NETELLER- When will we get our money back?

Has anyone heard any update on the $ millions in US funds that was seized/frozen from Neteller? I'm beginning to think that unless we start screaming loud and hard, we may never see our money again.

My personal story couldn't be much worse. I emptied all of my funds from Party, CD, Pacific, Paradise, etc. into Neteller, and before I figured out a viable method to fund most of the US friendly sites, the Neteller funds were frozen. It's not my entire bankroll, but it does represent most of my online bankroll.

I have joined to Poker Player's Alliance and am open to any other suggestions as to how to make our voices heard.

wait til the 16th. we will know things then.

What happens on the 16th?

16th of what?

I am in the same boat.In fact i have spent a couple hours searching the web trying to find out any clues about whats going on with our $$. I am close to just writing it off but like most gamblers,i can dropped a huge gob of cash at the tables and never loose a second of sleep but get ripped off for even 2 bucks and i get really upset.
Guess I am just venting out of frustration.Its so odd there is no solid info as to whats going on.even neteller seems to be without any real customer service,not a good sign. Anyone have any solid info,PLEASE POST!!!

Some sort of ruling between the DOJ and the Neteller founders goes down on March 16th; that's the rumor, anyway. There are other forums that have extensive discussions on this, but I'm sure I'm not allowed to post them here, so just do a search on Google.

Bottom line is that nobody knows when or if we will ever get our money out of Neteller. It will probably be a very long time before we know anything, though (just my guess).

The great and might US government frooze the money to protect all of us. We should be grateful that the great and powerful US government is taking such an interest in making sure that our money is safe and secure and under their control. I mean seriously do you want a publicly traded company that has been in business for years handling millions of transactions to be relied upon to get you your money?

We must all thank our lucky pokerstars that we have the great and mighty US government to care and nurture us. After all we cannot be relied upon to make our own decisions. I mean come on, do you really want to decide how to spend your own money? That would be just ridiculous. I for one would not know what to do if it weren't for the great and mighty US government telling me what to do or not do.

If the great and might US government decides to keep the money for itself well of course that would be the right decision because after all they know better what to do with your money than you would. You might just blow it on food or rent or some such nonsense.

Stop complaining about "your" money and bow down to the wisdom of the great and mighty US government.

thanks drtofu66,i appreciate the input.
mrsnake, that was just lame

This guy had $800k impounded. See YouTube - Isaac Haxton - Stuck $800k

Errr...uhhh...he was being highly sarcastic... (i.e. joking).

Good vid. And to think that I was all upset over my 50 bucks.

Interesting NeTeller news. Some of you have heard this by now, but it was news to me. So for those of you as slow to be informed as me...

CardPlayer.com - TV

From a NT press release:

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.


Who is Navigant and what will they be doing?

In negotiation with the USAO, NETELLER has agreed to engage independent firm Navigant Consulting Inc., to provide financial consulting and forensic accounting services to the Group, including oversight of the process of returning funds to US customers.


How will funds be distributed to US customers?

The actual mechanism for how funds will be distributed to US customers will be determined during the next phase of the process. The USAO and Navigant must approve the distribution plan and we expect to be in a position to announce the distribution plan within the next 75 days.


Why will it take so long for US customers to get their money back?

NETELLER and the USAO intend to ensure an orderly return of funds to US customers and such a process takes time to establish and execute.


Why can’t NETELLER just send US customers cheques, bank wires, or allow them to use their ATM cards?

As discussed in our press release of February 8, 2007, the court-ordered seizure of funds, restrictions placed by third parties and related legal concerns have made it necessary to work to establish an orderly mechanism for the return of US customer funds with the USAO. The agreements reached between NETELLER, the USAO, and Navigant pave the way for that process to be established.

as one of the unlucky ones to get caught up in this, neteller sent me the above info.there was also some other statements which make me feel good about netellers commitment to getting our money back.considering everything,i think we will see our cheese by the end of summer.
also,to juiceq,i am well aware of the guys attempt at humor and sarcasm, but being ripped off just isnt funny to those that have been taken. in any case,this was the wrong forum for his unoriginal little essay

http://www.neteller-group.com/press/en/130.htm

The points we all care about (if you're in the US with money stuck in NeTeller):

The agreed Distribution Plan details the process and mechanisms for the return of funds to US customers. US customers will be able to access their NETELLER accounts online for a certain time and make a request for their funds. In accordance with NETELLER’s Terms of Use, no interest on account balances will be paid. NETELLER will not charge fees to customers to process requests for funds. Funds will be distributed either by electronic transfer to the bank account on record with NETELLER or by a cheque to be sent to a mailing address as confirmed by the customer. If a US customer has a bank account already registered with NETELLER, funds transfer will be by electronic transfer subject to confirmation by the customer that the registered bank account remains valid. US customers will receive the entire balance of funds in their account; no requests for partial payments will be processed. US customers cannot use their accounts for any transaction other than to request the funds.

*****Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the Distribution Plan is finalised.***

[end press release]

So at the moment we still can't do anything; they'll let us know via email when they're ready to verify the bank account info for EFT's and to process withdrawl requests (though mine's been 'pending' since the day the founders got nicked). Good news but until I get my money in my bank account, I remain cautiously optimistic.

Thank You for this update. Reading that PR it looks like the next significant press release will be around July 13, 2007 when a report is made or submitted.

On another hand, they will not charge the normal transfer fees. Probably balances out.

This is why Neteller was in no hurry to return US funds.

FAQ Updated
http://content.neteller.com/content/en/member_businessupdate_us.htm

These were the questions I had. Others are on the link:

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.


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 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. ****

[end partial FAQ repost]

The withdrawl request that I made on January 16th which had been listed as 'pending' all this time (even at 9:30 this morning when I checked) now is listed as 'declined' (12:30 PM ET) but my balance shows $0.00.

Others on 2p2 have reported this but the FAQ does imply that when the distribution plan is ready to go, the funds will be back in our accounts and ready to withdraw. I'm a little uneasy with this, but it's only been 4 hours since the status changed. So, for those who immediately requested a withdrawl in January when the poo hit the fan, there are others who are in the same boat. Hopefully this will be rectified soon and we'll at least be able to see our money back in our NT accounts, even if we can't do anything with it.

And voila-- at 1:40 PM the money is back in my account.

So, now that the money is back in our accounts, can we do anything with it?
(Can we withdraw to bank account, or redeposit onto poker sites?)

Nope.

We (US players) will just have to sit tight and wait until we hear from NT that it's ok to authorize a withdrawl to our bank. July 13th looks like when we'll get the next bit of news (if that isn't the day that we can request a withdrawl. Let's hope it's that soon).

The money's still out of our reach but it at least looks like it's ours again.

I almost gave up on that money, it'd be nice to actually see it at some point.

Nah, no sense in giving up on it. All published accounts on the newswire, NeTeller,etc were that we would eventually get it, but the investigation had to complete and the how be determined. Looks like we're near clear of the hurdles short of requesting the money once they give us the go ahead.

pretty shitty that they get to earn interest on our money from january to july and we see no part of it.

never doing business with neteller again, regardless.

You got that right.

$1000 in a CD for 6 months would get me at least $60 right?