Neteller news about US payments

KenSmith

KenSmith

Administrator
Staff member
#3
#3
A news item at MSNBC says that $55 million is affected by the US Neteller freeze.
(Dead link: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=FT&Date=20070321&ID=6646365)
 
KenSmith

KenSmith

Administrator
Staff member
#4
#4
Monday is the day US members are supposed to be able to login at Neteller and request a withdrawal. In reading through their latest information, I see this section:

What is the Release?
When US members request to withdraw the funds they will be asked to agree to a Release which, in broad terms, is an agreement between NETELLER and the member that each releases the other from potential legal claims. US members do not need to agree to the Release in order to request and receive the payment of funds. However, US members who do not agree to the Release will, in turn, not be released by NETELLER.

Any opinions on pros and cons of this choice?
 
M

MGP

Well-Known Member
#5
#5
KenSmith said:
Monday is the day US members are supposed to be able to login at Neteller and request a withdrawal. In reading through their latest information, I see this section:

What is the Release?
When US members request to withdraw the funds they will be asked to agree to a Release which, in broad terms, is an agreement between NETELLER and the member that each releases the other from potential legal claims. US members do not need to agree to the Release in order to request and receive the payment of funds. However, US members who do not agree to the Release will, in turn, not be released by NETELLER.

Any opinions on pros and cons of this choice?
Click to expand...
What would be the advantage? They have no claims against you and if you release them and don't get your funds you're SOL. If you need a release later for some reason you could also negotiate with them at them time and probably get it then.

Think about it - if it were to your advantage to agree - would they post it on their website and try to get everyone to agree to it?
 
moo321

moo321

Well-Known Member
#6
#6
What sort of legal claim could Neteller have against us? No one even knows what the hell the language of the UIGEA means, so we certainly couldn't be liable for them having to pay a fine for allegedly violating it.
 
KenSmith

KenSmith

Administrator
Staff member
#7
#7
My thoughts are the same. I just don't see much risk in not having them release us from any claims. Obviously it is impossible to say for sure without reading the "release", but my inclination will be to decline it. We'll see tomorrow I guess. One thing is for sure... If the release doesn't include language that makes it conditional on the timely arrival of my funds, there's no chance I'll choose to sign on.
 
R

RJT

Well-Known Member
#8
#8
moo321 said:
What sort of legal claim could Neteller have against us? No one even knows what the hell the language of the UIGEA means, so we certainly couldn't be liable for them having to pay a fine for allegedly violating it.
Click to expand...
I doubt that the point of the release is to stop them taking the claim out against you. I think they've realised that potentially some of their US customers may have reason to take out a claim against them.
Possibly due to the fact that they were offereing an essentially illegal (or at least grey area) service and protraying it as completely legitimate when all these customers entrusted their $$$ to them.

RJT.
 
EasyRhino

EasyRhino

Well-Known Member
#11
#11
Also received, very nice.

Back when it got frozen in January, the amount ($4.9k) was moderately crippling to my bankroll.

Now, getting it cashed out, it's very nice, but a bit of a yawn.

Still, I feel kind of like I won the lottery, even though it was my money the whole time.

I declined to sign the waiver, so I'm looking forward to some reason to sue neteller.
 
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