Neteller has seen its last days....

sean1 · Mar 26, 2007

Neteller will be out of business. Who is in the best position to replace them?

With the elimination of Canada and Turkey, Neteller signals it will be going out of business.

Canada was the last country where you could use instacash and EFTs (Correct me if I am wrong, but I dont think you can do these in Europe). With credit cards available in Europe and no instacash/EFTs there isn't a heck of a lot of reasons to use Neteller other than the professional gambler....

Next up will be other countries who complain (France, maybe Germany, Brazil, etc)

Then we'll get shareholder lawsuits.

I highly doubt neteller is around in 24-36 months.

If the US players are paid in 75 days, we may be the lucky ones.

Anyways, with Neteller's management basically cutting off its own head, what company is best positioned to take neteller's place?

Is Ecocard really the only guys out there now that allow gambling transactions to the US, don't have a $ limit, and allow p2p transactions? Is there anyone else?

-Sean

billsfan · Mar 26, 2007

This summer look for a transfer company to surface that will be operated by a couple very reputable operaters.

WVU · Mar 26, 2007

billsfan said:
This summer look for a transfer company to surface that will be operated by a couple very reputable operaters.

I thought fish was getting into farmland.

CHOPTALK · Mar 26, 2007

billsfan said:
This summer look for a transfer company to surface that will be operated by a couple very reputable operaters.

Whats the point fishhead? Did someone in the goverment or something tell you that you cant post anymore?

This is silly.

No harm in comming back even though you said you would not post anymore.

I have done that a few times myself.
:lol:

billsfan · Mar 26, 2007

Billsey here, not -FH-.

He was out of the house today before 7am.

HPark1 · Mar 26, 2007

what about moneybookers? With Neteller now gone for me it looks like that is the best option.

sean1 · Mar 26, 2007

There limits are very very low and I think they blocked the US

Sean

HPark1 · Mar 26, 2007

sean1 said:
There limits are very very low and I think they blocked the US

Sean

Didn't know they blocked the US, checked the signup page and the US was still on it so assumed it was all good.

Yes the limits are lowish but not outlandish to the point of it not being useful. Just logged on for the first time in awhile and it says my transaction limit is about 16k (90 day period). I think for most people thats ok but for bigger players you're right its weak.

sean1 · Mar 26, 2007

How do they verify accounts? Can I have 20 if I have 20 bank accounts to deal with their limits?

Sean

HPark1 · Mar 26, 2007

sean1 said:
How do they verify accounts? Can I have 20 if I have 20 bank accounts to deal with their limits?

Sean

I remember throwing them some photo ID for verification.

Can I have more than one Moneybookers account?
Sorry, we do not allow customers to hold more than one account.

maxdemo · Mar 26, 2007

Like I said when this 1st happend...Neteller is going out of buissnes and who ever has $$ with them will not see a cent.(US Customers)

When they left the US they lost 60% of their revenue...now Canada and Turkey are left out which accounts for another 30% of their current revenue...the writing is on the wall and its over for this company. Now Customers & Shareholders will be in court trying to get their money back....bye bye Neteller.

maxdemo · Mar 26, 2007

A press release from the company read:

26 March, 2007: InstaCASH and Direct Accept transactions will be disabled for all Canadian members 26 March, 2007: All Turkish customer transfers to and from online gambling merchants will be automatically disabled 9 April, 2007: All Canadian customer transfers to and from online gambling merchants will be automatically disabled

Although NETELLER is disabling all gambling-related transactions for Turkish and Canadian members, we will continue to offer our members in these countries our other services, including P2P transfers and withdrawals with the NETELLER Card.

Please note that you are not required to take any action or make any changes to your site or API. We will automatically block all gambling-related transactions to and from members in these countries. This week, we will also be notifying our members in Turkey and Canada about these changes.

Santo · Mar 26, 2007

Where did you pull the 30% figure from?

maxdemo · Mar 26, 2007

This is from the NetellerCustomerCoalition

An attorney with one of the largest law firms in the country looked
into this for me last week. He says there is no public record anywhere
of any money seized in connection to the case against Lawrence and
Lefebvre.

If anyone knew where the money was seized, they could file a lawsuit
there. But since no one knows where the money is and who has it, any
lawsuit would probably have to be filed against NETeller in the Isle
of Man, the last place your funds were officially located.

It is quite possible that $55 million was never seized by the US, and
that $55 million is the total amount NETeller owes to its US
customers. What else does NETeller have besides its US customers'
accounts as leverage for negotiations with the DOJ?

Navigant Consulting is a "forensic accounting firm" that deciphers
highly complex financial information, analyzes huge piles of data and
sifts through billions of dollars in transactions. NETeller and the US
Attorneys Office don't need Navigant Consulting to figure out basic
information like how much is owed and to whom.

It is assumed that NETeller is cooperating with the Department of
Justice investigation to the extent that they are disclosing all
financial details about their company and customers.

Any information Navigant Consulting collects will almost certainly be
shared with the US Department of Justice, and quite possibly other US
governmental agencies. It is doubtful that any legal action would
prevent the disclosure of account details.

Most lawyers will not accept this case based on "contingency" (the
possibility they could win X). This is a risky case involving a
criminal investigation, gambling proceeds and money laundering.

The costs of any legal services will have to be paid by the
plaintiffs. Each participant would be invoiced for their portion.
Failure to pay invoices could get you dropped from the suit.

gtc08 · Mar 26, 2007

now im really glad I got my money out early. thanks to some who convinced me that neteller was in trouble.

Santo · Mar 26, 2007

Moneybookers have a "Pro Gambler" user status that removes the limits. You will need to submit a ton of documentation to qualify for it.

Santo · Mar 26, 2007

But your interest in MB makes no sense. Virtually all of Moneybookers revenue is from European customers. By your logic, NT has no chance without US/Canada, so why would Moneybookers ;-)

The fact is, Europeans use MB and NT a lot as well, for various reasons (don't want a ton of gambling transactions on CC statements is a big one - privacy), and I think NT could survive on EU/Asian revenue just as easily as MB.

MistaFlava · Mar 26, 2007

does that mean I no longer owe them $900?

maxdemo · Mar 26, 2007

MistaFlava said:
does that mean I no longer owe them $900?

I wouldnt pay them a dime if I were you...JMO

sean1 · Mar 26, 2007

Doesnt anyone know how to run a company anymore?

What would have happened if Neteller just told the DOJ to f off?

Sean

Neteller has seen its last days....

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