Neteller Close to Returning Frozen Funds

Neteller, a leader in online money transfers, has announced that all gambling funds will be returned to U.S. customers as soon as possible. At the moment, they are still in the process of working with U.S. authorities as part of an investigation into possible Unlawful Internet Gambling Enforcement Act violations.

Despite the delays, a distribution plan has been agreed upon. In accordance with this plan, customers with money currently frozen in their accounts will receive an email notification telling them when it’s allowable to sign into their accounts and withdraw any remaining funds.

According to a Neteller release:

"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."

Since the company’s two founders were arrested several months ago, Neteller claims that over $55 million dollars have been seized by the U.S. Department of Justice. Afterwards, the company decided to freeze all U.S. accounts, leaving some unlucky customers with 5 digit balances suspended in their accounts.

The distribution plan is expected to begin on July 13th, 2007. If you’ve got money stuck in Neteller, this would be an excellent time to make sure that your email address, billing address and bank information is current.

In the meantime, take a look at these article about the Bush administration’s ridiculous war on gambling:

Neteller Agreement Over Frozen Funds

Online Petition to Repeal UIGEA

Neteller Close to Returning Frozen Funds