OK, two questions about PEDs ...

[Tathyn]

Before I waste my time trying to get a straight answer out of support, I was hoping someone could answer two questions for me.

First, with all the press releases about the double skills event touting the 10:1 exchange rate for USD/PED, why is it that my deposits are posted at a rate of 9.65? This is on top of what I pay my bank for a foreign purchase. I can't find anything anywhere on the MA site that lists why this is, just a blurb in the EULA saying I agree to pay any charges related to deposits/withdrawals.

Second, is it actually legal for MA to refuse to send you back any funds less than 1000 PED? That's 100 USD. I'm no lawyer but it seems a little odd that they can just keep 90$ of your money because you quit playing. It only costs a couple of dollars at most to cut a check and put it in the mail!

So those are my two questions of the day ...

 

[Profit]

With regards to the first question - that's the fee MA takes, I believe.
Second - MA's arguement will be that you were told of this (via site information, is there info in-game when you first deposit regarding withdrawal? Not sure..) and I doubt anyone would challenge them in a court of law over $90 to test if they could actually get away with it.

 

[Jake Rogue]

Before I waste my time trying to get a straight answer out of support, I was hoping someone could answer two questions for me.

First, with all the press releases about the double skills event touting the 10:1 exchange rate for USD/PED, why is it that my deposits are posted at a rate of 9.65? This is on top of what I pay my bank for a foreign purchase. I can't find anything anywhere on the MA site that lists why this is, just a blurb in the EULA saying I agree to pay any charges related to deposits/withdrawals.

What method are you using to deposit money into Entropia?

There are different fees depending on the method you use. Although I'm not sure why you are paying your bank for a "foreign purchase" as MindArk use USD ($).

I live in the UK, and use my GBP (£) Credit Card to buy PEDs in USD from a company in Sweden (MindArk), and I have never paid a "foreign purchase fee". It seems especially strange when you are actually using the same currency as MindArk, it's not like you are using your USD to buy Euros or Swedish Krona.

Second, is it actually legal for MA to refuse to send you back any funds less than 1000 PED? That's 100 USD. I'm no lawyer but it seems a little odd that they can just keep 90$ of your money because you quit playing. It only costs a couple of dollars at most to cut a check and put it in the mail!

MindArk are under no obligation to give you any money back.

You are paying to play a game, and buying game tokens/credits to play that game. It's merely an interesting bonus feature that MindArk allow you to cash those credits (PED) back in. Most online games will give you nothing in return, other than the entertainment that you are paying for.

 

[MistyDawn]

1 - It is 10ped/USD, the difference you are experience is due to processing fees, provider's exchange rate, etc. etc.

2 - Just deposit a little over $10 to bring your balance to $100.

 

[raybrad]

the exchange rate from us dollars have a fee and its an exchange fee .

MindArk are under no obligation to give you any money back.

You are paying to play a game, and buying game tokens/credits to play that game. It's merely an interesting bonus feature that MindArk allow you to cash those credits (PED) back in. Most online games will give you nothing in return, other than the entertainment that you are paying for.

i have to disagree with rogue comment, MA say everywhere that you can cahs out your peds and that mekes it the first and only real money economy you rare entitled to withdraw your earnings/investments and i have to say no matter how small since they take deposits from 10us$ they should give withdraws of the same amounts ( at least when youre quitting the game )

 

[Noggin]

I live in the UK, and use my GBP (£) Credit Card to buy PEDs in USD from a company in Sweden (MindArk), and I have never paid a "foreign purchase fee". It seems especially strange when you are actually using the same currency as MindArk, it's not like you are using your USD to buy Euros or Swedish Krona.

Just to clarify that point - US banks tend to add a lot more charges than we get over here (yes, believe it or not!)

I was shocked to see quite how many fees I got charged for standard banking in the US... We're quite lucky really! The number of times I got charged fees because some of the other fees they charged me pushed my account over it's agreed limit temporarily. I'll never complain about banks in the UK again! (Well, until the next time they destroy our economy that is).

On the point of the transfer fees... MA have always stated that they simply pass on what they get charged, and make no profit on the transfer fees. Their bank charges for every transaction, and that's why we always get a few PED knocked off.

Also, if I remember correctly, the reason for them not processing withdrawals under $100 is simply because of how much it costs them to perform this transaction (i.e. man-hours taken to perform each transaction). I should imagine it's also to reduce the number of overall transactions MA have to process.

 

[Lavawalker]

Before I waste my time trying to get a straight answer out of support, I was hoping someone could answer two questions for me.

First, with all the press releases about the double skills event touting the 10:1 exchange rate for USD/PED, why is it that my deposits are posted at a rate of 9.65? This is on top of what I pay my bank for a foreign purchase. I can't find anything anywhere on the MA site that lists why this is, just a blurb in the EULA saying I agree to pay any charges related to deposits/withdrawals.

VISA is .35 (or 3.5%) if your using a Visa CC
Using the VISA service (An independent service in itself used by financial institutions - eg Banks) is additional to any standard bank fees associated with currency conversion and account handling fees bank side.

Second, is it actually legal for MA to refuse to send you back any funds less than 1000 PED? That's 100 USD. I'm no lawyer but it seems a little odd that they can just keep 90$ of your money because you quit playing. It only costs a couple of dollars at most to cut a check and put it in the mail!

$ 100 is the minimum withdrawl set by the organisation.
Best to deposit a little more (min $10 amounts) to bring it over the 100 mark.

Also, if I remember correctly, the reason for them not processing withdrawals under $100 is simply because of how much it costs them to perform this transaction (i.e. man-hours taken to perform each transaction). I should imagine it's also to reduce the number of overall transactions MA have to process.

In a nutshell - This is the most common reason this practice is in place by organisations.

 

[Xavier_Jr]

What method are you using to deposit money into Entropia?

You are paying to play a game, and buying game tokens/credits to play that game. It's merely an interesting bonus feature that MindArk allow you to cash those credits (PED) back in. Most online games will give you nothing in return, other than the entertainment that you are paying for.

This is not true. Mindark says that this game is free. (but we know that is not true). Other games cost only 15 USD by month. By other hand, Mindark is like a casino, more than a game. And your peds is not only a bonnus is a right of you (all we are paying to Mindark with our tools decay!!). Because cant be a game so expensive never.

 

[Jake Rogue]

i have to disagree with rogue comment, MA say everywhere that you can cahs out your peds and that mekes it the first and only real money economy you rare entitled to withdraw your earnings/investments and i have to say no matter how small since they take deposits from 10us$ they should give withdraws of the same amounts ( at least when youre quitting the game )

Incorrect.

When you play you are agreeing to do so under MindArk's own terms and conditions as outlined in their EULA, which you must “Accept” every time you login.

MindArk allow you to redeem your PEDs because they choose to do so as part of their business model, they do not have to by law. Although, as they advertise the fact, they will endeavour to meet their side of the agreement under the terms that they, themselves, have created.

Imagine if you were paying to play Pac-Man at the local amusement arcade, and had to buy tokens from the arcade owner to put into the machine. It is solely at the discretion of the arcade owner whether he decides to allow customers to be able to redeem those tokens back for real life cash.

However, there would be grounds for a civil legal dispute if a business was acting in way that is contrary to what they actually advertise.

 

[Jake Rogue]

Just to clarify that point - US banks tend to add a lot more charges than we get over here (yes, believe it or not!)

I was shocked to see quite how many fees I got charged for standard banking in the US... We're quite lucky really!

I suspected that this may be the case.

I suppose I've come to take it for granted that banking is usually free here (unless you breach an agreed term or condition) and that most of our Credit Cards allow you to lend money at 0%.

My parents own a second home in Florida and some of the ridiculous banking charges that they have to pay for seemingly random reasons is just surreal.

This is not true. Mindark says that this game is free. (but we know that is not true). Other games cost only 15 USD by month. By other hand, Mindark is like a casino, more than a game. And your peds is not only a bonnus is a right of you (all we are paying to Mindark with our tools decay!!). Because cant be a game so expensive never.

I'm not sure that I fully understand what you are trying to say here and believe that something has probably got lost in translation.

 

[Noggin]

Haha yeah even business banking is cheaper here than the US, and compared to UK personal accounts, even that's expensive. When I actually had a US bank account I was a student, and you REALLY notice the fees then. The less you have, the bigger slice they take.

Standard transaction fee was 3.5% at my bank for any payment over a certain amount (I forget how much). Amusing clip for your delectation, rather reminded me of my own experiences when I first saw it : [YOUTUBE]http://www.youtube.com/watch?v=XgKuc6CSFNY[/YOUTUBE]

 

[CozMoDan]

Banking fees in the US are not bad if you keep a min balance, like $1000 USD and some even less, however the credit card fee are outlandish if you don't pay your balance off each month and don't get a cash advance. A cash advance gets you another charge and is based on how long before you pay off the advance starting with the day you get one. Pay off the balance on time and don't get cash and it is also free.

I disagree with the statement that MA is not free, it is free. You can play the game and never deposit a dime. Admittedly it would take a long time to get up in lvls but none the less it is free. Ask Gluepot, if I am not mistaken she says she has never made a deposit and I think that she is telling the truth.
Peace.