few books will pay the full 8.9% +. I'd almost be afraid to play at a book that would !

PO69 · Jul 22, 2005

THE ABSOLUTE best option is ECHECK! But you cant use it to send over $2000 at a time I dont believe. My limit is $2000 per transaction, but some people may have higher limits I guess.

When I request a payout by echeck, the money will be in my bank account within 12-24 hours after I request the money. Now THAT IS FAST!! Hell it takes like 2 days for a payout from neteller to hit my bank

Doug · Jul 22, 2005

I'd rather a book not have that info !

PO69 · Jul 22, 2005

Well I should say that I have a bank account EXCLUSIVELY for internet transactions! I recommend that everyone get a seperate bank account for internet purchases. After getting that checking account then get the debit card as well.

Almost all sites these days accept debit cards for purchases. Just use the one that is with your new account and you will be safe

BooksWorstEnemy · Jul 22, 2005

If you think the books are the ones paying the Neteller fees, you are gravely mistaken.

There is no such thing as a free lunch!

At the end of the day we, the players, are the ones paying the 13% to post up via Neteller.

Later,
Books Worst Enemy

BooksWorstEnemy · Jul 22, 2005

++++Agree, the 4-5 days is too long, NT must have an interest bearing account that always has millions in it++++

I can literally go to my local bank office on Monday and have the funds available with a sportsbook on Wedneday using FedEx.

Why would a book encourage a player to use Neteller, which will cost them a lot more than $43 on a large deposit and it takes longer?

Why don't the books encourage FedEx post ups with larger deposits? I can see that with sub $1,000 deposits FedEx might not be the cheapest option, but it's still faster than Neteller. And a lot of books, like BoDog, have you send the money to Canada, which is only $21 via FedEx, bringing the Neteller vs FedEx deposit amount down to $500.

Later,
Books Worst Enemy

royalfan · Jul 22, 2005

Books Worst Enemy said:
If you think the books are the ones paying the Neteller fees, you are gravely mistaken.

There is no such thing as a free lunch!

At the end of the day we, the players, are the ones paying the 13% to post up via Neteller.

Later,
Books Worst Enemy

What do you mean by this BWE? Players pay the 13%?

Arodd · Jul 22, 2005

I hate paying the 8.9% fee but if i have the itch then i'll be stupid and pay it. all i have to say is that your conversation with neteller was HILARIOUS. i'm sure the woman or man who was on teh other end was just speechless looking around for someone to help.
her'es to hoping we all deposit once, and win enough that we never have to deposit again for the rest of the year

OMNIVOROUS FROG · Jul 22, 2005

I never use instacash, never have, never will. I do not like paying a high vig for my own money moving faster. However, my experience with eft's is completely different. They normally turn or clear in 48 hours. CC's less than 48 hours for $11. Fed Ex. If I had one pet peeve it is the neteller points. I am going for the 100 mil mark. Might take a few years, but I hope instead of playing lotto I can get a shirt or an oven mitt. Maybe a neteller pen and pencil set. Neteller earns a FROG benjamin rating.

Best Wishes...OF:howdy:

BooksWorstEnemy · Jul 22, 2005

Royalfan,

At the end of the day, the sportsbooks make all of their profit and cover all of their expenses from their players. That is all I'm saying. If the players want to use the most expensive way to post up (neteller & wu) then the players are the ones who are ultimately paying those fees at the end of the day.

Later,
Books Worst Enemy

BooksWorstEnemy · Jul 22, 2005

++++my experience with eft's is completely different. They normally turn or clear in 48 hours++++

Are you talking about EFT from your US bank to Neteller? I initiated this money movement on the 20th before lunch. They took the money from my account on the 21st. It is still pending right now. They are telling it me will be pending until the 26th or 27th.

If I had driven to my bank and picked up a cashier's check and then driven to Kinko's to FedEx the money, it would be available to play with at most sports books sometime today.

I realize drving to the bank and Kinko's is a chore. But it would have been faster and a lot cheaper.

Later,
Books Worst Enemy

Santo · Jul 22, 2005

For a bank transfer:

If I pay my credit card company, they say to allow 3-5 days.
If I pay my electricity bill, they say to allow 5-7 days.
If I pay my internet connection/phone bill, they say 2-4 days.

Bank-Bank transactions do take time. You'll probably find it's the banks (Neteller's not yours) earning interest, not Neteller.