Neteller Slowness. Why?

[StacysMom]

I made an eft deposit into neteller on the 10th. I call them up today to ask why it still shows as pending, since I need the money back in my BR. The woman tells me, "We only count business days, so the weekend didnt count, youll see ur deposit on tuesday or wednesday"

The manner in which she told me this made it seem that they already had my money, its been out of my bank account for days now.

My question is, does an EFT really take 4-5 days? I get them in 2 when i withdraw. It seems to me that they get the money much faster, and they sit around counting to five to make me frustrated waiting, so nect time I'll use the instacash option and pay 8% or whatever it is.

Thougts? Cause if thats the case, it pisses me off...

[Jeffage]

I remember it being annoying, but honestly transfers do take some time. I think its best to always leave some cash in Neteller so you can buy in anywhere you want when you want with no delay and no juice. Just leave your online roll in there...that way you can shop for the best games also.

Jeff

[Schwartzy61]

It's free right?

Takes time to produce a free service.

It could also be how they make some money. A couple days in their account can add a nice tick of interest when you add up all the money that is flowing into and out of netteller...

[BluEsiNsOuL]

My EFT to neteller on May 11th is still pending too. The transaction has been posted on my bank statement on 12th.

[2easy]

i talked to neteller's live support about the fact that money had already cleared my bank for days and was still showing as "pending" on their site.

what they told me was that neteller, not being a bank themselves, gets their money through a third party, who may indeed have already received it from one's bank. however, neteller does not receive it from their third pary funding source for a period of time, sometimes days.

although it didn't make me feel any warmer and fuzzier about the whole situation, it did at least make some sense.

as they have been a great resource for me, and considering the degree of security i feel about my money being there, (i feel less anxious about it being with neteller, than with some of the poker sites,) i guess i have to give them the benefit of the doubt.

guess this "lag" is just part of the price we pay for dealing with neteller.

[DrPhysic]

After reading the responses to your post, I decided to give you another answer:

BALONEY!

An EFT takes about 2 hours and that includes somebody at your bank reasonably promptly rubber stamping the transaction. (Probably done entirely by computer if it is not too large, have to ask a banker that question.)

The reason a Neteller eft takes 4-5 business days, is so that they can sell you an instacash transaction instead. Their lovely little instant money transaction only costs you 8.9% of your transfer!!!

If you allow that the 4-5 days is probably over a weekend, say it takes 7 days. (I'm being generous.) That means you are only paying 464% per annum rate to use their money for that time, and get your transfer the same day. If you sent the eft on Monday and got it in 4 days, it would be eq to a little over 800% per annum.

If your eft went through in the amount of time required to send the same amount to your mother's bank account, they wouldn't be able to sell their cute little credit service, SEE?

That being said, I use Neteller eft's for all my transactions. It is a reliable service and worth the wait.

Doc /images/graemlins/grin.gif

[crunchy1]

Here's my 2 cents FWIW....

First, I only buy in on Party. Second, I also have a second checking account at my bank which I use exclusively for online transactions. I wouldn't advise using your main checking account for online transactions. Last, I do 100% of my banking online. I highly recommend, if it's available in your area, finding a bank with a good online web interface which will allow your to view and transfer money between your accounts.


When I reload I do it directly from my bank account -->> Party Account. This has several advantages.

#1 - The money is INSTANTLY credited to my Party players account - even though it usually isn't deducted from my bank account for 4-5 business days.

#2 - This transaction (reloading) is FREE. None of the 8.9% bullshit that neteller charges you to add money to your neteller account via EFT.

That being said - as I take money OFF of Party - I go through neteller to cash out.

- If I want to transfer money to another site I cash out from Party to Neteller which usually takes about 2 hours to complete the transaction. My money is then instantly available in my neteller account where I can reload at other sites if I need to.

- If I'm cashing out to my bank account I also cash out of Party -->> Neteller -->> Checking Account. This takes a couple hours to get from Party -->> Neteller. Then about 2 business days to get from Neteller -->> Checking Account. The bonus here is that again there is NO SERVICE FEE.

Hope this helps you all get the most out of reloading/cashing without (A) paying those annoying service fees and (B) having to wait forever to get your cash!!

Crunchy

[StacysMom]

Sounds like I should of used the direct deposit into party... Its so annoying i have 1/3 if my BR "pending."

In most cases, I love neteller. But I'm sure they could do better if any real competition existed. Faster EFT deposits and interest on your balance would be great and would surely come with competition.

But is does sound like the consesus is Neteller is holding my money for 5 business days for no legitamit reason. Which I find really annoying. As for the comment that this is a free service and I should therefor not complain is wrong. Neteller makes alot of money off me. THey make money evertime I interact with the poker sites, which is normally a couple times a week. Not to mention I "loan" them my balance interest free, which is normally thousands of dollars.

[Jeffage]

If you left thousands in there, you wouldn't have this transfer-delay problem. I don't know what limits you play, but if you simply leave an adequate amount in Neteller, you will never have this problem again.

Jeff