Neteller in talks with Barclays Bank???

Moneyneversleeps · Oct 4, 2006

Does anyone know anything else about this.... Got this from Majorwager

<TABLE height=1 cellSpacing=0 cellPadding=3 width="100%" border=0><TBODY><TR><TD vAlign=top align=middle>Neteller's bank accounts at Barclays rumoured to be shut down if Bush signs</TD></TR><TR><TD class=columncontent vAlign=top align=left>The are rumours abound that Barclays will be shutting down Netellers accounts when and if President Bush signs the Internet Gaming Prohibition Bill. Sources have told MajorWager that Neteller has decided to cease US operations should Bush sign the Bill. Neteller was contacted and has yet to respond to these rumours at this time.
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WVU · Oct 4, 2006

keep us posted. If this is true it sucks bigtime

Santo · Oct 4, 2006

I know Neteller use Barclays, so that much is true. It is feasible that Barclays told them that they have to block US transactions to keep the accounts, but there's a lot of rumors flying about./

newb411breaker19 · Oct 4, 2006

wow thanks for that info

Woody0 · Oct 4, 2006

Santo said:
I know Neteller use Barclays, so that much is true. It is feasible that Barclays told them that they have to block US transactions to keep the accounts, but there's a lot of rumors flying about./

Barclays has branches in New York and Miami as well as holding the Jupiter Bank in Delaware. If true perhaps NETeller needs to find a banker without this level of US exposure.

http://www.federalreserve.gov/board...ment.pdf#search="Barclays Bank US operations"

sean1 · Oct 4, 2006

Well I owe Juniper about $30K and if neteller folds because of them and I leave the US because I can't use neteller, my credit here really will not matter, so that would equate to a $30K win.

Sean

wolfie_cr · Oct 4, 2006

:lolBIG:

Dante · Oct 4, 2006

What about OMNI BANK ..they issue the neteller debit card any news if they will close accounts??

also www.fsvpaymentsystems.com that is where your money is when on the debit card

Brock Landers · Oct 4, 2006

sean1 said:
Well I owe Juniper about $30K and if neteller folds because of them and I leave the US because I can't use neteller, my credit here really will not matter, so that would equate to a $30K win.

Sean

i owed Neteller 8 dimes at one point, got on a payment plan and still owe a lot, guess that is also money in my pocket if they cease operations!

Santo · Oct 4, 2006

They may cease US operations, but that's entirely different from ceasing operations to the point where they can't pursue a debt..

I would be pretty certain they would continue to serve their European, Canadian and Asian Clientele, and look to grow in those markets if they ceased US operations.

Muddy · Oct 4, 2006

JAYBIRD0711 said:
Does anyone know anything else about this.... Got this from Majorwager

<TABLE height=1 cellSpacing=0 cellPadding=3 width="100%" border=0><TBODY><TR><TD vAlign=top align=middle>Neteller's bank accounts at Barclays rumoured to be shut down if Bush signs</TD></TR><TR><TD class=columncontent vAlign=top align=left>The are rumours abound that Barclays will be shutting down Netellers accounts when and if President Bush signs the Internet Gaming Prohibition Bill. Sources have told MajorWager that Neteller has decided to cease US operations should Bush sign the Bill. Neteller was contacted and has yet to respond to these rumours at this time.

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This must be bullshit
So many people in so many countries use thier service not just the US

cant be true, doesnt make sense

sean1 · Oct 4, 2006

Neteller may well leave the US, but I find it very hard to believe that Barclay Bank would start shutting down one of its biggest clients before a law in the US is signed, before they receive any type of notification that they need to block transactions, etc.

It does not make sense.

If the feds want Barclay to shut off neteller, they would first of all give them the 270 days as stated in the law and secondly send them a letter telling them they need to stop the transactions. Barclay's lawyers would certainly be given more than a day to review the law and demands. The feds wouldn't just blow up the bank.

Somehow I find it hard to believe a foreign bank is shutting off a foreign money transferring company based on a law that is not even a law yet.

Sean

sean1 · Oct 4, 2006

I also promise you this was not leaked to the Major by either Barclays or Neteller before it would be announced by the CEO to shareholders.

Sean

gbogo · Oct 4, 2006

im not sure any bank having us correspondant operations or us based will bank for neteller when the law is done.

its not worth the negative publicity and loss of clients should it be made public,

you can say its bs whatever - no banker wud lose sleep over losing a neteller type company relationship.

i said earlier they will monitor it for a short while to follow the money trails and then it will be turned off.

sean1 · Oct 4, 2006

Negative publicity - last I checked 93% of people feel online gambling should be legal.

In any case, neteller may well go, but I am fairly certain it will not go before the law is signed.

Sean

gbogo · Oct 4, 2006

before anyone asks and says neteller is a large company and moves 100 mio a day internationally

in the cash market thats so small its irrelevant.

thats like 13,000 in fees less costs

for every fx transaction i made whether 1,000 or 100 mio the bank charged me 60 eur out of my trading p/l for settlement costs

so when you factor it in its definately not worth the legal hassle over such a small amount of income.

Whoson1st · Oct 4, 2006

Some of these bankers in very high company positions are POLITICANS too. They want to stay on the good side of the "right people".

gbogo · Oct 4, 2006

sean

you are thinking in terms of retail banking

im talking in terms of wholesale banking where the real money is made in banking

money managers and corporates will not trade with banks that are involved in these type of things or have there name tarnished.

thats what bank ceos are looking out for - they couldnt care less about a 25 k credit card debt or 100k default - thats one trade done in the wholesale area

gbogo · Oct 4, 2006

if bmw calls up barclays and says our company wont trade with you for 6 months due to your involvement in processing online gaming transactions which has now been made illegal in the usa - that is not the corporate image we wish to project to the marketplace,

or 10,000 people call and say because you introduced a $10 surcharge on atm withdrawls

the ceo will be listening to bmw and taking action -- he will make a statement abt the $10 but do nothing.

sean1 · Oct 4, 2006

Once again - I do not doubt Barclay's might dump neteller.

I do doubt that they would dump neteller before this is even a law and I also doubt they would inform the Major.

I also believe neteller will be able to find another bank - maybe not a world leader who does billions in institutional trading, but there are many other banks that would be happy to have neteller's business.

Now whether neteller wants to keep servicing the USA is up to them.

Sean