NeTeller has announced that the distribution of funds to its US members will begin today. They are returning some $94 million to US customers and the process may take some time, but together with Navigant, all monies are being returned to US customers. There is a 180 day time-frame on this process and customers who do not get their requests done before January 26, 2008 will find themselves locked out of their accounts. All requests must be done via EFT if the customer already has a bank account registered with NETELLER, though you can request a check if your registered bank account is no longer valid.

Here are some important points to remember:
– US members cannot make partial requests for funds.
– If you login from another country to request this withdrawal (you are traveling or have moved) your account will be closed.
– Closed accounts can only be reopened by NETELLER Fraud and Security.
– No peer-to-peer transfers as US members cannot use their accounts for any type of transaction other than to request their funds.
– After January 26, 2008 all US accounts will be permanently closed
– There is no withdrawal fee for either EFT or Check

Several OSGA co-workers have already gone through the withdrawal process and each got the following message upon completion – “Your EFT withdrawal request has been submitted. Please allow up to three business days for your request to be processed.”

Three days seems a bit optimistic as NeTeller claims that it has “hundreds of thousands of customers” to pay back in the US. We will post again in this space when the funds are received in the accounts.