24 August 2020 | AtoZ Markets – NETELLER is one of the largest e-money transfer service providers in the world, processing over $1 billion in transactions each year. It is owned and operated by UK global payments company Paysafe Group which is regulated by UK FCA. The company has several branch offices in Canada, New York, London, Mauritius, and the Isle of Man.
Neteller Permanently Closed Accounts of Bangladeshi Clients Without Strong Reasons
Due to the massive account closure of Bangladeshi clients, users are raising their voices against NETELLER. They are claiming that NETELLER disabled and closed their 100% verified account without giving a legitimate reason and prior notice. NETELLER hasn't given proper instruction to enable or process funds by any other payment method. NETELLER recently stated regarding this matter:
"We reserve the right to terminate the Terms of Use and close your account. We may, at our discretion, suspend or limit access to your Account, If you breach any of these Terms of Use; if we have reasonable grounds to believe that your account has been used in connection with a Prohibited Transaction; at any time we determine that you have provided us with any false, inaccurate, incomplete or misleading information; if we believe your Account or Card has been used or allegedly used, or maybe used, in, or to facilitate, any fraud, financial-crime related activity or any other illegal activity."
Some user claims that NETELLER is cutting their full or half fund from closed accounts as Administration fee. However, under the NETELLER Account Terms of Use, the fee for the provision of inaccurate or untruthful information or lack of cooperation (s. 4.1.3) is up to USD 150. The prohibited transaction fee (s. 14.6) is up to USD 150 per transaction.
Additionally, despite providing all legitimate documents again for unblocking the account, NETELLER is refusing to go into any settlement and refund the money by any means. As a result, users in Bangladesh are complaining in various review sites, apps stores, social media, and even to UK FCA, regarding this matter. Thousands of people have shared negative reviews against Neteller on various websites within 24 hours. This has already started to impact the reputation of the payment system. Additionally, it may also drive the organization into certain legal problems if they do not come into a proper settlement with a good explanation.
Want to trade with a regulated broker? Open an account with any of the below AtoZ Markets approved brokers:
NETELLER Users in Bangladesh Facing Various Issues Due to Sudden Account Closure
NETELLER is the most popular gateway for getting freelance payments, donating, investing, or transferring money among Bangladeshi people. However, Bangladeshi users always face various issues with international payments as they do not have the opportunity to make transactions directly from local banks.
On the other hand, due to regulations, the trading brokers can only allow withdrawing funds in the account which investors used for the deposit. So, Bangladeshi traders are now quite concerned about their investment due to their account closure.
As we all know that if NETELLER permanently closed (terminated) hundreds of accounts, and showing no signs to come into any settlement. This decision seems final as per their reply, and NETELLER will not allow to re-open the account or to open another account with them. As per the current scenario, the best solution for Bangladeshi users is to get back the money of the account through other payment methods without any kind of deduction on funds.
This guest submission was written by MD Rockybul Hasan from Bangladesh. AtoZMarkets.com does not carry any responsibility for the accuracy of the information hereby.
Should you trade forex or cryptocurrencies on your own at all?
Before you start trading Forex or cryptocurrencies, you'll want to read this.
Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences, gives you daily his best forex, metals, and cryptocurrencies to buy and sell signals right now.
His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?
