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Neteller Announces Plan To Repay Its US Customers

Business, 2007-06-04, by TwoGun

Neteller has announced its plan to repay its US customers. The e-wallet will begin redistributing the frozen funds when the investigation by the United States Attorney's Office (USAO) concludes. While it is not clear exactly when this will occur, Neteller's website hints that this will happen by July 13.

When Neteller begins repaying US customers' funds, these users will need to login to their accounts and request a withdrawal. When requesting a withdrawal, users will need to request a full withdrawal (they cannot receive their funds in staggered payments). Payments will be made by EFT. If a customer does not have an active bank account linked with Neteller, they can request a cheque.

US users have 180 days once the distribution plan begins to request their withdrawals. If they do not request a withdrawal in this time, their money will be forfeited in a manner determined by the USAO.

Since Neteller's two founders were arrested in the United States in January, Neteller's US customers have had their funds frozen. Neteller claims they have been unable to honor US customers' withdrawals since those monies would simply be confiscated by the USAO. In March, Neteller reached an agreement with the USAO to repay their US customers. The case against Neteller's founders is still ongoing.

Related Links

Neteller- US Member Update

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