NETeller Reduced LImits

[sportshobby]

I just noticed that the maximum transfer amount for NETeller was reduced from $5000 to $2500. I suppose now they can get two transfers instead of one, and double the effective fees.

[Underdog7]

From my own personal opinion, two reasons for that.

1.) One of the ways by increasing their fees.

2.) To avoid abuse of transfers from one book to another.

***No matter what, Neteller is still the cheapest, fastest, easiest way of exchanging funds.***

[Curious]

Whether they are the cheapest, fastest, etc. is up for debate, but what is not debatable is what a crock this move by Neteller is.

No notice, no warnings. Just cut the transfer amt. in half and hope nobody complains.

Maybe the books will now look to add other alternatives for money transfers with some other vendors.

[Underdog7]

It is very simple. If don't agree with $15-30 a pop on $5k transfer, simply stay away from it.

[Jeff K]

I suppose the Federal requirement of reporting money transfers of $3000+ may have had something to do with it.

[sportshobby]

Jeff, that certainly makes sense and could be the reason.

[Curious]

There is no federal requirement to report money transfers of $3,000. The requirement is for transactions of $10,000 or more.

In addition, Neteller is a Canadian company, and not subject to our govt's rules and regs.

This is just a back door way to jack up their fees.

[This message has been edited by Curious (edited 05-10-2001).]

[kelley]

Curious,are you sure Neteller is a Canadian company, because the address they give on their website is for a Mail Boxes Etc. store in Boulder, Co. I hope you are right.

[dog]

I know that if I sent over $3K by Western Union in the past, the clerk would ask for my ID. There may be reporting for these transfers.

I have heard two minimum $ amounts for bank deposits: $5000 and $10K. Which is really the one banks use before they report these?

[sportshobby]

$10 K is the level that they MUST report, but there is a lot of reporting done for amounts as low as $3 K.

[Curious]

Sportshobby is correct about reporting requirements. Companies can report any amount they want, but they must report $10,000 or more.

Neteller is definitely a Canadian company. They have no physical presence in the U.S.

[Motley Crue]

what is neteller and how can I sign up or join?

[sportshobby]

Just go check out www.neteller.com - there is plenty of description there.

[Motley Crue]

hey guys-

I just signed up with neteller. I am waiting now to be certified. Just want to ask a few questions with those who been using this method for a while.

1.I was using a debit card depositing funds to Olympic til my bank started to decline my transactions. Can I use the same debit card to make deposits to my Neteller account?

2. How much can I trust my money with Neteller. Is it insured?

3. Can I trust Neteller with my checking account info?

Thanks for any any feedback.

[underdog]

Anyone else complain about 100% increase in fees? If enough complain they will change it. If not then we deserve to pay double.