Neteller Update for US customers

Today Neteller posted an update about the frozen US accounts.

The full details are here:
(Dead link: http://content.neteller.com/content/en/member_businessupdate_us.htm)

The highlights:
When will US members get their money back?
NETELLER currently anticipates that implementation of the Distribution Plan will commence upon the resolution of the USAO investigation. NETELLER has advised the USAO that it will use its best efforts to resolve the investigation no later than July 13, 2007.

How long is the time period that US members can request their funds?
The plan provides a 180 day period for US members to make an online request for the return of funds using NETELLER's website. This time period starts from when NETELLER announces the commencement of funds distribution. This date has not been announced yet.

What if I do not withdraw my funds?
Funds that are not claimed by US members through the Distribution Plan will be forfeited by NETELLER in a manner to be determined by the USAO.



How will I withdraw funds from my account?
US members will be able to request funds either by electronic transfer to the bank account on record with NETELLER if the US member confirms that such account remains valid, failing which such member can request payment by cheque sent to the mailing address as confirmed by such member.

This is good news! I have a relatively small amount in there but I would still like it. It's about 2 weeks worth of work at my part-time job.

two and a half months of my full time job (take-home pay, anyway)

More evidence of progress. If you log in to your Neteller account, you'll likely find that any pending withdrawals have now been reversed, and the funds are back in your balance.

Yeah, I noticed that, it only took them 6 months to cancel that pending withdrawal

Did you have much tied up in there Ken?

Would it be worth a try to request another cashout now, or would we have to wait for the green light first?

Wait for the green light. It's pretty apparent it would not be processed yet, and it might actually cause you a headache to get it reversed.

Yeah, I've got a chunk. Nearly $10K.

Today, July 13th, was the date mentioned in the previous update for possible release of the Neteller US member funds. Instead, we get yet another postponement of indeterminate length...

Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today issued the following statement regarding its progress in resolving the investigation by the United States Attorney's Office for the Southern District of New York (USAO) into the Company.


As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.

Full press release: http://www.neteller-group.com/press/en/134.htm (Archive copy)

Based on the text above, apparently they made an announcement yesterday that still indicated resolution "on or soon after" today. I also notice that US members are no longer able to call their support, instead being forced to use online communications.