Neteller instacash clears immediately but carries a 8.9% service charge. EFTs have no service charge but "take 4 to 5 business days to clear." Emphasis on the quotes and the word clear.
I deposited money on Wednesday, it was taken out of my account on Thursday morning. I call (can't get a real person) and the automated service tells me:
"Your deposit will clear 4 to 5 business days after your deposit (not earlier). Your deposit will be debited from your bank account within 2 days of your deposit."
Now, I understand the reasoning for the 8.9% fee on instacash. It's (a) to make money from people who need the cash immediately, and (b) to cover themselves in case the transfer fails and they have to try to get the money back.
However, I find it totally unscrupulous that Neteller is going to hold my money for 4 days just to punish me for not paying the 8.9% fee. I understand not getting the cash immediately, but hell, it cleared and you have my money, I should get it credited. Additionally, Neteller can probably keep a running balance in their bank account (paying cleared money with money that got deposited that day, keeping a 3 day grace) and investing or loaning with that account. Kind of like the loophole banks use where money orders from a savings account don't earn interest while they're waiting to "clear" in another bank. The bank is holding onto your money without it being deposited in any account.
Well, that's my rant. I have some online dealings I need to take care of this weekend, and I am missing out on some income and pissing some people off, all because Neteller is purposefully giving me inferior service so that next time I might give them their 8.9% fee.
I deposited money on Wednesday, it was taken out of my account on Thursday morning. I call (can't get a real person) and the automated service tells me:
"Your deposit will clear 4 to 5 business days after your deposit (not earlier). Your deposit will be debited from your bank account within 2 days of your deposit."
Now, I understand the reasoning for the 8.9% fee on instacash. It's (a) to make money from people who need the cash immediately, and (b) to cover themselves in case the transfer fails and they have to try to get the money back.
However, I find it totally unscrupulous that Neteller is going to hold my money for 4 days just to punish me for not paying the 8.9% fee. I understand not getting the cash immediately, but hell, it cleared and you have my money, I should get it credited. Additionally, Neteller can probably keep a running balance in their bank account (paying cleared money with money that got deposited that day, keeping a 3 day grace) and investing or loaning with that account. Kind of like the loophole banks use where money orders from a savings account don't earn interest while they're waiting to "clear" in another bank. The bank is holding onto your money without it being deposited in any account.
Well, that's my rant. I have some online dealings I need to take care of this weekend, and I am missing out on some income and pissing some people off, all because Neteller is purposefully giving me inferior service so that next time I might give them their 8.9% fee.
Facebook
Twitter