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Why so long for withdraws?

D

DanTheManKae

Provider
Joined
Sep 16, 2006
Posts
104
I put in for a withdraw 4/16/12 and I'm still waiting. I know they say up to 40 business days but this really isn't fair as they take the deposits right away. this is just a way for them to gain more interest on our money. Not really cool if you ask me. I put in $2,000 about a year ago to save for harder times. Well they came, and I'm currently homeless. Staying at my brother's and friend's bouncing back in-between waiting on this withdraw to rent a room. Also am probably starting a new job next week but that won't help me for at least a few weeks. Please MA hurry my withdraw so I don't have to be homeless! Any advice from someone on how to get my withdraw faster would be much appreciated. Guess I just have to be patient, I'm just so desperate for this money. GL to all, and thanks for reading my post!
 
My withdrawl of 1K USD took a week short of 2 months, so expect to be waiting another 20 days.
 
Hijacker27 said:
My withdrawl of 1K USD took a week short of 2 months, so expect to be waiting another 20 days.
Click to expand...

Man that will suck. Thanks for the reply on your time. I know it varies, and hope mine will come soon. I'm looking for other options in the mean time. Just really hard times right now and really hope it goes a little faster. +rep for the reply with your time.
 
DanTheManKae said:
I put in for a withdraw 4/16/12 and I'm still waiting. I know they say up to 40 business days but this really isn't fair as they take the deposits right away. this is just a way for them to gain more interest on our money. Not really cool if you ask me. I put in $2,000 about a year ago to save for harder times. Well they came, and I'm currently homeless. Staying at my brother's and friend's bouncing back in-between waiting on this withdraw to rent a room. Also am probably starting a new job next week but that won't help me for at least a few weeks. Please MA hurry my withdraw so I don't have to be homeless! Any advice from someone on how to get my withdraw faster would be much appreciated. Guess I just have to be patient, I'm just so desperate for this money. GL to all, and thanks for reading my post!
Click to expand...

It takes so long because MA's trying to squeeze out as much bank's APR as they can.

the only advice I can give you is to wait another 20 days. Don't rely on MA.

oh, and check if your withdrawal has not yet been cancelled, since I made mine once and after 30 days of waiting realised it was cancelled.
 
It is very odd why they can not turn complete your withdraw within a week ...

Very odd...
 
I got my last withdrawal in 39 business days, so almost 2 months of waiting. When they say less than 40 days, they weren't kidding. :eyecrazy:
 
Its a process meant to stop fraud.They check your account and make sure your not hacking or doing something bad like using fake credit etc .Since your not the only person withdrawing it takes time.Now if i was a pessimist i would say part of it is they hope you change yr mind.
 
Naithen said:
Its a process meant to stop fraud.They check your account and make sure your not hacking or doing something bad like using fake credit etc .
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LOL, really? :laugh:
 
This may be to prevent ppl using exploits and scams from getting money they aren't entitled to...
 
Luckycharm said:
This may be to prevent ppl using exploits and scams from getting money they aren't entitled to...
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I think it's more likely Satan was on the money. I've been on EU for about 8 years and never once used exploits or scams to get money. Anyways that would just get you a ban and you'd never get your money. Also my deposits have all been debit and I haven't done one in awhile. Thanks for all the replies guys, much appreciated. BTW I got my job but had to pawn my bad ass computer to keep me afloat (on my brothers), no EU for awhile ><. I will let you all know when they finally pay up. Gl and may the hof be with you all!
 
DanTheManKae said:
I think it's more likely Satan was on the money. I've been on EU for about 8 years and never once used exploits or scams to get money. Anyways that would just get you a ban and you'd never get your money. Also my deposits have all been debit and I haven't done one in awhile. Thanks for all the replies guys, much appreciated. BTW I got my job but had to pawn my bad ass computer to keep me afloat (on my brothers), no EU for awhile ><. I will let you all know when they finally pay up. Gl and may the hof be with you all!
Click to expand...

Quite possible Luckycharm was also on the money, there was a big big problem with a small number of players withdrawing huge amounts of ped last year from mining and using an exploit. How much they managed to withdraw and how many were involved isn't clear, but lets hope MA are a bit more on the ball since then. The downside is the extended delay for legitimate withdrawer's (the 99.9%)
 
Withdrawals are counted as an accrual, which means for accounting purposes, they count the expense in the period it happens and then pay out the cash the following period. Withdrawals come from deposits EACH MONTH. They take what they got in deposits, subtract what was requested in withdrawals and that is their net revenue for the month. Once the month is accounted for, they take the cash and pay it out the following month.

If withdrawals are taking longer to pay out, that means they are waiting for more cash to come in so they can pay out the withdrawals. They aren't waiting for bank interest because there is no interest to be paid. The entire value of ped in the game does not exist in a bank account somewhere nor does it exist in any asset that MA has.
 
DoubleWolf said:
Withdrawals are counted as an accrual, which means for accounting purposes, they count the expense in the period it happens and then pay out the cash the following period. Withdrawals come from deposits EACH MONTH. They take what they got in deposits, subtract what was requested in withdrawals and that is their net revenue for the month. Once the month is accounted for, they take the cash and pay it out the following month.

If withdrawals are taking longer to pay out, that means they are waiting for more cash to come in so they can pay out the withdrawals. They aren't waiting for bank interest because there is no interest to be paid. The entire value of ped in the game does not exist in a bank account somewhere nor does it exist in any asset that MA has.
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If the bussines model would be like this, wouldnt we be talking about a ponzy scheme?
 
Mega said:
Quite possible Luckycharm was also on the money, there was a big big problem with a small number of players withdrawing huge amounts of ped last year from mining and using an exploit. How much they managed to withdraw and how many were involved isn't clear, but lets hope MA are a bit more on the ball since then. The downside is the extended delay for legitimate withdrawer's (the 99.9%)
Click to expand...

100 + is not small number at all if you ask me..
 
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Ragna Rock said:
If the bussines model would be like this, wouldnt we be talking about a ponzy scheme?
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No, because in a Ponzi scheme, there is no real product or service being offered. In this game, you are buying PED.

Don't think of it as deposits and withdrawals. Think of it as buying a consumable good that you can use, and the company offers to refund or buy back whatever goods remain, if you wish to do so.

MA is a retailer that sells PED in the same way your favorite clothing store sells pants. Whereas the clothing store may have a 30-day return policy, MA gives no limit to return your PED that you have left, and will even offer to buy back any additional PED you may have accumulated from other people.
 
DoubleWolf said:
No, because in a Ponzi scheme, there is no real product or service being offered. In this game, you are buying PED.

Don't think of it as deposits and withdrawals. Think of it as buying a consumable good that you can use, and the company offers to refund or buy back whatever goods remain, if you wish to do so.

MA is a retailer that sells PED in the same way your favorite clothing store sells pants. Whereas the clothing store may have a 30-day return policy, MA gives no limit to return your PED that you have left, and will even offer to buy back any additional PED you may have accumulated from other people.
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The best explanation I have heard in a long time! Reminds me of Starbucks. They're not a coffee company but more of a milk company. There main product is milk with some coffee thrown into the mix..

Love that analogy! :D
 
Naithen said:
Its a process meant to stop fraud.They check your account and make sure your not hacking or doing something bad like using fake credit etc .Since your not the only person withdrawing it takes time.Now if i was a pessimist i would say part of it is they hope you change yr mind.
Click to expand...


And that process takes a month or two?
Get real, that would take a day or three tops than another day to do the withdrawl.

MA has always been like this. No one likes it or appreicates it but they do not care.
 
As for my past reply:

In worst case scenario> Many players withdrav, noone deposits what would happen to MA?

Im sure, at least I hope they have this bussines attitude to have some kind of security for every PED the comunity posses, not counting the MU, just the TT value and the PED ballance on cards, so that the money, if withdravn is there to be given out.
 
Ragna Rock said:
Im sure, at least I hope they have this bussines attitude to have some kind of security for every PED the comunity posses, not counting the MU, just the TT value and the PED ballance on cards, so that the money, if withdravn is there to be given out.
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I wish they would too, but unfortunately it isn't how their business model is set up. Their financial reports confirm this.
 
DoubleWolf said:
I wish they would too, but unfortunately it isn't how their business model is set up. Their financial reports confirm this.
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From the 2010 report is easy to see thet they have around 20% ingame PED covered and accounted for.

Meaning if everyone decided to TT all their stuff and cash it out 80% would be given the middlefinger...
IMO Neverdie cashing out on CND and other assets was a pretty big hit on MA and one of major reasons they released CLD... they just didnt have the pedflow to cover so many withdraws and they were prolonging it to the point where ppl protested. And you can only imagine what would happen to Eu if it lost that little trust ppl still put in it... CLDs scooped up withdrawable PED and relieved the tension...

We still have to see newer reports to see cashflow but being in deep red on last one does not serve MA good...

I.
 
Igorl said:
From the 2010 report is easy to see thet they have around 20% ingame PED covered and accounted for.

Meaning if everyone decided to TT all their stuff and cash it out 80% would be given the middlefinger...
IMO Neverdie cashing out on CND and other assets was a pretty big hit on MA and one of major reasons they released CLD... they just didnt have the pedflow to cover so many withdraws and they were prolonging it to the point where ppl protested. And you can only imagine what would happen to Eu if it lost that little trust ppl still put in it... CLDs scooped up withdrawable PED and relieved the tension...

We still have to see newer reports to see cashflow but being in deep red on last one does not serve MA good...

I.
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lol i am definatly no fan of Mindark, but your post is, highly speculative and compensating thorugh filling in blanks.. and frankly pretty worthless, besides qouting the 20% coverage..

No doubt MA has had their problems maintaining a steady cashflow out of the game, but as to what caused it, is properly a bit more complex than, 1 sale ingame. They added a few notes to their early reports about depreciation of various assets such as Mindark castle etc. Theese depreciations is more like to have forced them out in a highly turbolent restructuring of the company and work cycle, which is supported by the rush in to new busines model with planets, and changes/professionalisation in/of management.
 
Money received in my account this morning 6/112012

Requested 4/16/2012 received 6/11/2012

I received the correct exchange rate $1 for every 10 ped - the withdraw fee.
 
I'm happy it takes so long, so when joe blow scamer burns somebody for a high value item he/she cant sell and cash out prior to MA taking action on the account.
 
Off shore bank accounts FTW!!
 
Ok i finally sold my last asset and clicked withdraw button for the last time... aint much that was left after last time, just a bit over $1000, lets see how much itll take :)

I.
 
36th working day, still pending. 2 months intrest on my 7k$ will make them a few bucks lol.
 
MA is late...

:(

Clicked the Withdraw 20120501

Is 40 bankdays today... still nothing.
Even got a "promise" from support that it would be payd out this week!!

What can u say... dont trust MA.

If u cant trust anyone... well my adwise is leave....
 
zpeeder said:
:(

Clicked the Withdraw 20120501

Is 40 bankdays today... still nothing.
Even got a "promise" from support that it would be payd out this week!!

What can u say... dont trust MA.

If u cant trust anyone... well my adwise is leave....
Click to expand...

Any news? :scratch2:
32 working days and counting here
 
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