Neteller News

Shhhh.... I'm not sure I should even be posting this, but Neteller has a new FAQ (dated 6/4) that explains their distribution plan (aka "blood from a stone"). Link the title if you're interested in reading straight from the horse's mouth. If you're one of the more popular bloggers, you might want to keep this quiet until we've all had a chance to extract our shekels first...

Has NETELLER developed a distribution plan to return US member's funds?

• As announced on 21 March 2007, NETELLER signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”). In accordance with these agreements, NETELLER worked with Navigant to develop the Distribution Plan. This plan is now agreed and NETELLER is in discussions with the USAO regarding when the Distribution Plan can be implemented.

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.

What is the Distribution Plan?

• The Distribution Plan outlines how US members will be able to withdraw their funds from their NETELLER e-wallets. The plan agreed upon with the USAO provides a prescribed period of time for these withdrawal requests to take place.

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. [My bold]

What happens at the end of the allotted period of time?

• Accounts will be placed in a permanent-closed status and US members will no longer be able to sign in to the NETELLER website.

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. [My bold]

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.

Can I choose which withdrawal method to use?

• The Distribution Plan states that US members must request an electronic transfer if they already have a bank account registered with NETELLER and confirm that such bank account remains valid. US members who do not qualify for an electronic transfer will be able to request payment by cheque.

Can I withdraw my funds in more than one request?

• US members will receive the entire balance of the funds in their account. US members cannot make partial requests for funds.

What if I already requested to withdraw funds from my NETELLER account?

• If you already made a withdrawal request you will need to perform another request when the Distribution Plan is implemented. At that time, your NETELLER account will reflect the full amount that you are able to withdraw.

Will I receive interest on my account balance?

• In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid.

Can I perform any other transactions like a peer-to-peer transfer?

• US members cannot use their accounts for any type of transaction other than to request their funds.

Is there a fee to withdraw funds from my account?

• NETELLER will not charge fees to US members to process requests for funds.

Who can I contact for assistance?

• NETELLER will provide more information to its US members as the plan is implemented via this site and email. Until that time NETELLER is unable to return funds to US members. In the meantime if you require further assistance, please contact NETELLER Customer Service at usmembers@neteller.com.