Neteller’s Plan to Refund Customer Money Nearing Completion

by Lou on June 5, 2007

Neteller’s plan to refund US customer money is somewhat closer to finalization. The US attorney’s office for the Southern District of New York (USAO) and Neteller agreed on a plan that is pretty much in keeping with the timing announced a few months ago to refund money belonging to Neteller’s US customers.

Though a date on which customers will be able to access their accounts has not been reached, here’s the gist of the agreement:

US customers will be permitted to access their Neteller accounts to request the entire balance of funds in their account.

No partial payments will be processed.

US customers will not be able to use their accounts for any transaction except to request return of their funds.

No interest will be paid on any account balances.

No processing fees will be charged.

Ron Martin, chief executive of Neteller, said that thye hope to announce further progress with the USAO by mid July.

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