Pardon my ignorance, but what are the chances that Neteller takes everyone's money and runs?

WINNINGHAND · Feb 3, 2004

I am not all that well versed when it comes to Neteller. Everyone talks about them like they are Bank of America. I am sure they are, but if a company like Enron could go belly up, I have to think that it could happen to anybody. I am sure that we will never have a problem with them, but what "real" proof do we all have as to how safe everyone's money is with them?

Fishhead · Feb 3, 2004

Your right, no proff.

But I gotta believe that they are pretty secure.

As players, we can only hope.

D2bets · Feb 3, 2004

Enron ran a goofy scheme. Neteller makes oodles and oodles of money. Just ask your sportsbooks. I'd say the chances they cut and run is about 0.000001%. IMO they are safer than any sportsbook. Just my opinion.

SunDevil · Feb 3, 2004

Think about the fees this place rakes in every single minute of the day since they have no viable competition. If they ran off into the night with all the balances it would be a nice one night score for them, but probably less than 1 year's worth of projected fees by staying in business....and there lies their incentive not to. Plus it is Canada - not Panama - they might actually have to answer to somebody up there.

Dante · Feb 4, 2004

IMO. I think they are 100% safe...They are huge and deal with many, many countries. Of course its a risk that they can go tits

up, Its always a risk. WE can either choose to take it or not.

exilarch · Feb 4, 2004

The solution, if you are worried, is to not leave any appreciable balance in Neteller.I myself very seldom leave any money in there.

hanover00 · Feb 4, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>The solution, if you are worried, is to not leave any appreciable balance in Neteller.I myself very seldom leave any money in there. <HR></BLOCKQUOTE>

exialarch is right. Neteller is not a bank, it is a transfer agent. Don't use it as a bank and you won't have a problem.

TheGeneral+ · Feb 4, 2004

They are not 100% safe, they are no Bank, and their is risk having your funds there. Transer funds thru, do not hold funds there.

oldmantime · Feb 4, 2004

What about the risk of them depleting one's bank account (not funds allready in Neteller). But those in ones bank account?
Would that also be .0000001%

Dante · Feb 4, 2004

id say closer .000000012333%

hanover00 · Feb 4, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR> What about the risk of them depleting one's bank account (not funds allready in Neteller). But those in ones bank account?
Would that also be .0000001% <HR></BLOCKQUOTE>

Do what I do, set up a separate account to be used only for Neteller and gambling. Once again, keep balances low. That way your exposure is limited to the balance in that account.
Remember, good risk management avoids this

and is very

Dante · Feb 4, 2004

Great Advice hanover

Fishhead · Feb 4, 2004

EXACTLY!

It is so EASY to move money around with your Neteller account, even with books that allow only one free payont a month.

I cannot remember the last time(if EVER) I paid ANY fees for withdrawing or depositing into a book.... OR withdrawing from Neteller to my checking account.....and I do so almost every 2-3 days!!

HacheMan · Feb 4, 2004

Why wouldn't Neteller "take our money and run".....Actually, they basically do they do with their outrageous fees.....They probably make in 1 year off of fees what would be equal to if they took eveyone's funds at this very moment and did run.....

Soothsayer · Feb 4, 2004

Excellent question... I myself have pondered on this issue... Their vital signs look good, but one never knows. It is a private company afterall.

Tico · Feb 4, 2004

I've heard they are setting up operations in Europe and Asia so that must be a good sign.

I'd love to be a NETeller stock holder, these people struck GOLD!

theswami · Feb 4, 2004

Somewhat related to the above post...NOTHING keeps NETeller from taking the money and running. The major reason that it is unlikely that they will run...THE PROFIT MOTIVE.....

If you assume that they run a DECENT operation, over the long term, they would make FAR more money moving it around than stealing it.

Dante · Feb 4, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Tico:
I've heard they are setting up operations in Europe and Asia so that must be a good sign.

I'd love to be a NETeller stock holder, these people struck GOLD!<HR></BLOCKQUOTE>

Well said.

SunDevil · Feb 4, 2004

Hey Hache! Where ever did you get the idea for your post? (See mine earlier in the thread

)

Scary when the T-Macites and Kobeites of the world start thinking alike

HacheMan · Feb 4, 2004

lol Devil....didnt even see yours.....it's very easy to determine though that is the most obvious reason......They could run in a heartbeat with a fortune, but why would they jeapordize the ridiculous amounts they rake from all of us with their fees......