how much do you keep in neteller at a time

[jfresh]

i haven't really kept a lot of money in neteller for long periods of time, but since i am trying to move up i want a large amount of my bankroll to be available to me at any minute. i should feel 100% fine (like as if it was in a real bank) with the money in neteller right?

[Losing all]

In theory it's like a bank -fdic +key logger threat. I have no idea how much cash you're talking about, but I sleep well with 2-3k there. Bigger players keep much more on account.

[Toddster18]

Its a public traded company.

Your money is safe there. I keep a five figure amount in there, I am sure many players here who play the mid and higher online limits (15/30 and up) on multiple sites must keep in the upper five figures or even more on neteller.

I feel very safe with my bankroll in there; does anyone have any reason I shouldn't feel this way?

-Todd

[boscoboy]

no concerns about the safety of netteller

[Shoe]

Other than the possible risk of your account getting hacked, other than that, I feel the money is as safe there as anywhere else.

I know paypal is terrible when it comes to that (from what I hear, my account has always been safe), does anyone know if Neteller does a better job handling situations like that?

[phixxx]

Actually, the concern about your account being hacked is unfounded I believe. One time, my neteller was locked. I was a bit anxious, I had a good sum of money in my account at the time. I gave them a call, and it turned out that my account had been accessed by an IP too far away from my address, and my account was automatically closed. It turned out to be the routing around my area, but it made me feel a bit safer knowing that if someone outside of my area attempts to access my account, they'll be promptly shut down.

They're a very safety oriented company, which is why I believe they've achieved such great success.

[Shoe]

[ QUOTE ]
Actually, the concern about your account being hacked is unfounded I believe. One time, my neteller was locked. I was a bit anxious, I had a good sum of money in my account at the time. I gave them a call, and it turned out that my account had been accessed by an IP too far away from my address, and my account was automatically closed. It turned out to be the routing around my area, but it made me feel a bit safer knowing that if someone outside of my area attempts to access my account, they'll be promptly shut down.

They're a very safety oriented company, which is why I believe they've achieved such great success.

[/ QUOTE ]

That's awesome. That alone eliminates a vast majority of the fraud, my guess would be 90%+ (but that might be a tad high, i dont know what percent is friends/family stealing each others passwords).

At paypal, some guy from russia gets your info and goes on a spending spree, and they don't do anything about it until you log on one day and see all your money missing. I used to sell a lot on paypal so i have heard a lots of horror stories there, which is why i'm paranoid about security. I'm glad to hear that neteller appears to be much better in this regard.

[randomstumbl]

Neteller is significantly less safe than a bank and everyone should understand that. That doesn't make it a bad place to put your money. Stocks and bonds are less safe than a bank too.

Really, my only criticism of someone with upper five figures in their account is that they're losing all the interest on that money. So, you should really consider the amount you're making by having the capital liquid vs the amount of interest you're foregoing.

[BusterStacks]

http://www.cs.iastate.edu/~charlesg/dr.evil.jpg

One MILLION dollars!

[crunchy1]

[ QUOTE ]
Neteller is significantly less safe than a bank and everyone should understand that.

[/ QUOTE ]

From neteller.com...

"Terms of Use

THE FOLLOWING ACCOUNT AGREEMENT DESCRIBES THE TERMS AND CONDITIONS IN WHICH NETELLER PLC OFFERS YOU ACCESS TO ITS NETELLER SERVICES.

16. You acknowledge that (i) NETeller plc is not a bank (ii) NETeller plc accounts are not insured by any government agency, (iii) and NETeller plc is not subject to banking regulations and (iv) NETeller will invest in liquid assets and that interest earned on those assets will be the property of NETeller."

...So basically if something happens to their company (i.e. bankruptcy, robbery, etc.) say goodbye to your money.

[ QUOTE ]
Really, my only criticism of someone with upper five figures in their account is that they're losing all the interest on that money. So, you should really consider the amount you're making by having the capital liquid vs the amount of interest you're foregoing.

[/ QUOTE ]

Not only are you losing interest that you could be making by holding this cash in your own bank - you're also making money for neteller by giving them cash to invest in liquid assets.

[Alex/Mugaaz]

[ QUOTE ]
[ QUOTE ]
Neteller is significantly less safe than a bank and everyone should understand that.

[/ QUOTE ]

From neteller.com...

"Terms of Use

THE FOLLOWING ACCOUNT AGREEMENT DESCRIBES THE TERMS AND CONDITIONS IN WHICH NETELLER PLC OFFERS YOU ACCESS TO ITS NETELLER SERVICES.

16. You acknowledge that (i) NETeller plc is not a bank (ii) NETeller plc accounts are not insured by any government agency, (iii) and NETeller plc is not subject to banking regulations and (iv) NETeller will invest in liquid assets and that interest earned on those assets will be the property of NETeller."

...So basically if something happens to their company (i.e. bankruptcy, robbery, etc.) say goodbye to your money.

[ QUOTE ]
Really, my only criticism of someone with upper five figures in their account is that they're losing all the interest on that money. So, you should really consider the amount you're making by having the capital liquid vs the amount of interest you're foregoing.

[/ QUOTE ]

Not only are you losing interest that you could be making by holding this cash in your own bank - you're also making money for neteller by giving them cash to invest in liquid assets.

[/ QUOTE ]

Neteller gaining doesn't matter, of course they're gaining, why else would they be in business, bank do it to.

The money in your account isn't completely useless too, if it allows you to take advantage of all relvant bonuses and reloads, then it's earning interest.

[M.B.E.]

[ QUOTE ]
Its a public traded company.

[/ QUOTE ]
So was Enron.

[Toddster18]

[ QUOTE ]
[ QUOTE ]
Neteller is significantly less safe than a bank and everyone should understand that.

[/ QUOTE ]

From neteller.com...

"Terms of Use

THE FOLLOWING ACCOUNT AGREEMENT DESCRIBES THE TERMS AND CONDITIONS IN WHICH NETELLER PLC OFFERS YOU ACCESS TO ITS NETELLER SERVICES.

16. You acknowledge that (i) NETeller plc is not a bank (ii) NETeller plc accounts are not insured by any government agency, (iii) and NETeller plc is not subject to banking regulations and (iv) NETeller will invest in liquid assets and that interest earned on those assets will be the property of NETeller."

...So basically if something happens to their company (i.e. bankruptcy, robbery, etc.) say goodbye to your money.

[ QUOTE ]
Really, my only criticism of someone with upper five figures in their account is that they're losing all the interest on that money. So, you should really consider the amount you're making by having the capital liquid vs the amount of interest you're foregoing.

[/ QUOTE ]

Not only are you losing interest that you could be making by holding this cash in your own bank - you're also making money for neteller by giving them cash to invest in liquid assets.

[/ QUOTE ]

What do you think your local bank does with the money you deposit there? Stick it in a box and store it for you?

Only thing is that Neteller isn't FDIC insured.

-Todd

[OldYoda]

Depends on your risk tolerance, the amount you keep on deposit with them and how critical that money is to you. I'm a micro limit player, mainly $1/2 Limit and $25NL and I keep between $2,000 to $3,000 in NETeller to take advantage of reloads. I am very comfortable keeping this money with NETeller and I am fairly conservative.

[Rah]

I keep around $5k in Neteller (minus what I deposit on sites) and that feels safe, although I probably wouldn't go higher. I honestly don't see how they could go bankrupt, they must be insanely profitable.

[M.B.E.]

[ QUOTE ]
I honestly don't see how they could go bankrupt, they must be insanely profitable.

[/ QUOTE ]
So was Enron.

[Shoe]

[ QUOTE ]
[ QUOTE ]
I honestly don't see how they could go bankrupt, they must be insanely profitable.

[/ QUOTE ]
So was Enron.

[/ QUOTE ]

Neteller is not in the same business as Enron, and they don't have to make up fake numbers to show a profit either.

[Wyers]

[ QUOTE ]
http://www.cs.iastate.edu/~charlesg/dr.evil.jpg

One MILLION dollars!

[/ QUOTE ]


ummm. The OP was asking about your Neteller account....

Not your wallet.

[sfwusc]

Enron wasnt profitable. That is why they went bankrupt.

Enron was in the business of selling stuff to its self through SPEs and it took a profit on such sales. (Like you grow an apple and sell it for $1 to yourself, and say I just sold the apple for a $1--yea me) You can read about it if you do any kind of research on SPEs and Enron.

On a side note: Enron like Star Wars since they named the SPEs after Star Wars characters.

Anderson did an awful job of reviewing the SPEs and making sure they were treated correctly under GAAP. That is why they dont exist anymore.

-SFWUSC

[randomstumbl]

[ QUOTE ]
Neteller is not in the same business as Enron, and they don't have to make up fake numbers to show a profit either.

[/ QUOTE ]

Essentially, Enron traded commodities. Commodities are a type of investment. Neteller also trades investments.

Hopefully, whoever runs Neteller isn't dumb enough to invest in high risk investments, but I don't think either one of us would know if they did (unless someone's read the foot notes of their financial statments). I'm not trying to be a dick, but it's hilarious how similar a large part of their businesses are.

Also, it's important to note that Enron didn't fail because the business they were in was doing poorly; they failed because they made a series of incredibly high risk investments which ultimately turned out poorly.

So, I'm sticking by my statement. Neteller is significantly less safe than a bank and they don't pay interest. If your poker playing requires 5 grand, keep 5 grand in there. On the other hand, don't keep more money in there than you can afford to lose.

And for all those former Enron employees with large amounts of money in Neteller: don't also invest your 401k in Neteller stock.

[randomstumbl]

The SPEs aren't the reason Enron is bankrupt. The SPEs hid the fact that Enron was losing money.

Yes, it was a terrible failure by a big 5 accounting firm (though not really that unique a failure). Still, even without the SPEs, Enron would still be bankrupt.

[checkers777]

I remember a while back reading a popup news message at pokerstars saying that all accounts are insured now. If that is the case still, then it seems keeping the majority of your bankroll in a pokerstars account would be the safest way to go.

[Alex/Mugaaz]

I wonder if poker sites invest your roll on their site.

[Freakin]

I had reservations at a restaurant this one time. The restaurant went out of business and my reservation wasn't honored, so I didn't get to eat there. This is why you are stupid to leave money in anything besides your mattress.


This is about the same kind logic I have been hearing in this thread (well half this thread at least)....


Freakin

[johnnymac]

[ QUOTE ]
Neteller also trades investments.

[/ QUOTE ]

Is this true? I don't know a huge amount about their activities, but I would guess their main income is from the large amount of charges they make with little/no cost to themselves. They basically just move money around their own system, making charges at every possible opportunity.

Joe

[sfwusc]

If you had millions of dollars in cash-----would you not atleast invest some of it in

Tbills
Tbonds
AAA Corp Bonds
CDs
small % in stocks?

The above would be very safe and increase profits.

-SFWUSC

[Nick-Zack]

Enron was a goofy company. I owned 2 laundromats several years ago. One day a lady came in from Enron and after we talked and ran some numbers it turned out that they would save me about 40% (on a $2K per month per store budget).

I signed up and started getting monthly bills from them. Money was real tight then and I had a policy that no bills got paid until the creditor called and asked for it or they were charging high late fees. 6 months and then 12 months passed without any calls from them and no finance charges at all. Finally after about 18 months and close to $25K in bills they called and offered to set me up on a payment plan of the current bill plus $2K per month. I went right back to the same policy and they never called again. About a year later they went bankrupt and I was put back on my local gas supplier. The final bill was pretty close to $40K if I remember but no one has ever sent me anything asking for it.

I always thought that was a pretty strange way to run a big business.

[twowords]

[ QUOTE ]
.

Your money is safe there. I keep a five figure amount in there, I am sure many players here who play the mid and higher online limits (15/30 and up) on multiple sites must keep in the upper five figures or even more on neteller.



[/ QUOTE ]

Hmmmmmmm. More than upper five figures in NeTeller, like $100,000? They must be a lot better at poker than money management.

[Aytumious]

[ QUOTE ]
Enron was a goofy company. I owned 2 laundromats several years ago. One day a lady came in from Enron and after we talked and ran some numbers it turned out that they would save me about 40% (on a $2K per month per store budget).

I signed up and started getting monthly bills from them. Money was real tight then and I had a policy that no bills got paid until the creditor called and asked for it or they were charging high late fees. 6 months and then 12 months passed without any calls from them and no finance charges at all. Finally after about 18 months and close to $25K in bills they called and offered to set me up on a payment plan of the current bill plus $2K per month. I went right back to the same policy and they never called again. About a year later they went bankrupt and I was put back on my local gas supplier. The final bill was pretty close to $40K if I remember but no one has ever sent me anything asking for it.

I always thought that was a pretty strange way to run a big business.

[/ QUOTE ]

I think you had a very strange way of running your business.

[randomstumbl]

I think it's perfectly acceptable to keep a large proportion of your bankroll in Neteller. When people say, "it's as safe as a bank", I just want them to know that isn't true at all. Keeping more than you need in Neteller for safekeeping is just a bad investment decision. That's my only real point.

Besides, putting money in your mattress is just dumb. Someone'll steal your mattress and then you won't have anywhere to sleep.

[Nick-Zack]

I think you would be surprised at the number of businesses run close to this way. We were never very profitable (even though I made a bunch when I sold). Every month there wasn't enough to pay all the bills and buy food. Something had to be not paid and an easy choice was any bill that wasn't be pursued.

[johnnymac]

I would put money into safe, guaranteed, liquid, bonds or suchlike (being from the UK I'm not sure if this is the same as you suggested). The post I replied to inferred that neteller was in the business of making investments, I just believe their major source of income is from charges they make for the movement of money. Surely in this situation they would be regulated in such a way they could not make any 'risky' investments, being that they have not been authorised to do so by the user?

Joe

[Freakin]

Are you saying if you don't keep your money in your mattress, then when it is stolen you can sleep on a pile of money?

While I agree that Neteller isn't bulletproof, it's still reasonably safe. I just think it's stupid for someone to keep a lot of cash in a non-interest-bearing account. Link ING to Neteller and keep all but like 200BB in there.....


Freakin

[WarmonkEd]

[ QUOTE ]
...I just believe their major source of income is from charges they make for the movement of money...
Joe

[/ QUOTE ]

This is true. You guys can look up all of this information in the Investor Relations section of their websites. They made about $80 mil in revenue from transaction fees and $2 mil from investment interest. Open up their annual report, it's all there.

[mj2]

if you keep 200 bb's in neteller, how many bb's do you keep at the poker site?