How to best do online transactions

cardspeak · #1 02-08-2005, 04:48 PM

After years of only playing B&M, I'm finally getting around to trying online play. I've had some concerns re: security and costs associated with online play. I've searched out various info from this forum, netellers site, party poker, etc. So...

As of now I'm planning to open a dedicated poker bank account and transfer funds into neteller via EFT (electronic fund transfer). As I understand it, there will be no fees to do any of the transfers (my bank to Neteller, then to the poker site, back to N, then to my bank). Is this true?

Other info sites say that Neteller doesn't charge for EFT's, but unfortunately the Neteller site doesn't seem to state their fees when describing one's options for deposits and withdrawls. I also need to check with my bank as to whether they charge for EFT's. Does your bank charge for EFT's?

I've also considered using a debit card from my new bank account to deposit to Neteller, but can't tell whether Neteller will consider this a credit card transaction and charge the 3.9% fee. I just thought this might be a faster way to get the money to Neteller than the 4-5 days for the EFT. Anyone tried this?

Lastly, does it take the same 4-5 days to get money withdrawn to my bank account that it took to get it into Neteller via EFT?

I know many people here are old hands at this stuff. I appreciate any guidance you may provide. I searched several months of archives for these answers, but no luck. If there's already a post somewhere/somewhen covering these issues kindly direct me to it. Thanks.

kem · #2 02-08-2005, 05:19 PM

I would recommend getting an IngDirect Orange Savings account. It's free. There's no minimum balance (that I'm aware of). You can link it to Neteller, and it actually earns a somewhat decent interest rate (maybe 2.35% currently?). Plus if an existing person refers you, you get a free $25 when you open it.

Downsides: no ATM card for it, and you must link it to a real checking/savings account (only way to fund it).

It does add a layer of protection in between your "real" bank account and Neteller though. Of course adding the extra layer also slows down transactions, and you need two EFT's to go from real bank -> IngDirect -> Neteller, and the reverse.

But you do get an added sense of security..

There shouldn't be any fees for any of the EFT transfers (I have never been charged, although maybe some bank out there does). The EFT's are slow though, and waiting for funds to clear is often annoying. Hopefully you'll only be charging up once though, and then cashing out from then on.....

ebranig · #3 02-08-2005, 06:36 PM

Can you explain how I can link ING and Neteller please? Thanks.

moondogg · #4 02-08-2005, 06:48 PM

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Can you explain how I can link ING and Neteller please? Thanks.

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During the setup/certification process, you use your ING account as your bank account. If you have already setup a different bank account (like your checking account at a local bank), you will need to contact Neteller and ask them if they will change it. IIRC, they will let you change it eventually, but they don't like to and make it a hassle. However, you definitely cannot have a Neteller account linked to two bank accounts (ING and another one) at the same time.

kem · #5 02-08-2005, 07:54 PM

[ QUOTE ]
Can you explain how I can link ING and Neteller please? Thanks.

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Go into your IngDirect account. Click on the "Direct Deposit Form for this Account" link. That gives you your Account Number and Routing Number. I think Neteller also wants a Check Number -- I just made something up (either 001 , 101, or 1001).. Neteller was able to make the small deposit(s) into the IngDirect account, and I verified it. No problems..

ebranig · #6 02-08-2005, 08:08 PM

Here's an update:

I just talked to neteller customer service on the phone and they sa that it does not work and if they find out they will stop letting people use online savings accounts like ING. Also, I already have my neteller linked to a Bank of America account and they allow just one account. Thanks anyway, hope this helps.

HRFats · #7 02-08-2005, 08:19 PM

[ QUOTE ]
Here's an update:

I just talked to neteller customer service on the phone and they sa that it does not work and if they find out they will stop letting people use online savings accounts like ING. Also, I already have my neteller linked to a Bank of America account and they allow just one account. Thanks anyway, hope this helps.

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Huh??? Why would they care if your acct was linked to a savings acct vs a checking acct? I have my neteller linked to ING with no problems. Your post makes no sense.

ebranig · #8 02-08-2005, 08:35 PM

It made little sense to me but he told me explicitly that they do not link to savings accounts like ING and when I told him that I knew people who did he said "that may work for a few weeks but eventually we'll find out"... Take it fwiw.

kem · #9 02-08-2005, 09:02 PM

[ QUOTE ]
It made little sense to me but he told me explicitly that they do not link to savings accounts like ING and when I told him that I knew people who did he said "that may work for a few weeks but eventually we'll find out"... Take it fwiw.

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Guess I've been lucky then.. had mine since Sep or Oct I think.