NETELLER Plc - NETELLER Takes Positive Step Towards Returning US Customers? Funds

[Mika Ollila]

Neteller has just made a press release about US customer funds.

NETELLER announces today the following update to US customers regarding the process for distribution of their funds.

Please read the full release here:
Press Release

The Group has also today posted additional information on its corporate website in the form of FAQs:
Media FAQs

When will US customers get their money back?

The recent agreements between NETELLER, Navigant Consulting, and the US Attorney?s Office (USAO) represent an important step in the process of an orderly distribution of funds to US customers. These agreements outline the terms and a timeline under which NETELLER will work toward distributing the funds. As a result, the Group anticipates that within the next 75 days it will be able to announce the plan by which the funds will be distributed to US customers.

[pokerwhiz]

I just received the following update from Neteller. It confirms that we aren't going to get out money in 75 days, but merely a "plan" will be annouced on when the money will be forthcoming. For the complete news release, here's the link...

Press Release

Here's the part I referred to above...

The Company would, in light of recent press comment concerning its announcement of 21 March 2007, like to make clear that the 75 day period referred to in that announcement was for agreement of a plan of distribution with the United States Attorney's Office. It would remain to be determined, as part of that plan, the precise timing of the distribution of funds to US customers.

[pokerwhiz]

And now for all the Canadian players who might have been saying, "Who cares, it isn't our problem..." Welcome to the club, as Neteller just announced they will no longer honor transfers from Canadian players, as well as U.S. players. This whole mess is like a bad marriage, it gets worse as time goes by.

[Mika Ollila]

What is the reason why they will not allow transfers from Canadians?

[pokerwhiz]

What is the reason why they will not allow transfers from Canadians?

It appears twofold. First, there's the money laundering issue. I think the Dept of Justice (U.S) has put the pressure on Canada to stop money laundering. Second, since the U.S. government is trying to get this to be an income tax witchhunt, they don't want money going to Canada. So, they realize that a lot of "overnight" websites offering a "rerouting ISP service" to U.S. citizens so it looks like they are from Canada, with a phony address. I've seen them. They charge you $15 a month, you log into their ISP and you are rerouting through the Canadian ISP to the Neteller or Poker sites, to bypass the banning of U.S. players.

The U.S. is trying to make it near impossible to get your money. It's really a joke. Hopefully, new legislation will be soon introduced, sometime in May it's rumored, that will make poker an exemption from the Ilegal Internet Gambing Act passed last October. If that happens, things will change fast.... still no sign of Neteller budging. Biggest worry here in the US is that Neteller will release records, total deposits and withdrawals, of each customer's account in order for the IRS (taxes) can go after tax dodgers.

Be aware, this is becoming a global thing. Several other countries, such as Turkey and rumors of France next, are not allowing outside or offshore companies to make transfers into their countries. They are closing things down fast unless it is THEIR country getting the revenue from poker.... sigh....what a tangled web this is becoming, to use a pun....

[Mika Ollila]

So, they realize that a lot of "overnight" websites offering a "rerouting ISP service" to U.S. citizens so it looks like they are from Canada, with a phony address. I've seen them. They charge you $15 a month, you log into their ISP and you are rerouting through the Canadian ISP to the Neteller or Poker sites, to bypass the banning of U.S. players.

Interesting concept. But also companies from any other country in the world could offer this same service. Are there such services from outside Canada yet in wider use among poker players?

sometime in May it's rumored, that will make poker an exemption from the Ilegal Internet Gambing Act passed last October. If that happens, things will change fast.... still no sign of Neteller budging.

Would be great to see this happen. Even more so because I have money in frozen Neteller stock