FYI: Lengthy Withdrawal Process

millstreet2

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Maybe you guys are one of those who got the old ATM card from MA>? and since they stop that, they gave you a privilege of getting your money much faster?
He lives in sweden, probably a lot easier to make payment that way, Im working on near 30 days for a US withdraw.

I have seen it take 10 days and over 60 =/

Guess it depends on how the exchange rates favors MA... remember the euro is sliding hard against the dollar now and PE is based on the dollar!

Some people being paid quick may be just a way for MA to pinch pennies another way.
 

Gurre

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Maybe you guys are one of those who got the old ATM card from MA>? and since they stop that, they gave you a privilege of getting your money much faster?
I have one of those so maybe yes :)
 

huju

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40th bussines day today. Still pending... Dont get your hope up them actually trying to beat that last possible day for internatonal transfers
 

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am on 35 business days today ... that is with a big withdrawal ... Getting pretty pissed again as they just keep my money for now reason

Angel
 

millstreet2

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the delays.. the delays.. 36 days and counting.

It definately doesn't make me stop depositting, as I have tried this before (hopelessly addicted)

It definately does make me withdraw more as I will not let my investment ever get past a certain point ( If you can't trust your money is safe, you don't let it build )

BUTTT.. I can tell you one thing, I still will not take out my other investments for this game... Will only play with what I would feel ok losing at the blackjack table...

Until MA gets back on track and does what they outline in there policies.. I will never have the investment I desire in entropia.. its a sad fact...

If I could trust my money was safe and I could access it with a REASONABLE time period.. well then... you just might see A LOT MORE FLOW INTO GAME...
 

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Its simple,

20.000 USD at just 5% interest rate is $1000 annual interest ... Or each month 83 dollars ... So by taking over 2 months as it happened with my last withdrawal they are keeping 166 dollars from me ...

Nice sum, isn't it?

Don't get me wrong, I do like what is happening within Entropia lately, more events, more items (even if only L), taming and mentoring soon to be back, a vague attempt of customer care (Kim on the other forum)

But this withdrawal time is bullshit and exactly the reason why at least in my case I withrew 20k USD rather then investing another 20k USD in order to buy a third LA ...

I just have a lesser risk investment here, but MA has effectively lost 40k USD ...

Go figure

Angel
 

huju

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Its simple,

20.000 USD at just 5% interest rate is $1000 annual interest ... Or each month 83 dollars ... So by taking over 2 months as it happened with my last withdrawal they are keeping 166 dollars from me ...

Nice sum, isn't it?

Don't get me wrong, I do like what is happening within Entropia lately, more events, more items (even if only L), taming and mentoring soon to be back, a vague attempt of customer care (Kim on the other forum)

But this withdrawal time is bullshit and exactly the reason why at least in my case I withrew 20k USD rather then investing another 20k USD in order to buy a third LA ...

I just have a lesser risk investment here, but MA has effectively lost 40k USD ...

Go figure

Angel
I totally agree you here. This game is awesome etc... and stuff...
But making that few bucks by the expense of the players suffering and waiting... thats not nice :grumble:
 
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withdrawal committed!:) exactly 42 business days
 

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withdrawal committed!:) exactly 42 business days
38 days and nothing... And we are talking about business days ... This is seriously fucked up and the longer I think about, the more I want to sell my last LA and cash that out as well ...

Angel
 

millstreet2

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38 days and nothing... And we are talking about business days ... This is seriously fucked up and the longer I think about, the more I want to sell my last LA and cash that out as well ...

Angel
You knew going into this that it was going to be max if not longer than the promised time.

Got to roll with the punches. I am in the same boat as you. I have my fiances transmission just went so im lookin at all my cash going to pay a car fix =/

So not only do I have no cash, I have no car to get around.

Just remember no matter how bad you think you got it, someone else has it worse. Just be happy you can get paid at all and there not bankrupt
 

huju

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Okay... this is 43th bussines day and still pending... getting really pissed now :mad:
 

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relax people you will get it...
 

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So I called them

Hello all,

fyi, I called Mindark today. I was never given the accountancy department but the lady at the phone spoke well enough English to understand my query. She asked the accountancy guys and the said nope, not going to be committed today ...

After we cleared the 40 banking day bullshit and after we established that I was waiting for more then 40 days now she asked again to get the same answer.

I was then being told that I was next in line and that they do it next week ... WTF ??


I can only repeat myself in saying it takes less then 2 minutes to commit a withdrawal and this is a joke. I will most certainly not promote this game anymore if I am being treated like this ..

Next week could mean that it will be another 5 working days knowing Mindark as they didn't give me an excact date either....

Its great to know though that Star when I was chatting to him told me that he never waited more then 15-20 days max.

Angel
 

Karl XII

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Got my withrawl committed today finally. 62 calender days and 46 business days later...
 

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Got my withrawl committed today finally. 62 calender days and 46 business days later...
There is hope then. I even told the guys that the dollar/euro ratio is shifting in the wrong direction for me, but they didn't care. Every cent the Euro gets stronger is costing me over 100 Euro's.

Its just so hard, on the one hand we have a beautiful intelligent game that attracts a lot of high rollers and gamblers with a RCE and on the other you are getting kicked in your shin. I said it before but MA is out by 40k Dollars just from me because I feel like they are doing anything to scare investors off ... I really REALLY hope that by next friday the money is in my account as I have no fucking clue on what else to do (I already rang them).

Angel
 

Arrun

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OK, I'm waiting for 2 withdrawals, hope to get something before year end when my tax bill needs to be paid. :eyecrazy:

However, leaving that aside, let me tell you of something that happened to me in the early '80's

... at the time I was a hardware engineer at IBM looking after big mainframes. One Friday we got a call to a major UK bank who had lost one side of one of their mainframes - it couldn't be fixed there and then and the part needed wasn't in country. Fastest the part could be obtained, from Montpellier, was sometime late the following day (Saturday).

Before we could go ahead and order, set up support and arrange for an engineer on site, the duty Ops Mgr at the bank had to get approval to write off £9.3 million since the funds residing on this system could not now be assigned to an overnight deposit account - the £9.3M was the interest that would now be lost!!

So, how does this relate to MA? I reckon that real money associated with in-game liabilities has been transferred from the 'dynamic' daily account (let's call it) to their 'static' real-money account where it gets real interest.

There it sits for a month at least, gains interest which feeds back into MA funds - then it gets released to you.

I'm a freelancer in real life and I get paid on a variety of terms, the shortest of which is 30 days after submitting an invoice, which sometimes drifts to 50 or 60 days and i have a big enough buffer not to worry if this happens - it's all part of the (accepted) finance game, make money where you can - simples.

Of course they could do an immediate SWIFT or SEPA transfer, but why do that when they can a month's interest first?
 
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Of course they could do an immediate SWIFT or SEPA transfer, but why do that when they can a month's interest first?

Why?

So that they actually keep their investors and their customers? I have already taken 20k US dollars out of the game rather then investing another 20k ... So how does that compare to a couple of dollars interest ??

Angel
 

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There it sits for a month at least, gains interest which feeds back into MA funds - then it gets released to you.
I was under the same illusion long time ago. The game needs what you suggests. They should reinvest the peds we deposit. The problem is that all deposits are feed into MA to keep the company just running. When they have surplus they buy German Castles. *ironic* They cover the withdraws by taking them from the deposits, thats why you have different waiting time.
 
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Mac

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I was under the same illusion long time ago. The game needs what you suggests. They should reinvest the peds we deposit. The problem is that all deposits are feed into MA to keep the company just running. When they have surplus they buy German Castles. *ironic* They cover the withdraws by taking them from the deposits, thats why you have different waiting time.
So instead of yelling at MA, people should be encouraging someone else they know to deposit so they can get their money out!

I think we throw people in jail here who run these kind of "opportunities" :laugh:

 

millstreet2

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just took a look at the FAQ

"All withdrawal requests are handled manually in order of their registration date. If all your bank account details are correct and your request is otherwise approved the payment is sent within 40 business days from the registration date. The processing time might vary during the year depending on the actual demand at that time."

so its 40 business days now. Moved up from the old 30.

As long as it gets here right? :)
 

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looks like if you want to take some money out for christmass your already to late unless you live in sweeden and had a bank card.
these waiting times are too long and makes it hard to recomend the game to anyone.
even if you are thinking well ahead . oh i might not have money in 40 busness days to pay rent, shit what do!? go get a loan from the bank or cover your ass with some ped you already own?:scratch2: ... ped it is . wait 40 days and get screwed over as you wait some more.
people like reliability MA !
if they were putting it into an account for 30 days to cream off some interest then yeh fair enough but the whole withdraw paperwork should be done by then as somone said it takes less than 2 mins. so on the 30th day it should be commited.
if they were consistent like this no one would complain at all !
 

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43 banking days, 3x support cases and 2x telephone calls with their accounting department... Still pending with the answer that it will be dealt with this week ... ... ... ... ...

Angel
 

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43 banking days, 3x support cases and 2x telephone calls with their accounting department... Still pending with the answer that it will be dealt with this week ... ... ... ... ...

Angel
It will be payed to you as soon as there is money for it ^^. "This week" is just a guess from their side, dont get to worked up.
 

Mandel

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Fyi

"26 Jul 2011 22:20 Committed Bank Withdrawal"

Recived my money on the 27 of september.

I have made withdraws to the same bankaccount before. Don't know if that speed up the process?

And it was to a swedish bank.
 

Mac

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I can't tell if their problem with this is greed, or incompetence, or both :laugh:
 

Zanzibarjones

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Reading this thread made me laugh... the reason should be very clear.
The longer they keep your money in their account, the more interest they earn.

I mean seriously, look at the exchange time, from your bank/card to them. It's freaking instant. I mean so fast it would make your head spin. But getting it back?

Greed? eh, I wouldn't say greed as much as I would say, that is the common business/bank model. Any company that deals with deposits and withdrawals of any sort.

And who knows what their APR is from their Swedish Bank.....
Withdraw $100 not so bad, withdraw $1000.... might take a bit.

Makes sense to me.
 

Magyar_Republic

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Reading this thread made me laugh... the reason should be very clear.
The longer they keep your money in their account, the more interest they earn.

I mean seriously, look at the exchange time, from your bank/card to them. It's freaking instant. I mean so fast it would make your head spin. But getting it back?

Greed? eh, I wouldn't say greed as much as I would say, that is the common business/bank model. Any company that deals with deposits and withdrawals of any sort.

And who knows what their APR is from their Swedish Bank.....
Withdraw $100 not so bad, withdraw $1000.... might take a bit.

Makes sense to me.
Someone's finally said what I've been thinking for the past 2 years. Thanks. :smoke:
 
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