Is the End Near for Neteller?

Now the last thing we would ever want to do is start a panic. However, if you still have money inside of Neteller, and you have the ability to get it out, then you need to carefully consider the facts surrounding Neteller and ask yourself if it is worth the headache to keep your money there.

Without a doubt, Neteller is incredibly convenient, especially when doing business with an online gaming site. It is also important to note that every dollar that you have at their site is safe, as client money is held in trust and can not be touched by the company for operational purposes. However, should the site start to spectacularly collapse, retrieving your money could be a lengthy process if the company started to fall apart.

Let's go over the recent events at Neteller. First off, you have their well-publicized problems with the US government, which still haven't been resolved as of yet. Neteller's founders are still waiting as to find out what their fates might be. Neteller has recently pulled out of the Canadian market. Neteller has had a number of top-level defections, as some senior members of management have moved on from the company. Neteller's stock is still frozen. Neteller has just recently pulled their debit cards to users ALL OVER the world. So as of right now, Americans can't withdraw a penny, and non-US customers can only withdraw by check or wire transfer.

Is this a healthy company? Doesn't look that way to me. If you have a sizable amount of money at Neteller still, my advice would be to withdraw as much as possible, and just leave the bare minimum on Neteller if you absolutely have to. If Neteller folds up shop, you don't want to be left with a big chunk of money there. Can they turn it around? Can they find another provider that will allow them to re-introduce their debit cards? In our opinion, it's doubtful.


Filed Under: UIGEA