Neteller to hold US customer funds indefinitely

Once the biggest payment processor for online gambling transactions, Neteller has published a press release today, February 8th 2007, which in general states that all funds of the company's US customers will be held for an undisclosed time period.

According to the statement issued by Neteller, the company is cooperating with the US Attorney's Office in connection to the arrests of the two former employees of Neteller. Although the company itself has not been charged with any criminal activity so far, Neteller is eager to work with the US authorities, which will include providing information about their customers, financial and accounting data.

The hold up of payments to the American customers of Neteller is explained with the cooperation between the company and the US Attorney's Office, and there are hints that the funds have actually been frozen by the Federal Bureau of Investigation (FBI). Neteller states that many US banks are refusing transaction with the company as well as clearing houses in New York. According to Neteller - they are working on a settlement with the US authorities and are looking for a way to be able to pay the US account holders their funds, however, there is no timeline established for this to happen.