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Monday, June 04, 2007

Neteller to return funds

Finally some good news for online players. atleast ones who have Money On neteller.

Poker News - NETeller Says Plan in Place to Return Seized Funds

NETeller Says Plan in Place to Return Seized Funds
Company Hopes to Be Able to Implement Plan by July 13

NETeller today announced that it and the U.S. Government has agreed to a plan to distribute millions of dollars that belong to U.S. customers that was frozen after the company and its founders were charged with racketeering and other charges related to online gambling in February.

Here’s what the release says:

“The agreed Distribution Plan details the process and mechanisms for the return of funds to U.S. customers. U.S. 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 check to be sent to a mailing address as confirmed by the customer.

If a U.S. 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.

U.S. customers will receive the entire balance of funds in their account; no requests for partial payments will be processed. U.S. customers cannot use their accounts for any transaction other than to request the funds.
Further information will be communicated to NETeller’s U.S. customers via email, through our website and through a press release once the date for implementation of the Distribution Plan is finalized.”

The President and CEO of NETeller, Ron Martin, had this to say:

“The agreement on the Distribution Plan represents a milestone in our cooperation with the U.S. authorities. While we are disappointed not to have been able to return funds to our U.S. customers at this point, we believe that the steps we have made in our discussions are significant and we hope to be able to announce further progress with the U.S.A.O. by 13 July 2007.”

That date is the company’s target date to resolve the entire investigation.

When most U.S. Customers logged into their Neteller account in recent weeks, the balance showed was zero. It's been reported by people around the Internet (and even in the offices of Card Player) that the accounts are now showing the same balance that was there before the investigation started.

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