Neteller shuts down Instacash for US players!

**winbig** · 17th January 2007, 09:15 PM

Originally Posted by Rangeral

I was just e-mailed by the casino I play a lot in that they are no longer accepting instacash from Neteller which is what I use because its free. I had $5,000.00 in there so I went ahead and withdrew it back to my checking account just in case. I was told by the casino that I can open an instadebit account and still fund the casino, but I'm not sure I will do that. I need a break anyway.

rangeral

For some strange reason I feel that ANY online wallet is going to be in the same situation in the near future.

**KasinoKing** · 17th January 2007, 09:39 PM

Originally Posted by winbig

They don't charge a fee for USD > GBP conversion? Nice

No, I didn't say that. You must have mis-read my post.
I pay 1.9%(x rate) for USD > GBP (into my bank account)
But I don't pay any fee for GBP > USD when I use my UK card in a USA ATM!

**soflat** · 17th January 2007, 09:43 PM

I don't know what to do. I don't want to leave my money in Neteller, but I also don't want to transfer it to my bank account in case they start looking for those types of transactions, and there seems to be a limit on the amount you can put on the ATM card and withdraw.

**amatrine** · 17th January 2007, 09:56 PM

For now I use instadebit because there are no charges, but I never leave any money just hanging around the account. If there ever is any news of them
doing anything with instadebit I would close it right away, but most lihley my bank would stop accepting them first before that would happen. My bank used to take clik2pay and neteller, and stopped accepting them, so I think its just a matter of time anyway before my bank stops all ewallets, then my online gambling is over, because the other routes to have to go fund a card or something beome to much of a hassle, and I would rather goto the B&M.
I stopped doing the Bm when I hit a $3,000 win that changed my income bracket and cost me 401k write off, and actualy cost me 4,500 in taxes! What a rip that was.

Ama

**tennis_balls** · 17th January 2007, 09:58 PM

pretty humorous that this late in the game Bodog throws Neteller under the bus.

**lots0** · 17th January 2007, 10:22 PM

I am getting a total run around in withdrawing from Neteller.

I requested a check be over nighted on the 15th... Still not received.

Called Neteller three times today and they can't/won't give me a tracking number for the late/missing payment.

I requested a complete withdrawal of funds at 8:00am today by over night check and the money is still sitting in Netellers hands, normally the payment would have went out at noon.

The only good thing in this is that the total amount of money Neteller has of mine is under $1000...

After several calls, I have been assured that the payment is on its way... they just can't give me a tracking number...

I think I feel smoke being blown up my ass...

**wangpoker** · 17th January 2007, 10:56 PM

Originally Posted by lots0

I am getting a total run around in withdrawing from Neteller.
I think I feel smoke being blown up my ass...

I also requested an overnight check. It's not been accepted for more than 24 hours as usual. It seems things are becoming worse.

**vinylweatherman** · 17th January 2007, 11:03 PM

Originally Posted by lots0

I am getting a total run around in withdrawing from Neteller.

I requested a check be over nighted on the 15th... Still not received.

Called Neteller three times today and they can't/won't give me a tracking number for the late/missing payment.

I requested a complete withdrawal of funds at 8:00am today by over night check and the money is still sitting in Netellers hands, normally the payment would have went out at noon.

The only good thing in this is that the total amount of money Neteller has of mine is under $1000...

After several calls, I have been assured that the payment is on its way... they just can't give me a tracking number...

I think I feel smoke being blown up my ass...

Perhaps Neteller fear a "run on the bank" after the recent news releases. They must figure that their knee jerk reaction in blocking Instacash, but not telling those affected beforehand, has lead to something of a panic "let's get out while we still can" situation. Neteller must remember what happened when casinos shut the door on US players last year, accounts locked overnight and promise of payment by rather slow means afterwards. Some players mention it taking weeks to get their balances out of affected casinos.

In this case, they may be slow because of an unusually high number of withdrawal requests. If there is no tracking number, they probably have yet to process it. If the funds still show in Neteller, it has not yet been processed through accounts, and of course there will be no tracking information.

If all US accounts are cleared quickly, they could have real problems dealing with the workload, and may even have the funds in the wrong place, or wrong currency. Many banks use illiquid assets to back some of their liabilities, and rely on the fact that not everybody will be moving money in the same direction at the same time. If, however, they take too long in issuing the checks, they will lose the trust of those customers ouitside the US, who will consider the possibility than Neteller does not have the funds to cover all it's current liabilities.

**lots0** · 17th January 2007, 11:36 PM

If there is no tracking number, they probably have yet to process it.

No, the tracking number is issued by the overnight carrier company.

I was told the payment had been given to the carrier company yesterday morning, but they (Neteller) had not gotten the tracking number from the carrier.

In other words Neteller says they gave the payment to the carrier company and now they (Neteller) have no record of where the payment is... Can you say... "Run around"?

Perhaps Neteller fear a "run on the bank" after the recent news releases.

I am sure they do. So maybe they should say or do something to slow down the 'Run".

**vinylweatherman** · 17th January 2007, 11:50 PM

Originally Posted by lots0

No, the tracking number is issued by the overnight carrier company, usually UPS and sometimes FedX, they (Neteller) could not or would not tell me which carrier company they used this time (I thought this was VERY strange).

I was told the payment had been given to the carrier company UPS/FEDX yesterday morning, but they (Neteller) had not gotten the tracking number from the carrier.

In other words Neteller says they gave the payment to UPS or FEDX and now they (Neteller) have no record of where the payment is... Can you say... "Run around"?

I am sure they do. So maybe they should say or do something to slow down the 'Run".

Perhaps giving out the tracking number will show their story to be a lie if you were to use it to track the item, maybe they sent it alot later than they say, but want it to look like the fault of the courier company. It would seem a perfectly reasonable piece of information to give to a customer now that Neteller are claiming the payment is sent - any issues about delay in such a case would rest with the delivery company, and you could use the tracking number to find out exactly where your cheque is. If they have just lost the tracking number, this demonstrates a careless attitiude towards security, and might explain the ease with which the posters in another thread had their Neteller accounts picked clean in a matter of hours by fraudsters, while the security systems just sat by and watched.