Interest for Neteller? Is it a possibility

[StacysMom]

I was thinking about how lately I have been trying to keep my netelle balance low since they pay no interest. However, has any emailed them saying "I would leave a substantially larger amount of money with neteller if you paid me interest on my balance?

I assume it has to be of value to them to have more money held there. Therefore why would they resist such a policy. Anyone try? Anyone have a better tctic for achieving it?

[other1]

They are essentially a broker between buyer and seller, skimming a %age off the top of a transaction. I don't think a standing balance does anything for them. They would need to get a profit from the money they held in order to pay interest which might turn them into a different type of legal entity. Then again, I have no idea how UK banking laws work, so that is all speculation.

[Blackjack]

I think you're too small a fish for them to worry about when there's a huge ocean of neteller clients. 10k, 100k, 50k, doesn't really make a difference to them.

Blackjack

[crunchy1]

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They are essentially a broker between buyer and seller, skimming a %age off the top of a transaction.

[/ QUOTE ]

This is not entirely true. They also invest your money for their profit.


From Neteller terms of use:
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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.

[/ QUOTE ]

[BradleyT]

Paypal puts standing balances into a money market fund that pays interest to members.

[jasonHoldEm]

Get an ING orange savings account and keep a portion of your bankroll there.

J

[Emperor]

Move up a limit, your ROI (if you're a winning player) is much higher at poker than any interest bearing account.

Don't slow down 'til your whooping BK at the 100/200 [img]/images/graemlins/wink.gif[/img]

[TStoneMBD]

i believe that the paypal investments are somewhat risky and if you agree to have them invest your money for you then you risk losing that money if the market crashes. i could be wrong though.

i would guess that neteller doesnt offer a percentage for you to keep your money there because it would probably show a loss for them. lets say that they invest your money at a stable 4% (im just shooting numbers), if they offered to give you even 1% interest, for every $100 that they have in their accounts, they would have to takein another $25 just to break even! most people could care less about 1% interest.

there are companies like ign that wll give you interest but that is only because they have no other way to get you to deposit your money there. neteller already has a way to get your money there so why give you something for it?

yes paypal does it interest if you signup for the money market plan, but i do believe it entails some risk. they already invest your money interest free. if you signup for the interest plan it is because they are investing your money in a slightly more risky manner.

[StacysMom]

FYI I do keep money in ING for the interst. I would jsut worry less about moving it there on a regualar basis if I were to get some interest at neteller.

I know I'm a small fish, however im sure there are tons of people doing exactly what I do, so it my be +EV for them to offer interest. Was just thinking about it and thought I'd see what u guys had to say.

PS- I used to be a winning player, for the last month I can't get off distribution mode [img]/images/graemlins/smile.gif[/img]

[Apathy]

they can not offer interest, it is illegal. They are not a bank.