Neteller releases more details of plan to return funds to US customers

Neteller releases more details of plan to return funds to US customers

June 4th, 2007 

The
Neteller Group announced in a press release today further details of a
plan, initially announced in March, to return funds to customers in the
United States.

Ron Martin, Group President and CEO, had this to say about the
proposed agreement: “The agreement on the Distribution Plan represents
a milestone in our cooperation with the US authorities. While we are
disappointed not to have been able to return funds to our US customers
at this point, we believe that the steps we have made in our
discussions are significant and we hope to be able to announce further
progress with the USAO by 13 July 2007.”

According to the release, Neteller has been working with the United
States Attorney’s  Office for the Southern District of New York and
consulting firm Navigant Consulting Inc to develop a plan for return of
funds that would satisfy both the needs of customers and the needs of
the investigation of Neteller currently being carried out by the USAO.

Neteller’s official statement detailed the planned process in this
manner: “The agreed Distribution Plan details the process and
mechanisms for the return of funds to US customers. US customers will
be able to access their NETELLER accounts online for a certain time and
make a request for their funds. In accordance with NETELLER’s Terms of
Use, no interest on account balances will be paid. NETELLER will not
charge fees to customers to process requests for funds. Funds will be
distributed either by electronic transfer to the bank account on record
with NETELLER or by a cheque to be sent to a mailing address as
confirmed by the customer. If a US customer has a bank account already
registered with NETELLER, funds transfer will be by electronic transfer
subject to confirmation by the customer that the registered bank
account remains valid. US customers will receive the entire balance of
funds in their account; no requests for partial payments will be
processed. US customers cannot use their accounts for any transaction
other than to request the funds.”

Chris is a writer for an owner of several online poker content sites