OK, so I tried to make an EFT deposit from my bank account to my NETeller account on Saturday the 8th. This was not an "instacash" transaction so I already knew I wouldn't have access to the money until sometime this week. I know their policy states 4 to 5 business days for an EFT deposit but that seems awfully long to me for something that is completely electronic. So I got someone in their live chat to ask about it. After all the security question crap to make sure I was who I said I am, I asked them why the money had left my bank account days ago but still was not in my NETeller account. The person I was chatting with did the old cut-n-paste thing from their policy about 4-5 business days. I then asked if they were basically telling me "not ot our fault, someone else has the money". They told me that it goes through a 3rd party between my bank and them before it hits my NETeller account.

Ok, Fine.

But who is this 3rd party?!!!! WHERE is my money during this time? And being electronic, why can't someone just click a few buttons and move it along for cryin' out loud? I mean, ya, I can understand them holding it up for a day, maybe two, so that their "instacash" sevice shows it's use. But c'mon, 4-5 days???!!!!! Business days even!!!! WTF is the dealyoh? Am I missing somewhere where it states who this third party is that is holding my money up?

I don't get it. Is there a banker on here who can help me understand this?

Is there a better option out there for online poker than NETeller? Perhaps one that charges "small" flat fees for a transaction to go through right away instead of the 8% or whatever it is that NETeller charges for their unsecure instacash thing. Of course, unless they are able to do business with all the major poker sites, they are useless for the most part. Or am I stuck at the bootheel of NETeller?

What a cynic you are

Sorry...this ONLY matters if you get paid in funds OTHER than USD. Since my Neteller account is in USD, but my bank account is CDN (since I'm a canuck), there's the conversion rate. Party's EFT to my bank account is ALWAYS higher than the one that Neteller offers. So, instead of goingh through my USD Neteller account to my bank account, I just go straight from party because it's both faster (fewer steps) AND gives a better rate.

Just last week I made my first ever cashout from neteller. I had them send me a check.

They check was from some bank in Atlanta,GA if I remember. It wasn't from the "Bank of Neteller." So I'm sure they have arrangements with different banks to cut checks, recieve funds, etc. That takes a few days to happen.

MVP's original statement is 100% correct - all banks and financial institutions will often stall the payout of a deposit in order to "float" it. Meaning, the money arrives and they make interest off of it while you wait - ever notice that large deposits into bank accounts will have a longer delay on them than say a smaller deposit? This is because 1 - they want to make sure you really have the money before you withdraw it - but the electronic process of transferring the cash takes overnight - the other 2-5 days if for them to make interest.