Neteller "cancel" feature

[mgibson99]

I have seen the discussions on the pitfalls of the "reversal" feature that many casinos have when you make a withdrawal. I haven't seen any mention of the "cancel" feature that Neteller has when you make an EFT from your NT account to your bank account.

I rarely cancel a Neteller EFT, but I have noticed recently that I am being given more and more time to cancel. It used to be only a few hours, which I assumed was some sort of processing time. Lately, I have the ability up to 24hours after making an EFT request to cancel it.

I'm guessing that online casinos are the main reason for Neteller's existence (I could be wrong), and I'm wondering if Neteller is giving more time to cancel an EFT in hopes that you will leave the money in your account then re-deposit into a casino.

Thoughts?

[Bruce Hamilton]

...and I'm wondering if Neteller is giving more time to cancel an EFT in hopes that you will leave the money in your account then re-deposit into a casino.

They're also hoping you'll leave it in your account so they can leave it in their account drawing interest. As for redepositing it, the only fee a merchant pays is if they accept insta-cash.

[Simmo!]

I rarely cancel a Neteller EFT, but I have noticed recently that I am being given more and more time to cancel. It used to be only a few hours, which I assumed was some sort of processing time. Lately, I have the ability up to 24hours after making an EFT request to cancel it.

It simply amazes me that they do this. I suspect, like the casinos, they call it a "feature" and argue that "players want it". Perlease. Previous polls have settled that one!

Imagine going into your bank to withdraw some money and they say "ok look we'll leave it over there and you can come back and collect it in 24 hours - you never know you may change your mind".

[Bruce Hamilton]

The part that fries me about Neteller EFT is the 3 days your money resides in cyberlimbo. I initiated an EFT on a Sunday, and the money left my bank on Tuesday... Neteller made it available to me on Friday!

[silcnlayc]

Isn't that what instacash is for? To deduct immediately? I just restored my Neteller account (haven't used it in years, I preferred firepay) and all I had to do is to have 2 single withdrawals/deposits in the required 3-5 day waiting period to be able to use the "Instacash" feature once again for quick deposits now.

[gaputernut]

If you request a cashout into your bank ..EFT before 2pm (EST) weekdays...it will be put as "pending" that same day. The "Cancel" button is then removed. This is from my experience with them.

I am not sure about weekends....that may take longer.

[Ivy29]

I'm really getting irritated with how long it takes for the Pending to turn to Accept on those EFT's. You can't put money back into your account until you have more than those Pending ones, even though for me lately they have had my money for 5-7 days before they clear the Pending.

[Bruce Hamilton]

Isn't that what instacash is for? To deduct immediately?

Instacash makes the funds available immediately, but that convenience comes with a whopping 8.9% fee. If you fund your casino account using instacash, the casino will pay that fee for you.

[mgibson99]

Instacash makes the funds available immediately, but that convenience comes with a whopping 8.9% fee. If you fund your casino account using instacash, the casino will pay that fee for you.

Which is why many (most?) casinos do not offer instacash. Completely takes away the house edge if you think about it.

I also agree that it takes too long for them to clear the instacash deposits. Its usually 7 days from my experience, even though it shows that the money left my bank within 2 days. Its all electronic, so why does it take another 5 days to show that it cleared in my NT account? If I do an instacash for $1000 (my usual), and I am fortunate to win $500, I want that $1500 back in my bank account as soon as possible until I am ready to gamble again. With NT, I can do an EFT for $500 right away, but I have to wait a week to get the other $1000 transferred. It just doesn't seem like it should take that long.

[buck]

The part that fries me about Neteller EFT is the 3 days your money resides in cyberlimbo. I initiated an EFT on a Sunday, and the money left my bank on Tuesday... Neteller made it available to me on Friday!

I did one on a Sunday and it was not in my account until the Next Monday, a full 8 days, 6 business days and there was no banking holidays.

Buck