FYI: Worst Withdrawl Process Ever

[Thorn]

Personally in 5 years I have never made a withdraw. My friend here in the US made one and it took around 14 days. That was over a year ago.

Fact is the longer money is in your hands the more it can work for you. It is a common practice to withold money due as long as possible in order to gain interest on it before paying out. In essence making money on money that is technically no longer yours. Perhaps these accounts come due at a certain time each month or so and it depends where it is in the time frame how long deposits take to be transacted.

Many companies in the US do this especially in the entertainment industry. They will jerk you around as long as they can so they can earn a few more pennies interest. The bigger the amounts the more lucrative this practice is. You get every excuse in the book. Something like this. Week one of overdue payment. Hello where is my money. "Oh sorry the check is in the mail." Week 2. "We`re sorry we were given a wrong processing number." Week 3 "Oh there was a clerical error we will process as soon as possible." Week 4 "The check should be issued by the end of this week." By this time a month or more passes and they gain a month worth of interest and it has cost them that much less to pay you in effect canceling out any fees they normally have to pay and in most cases making them extra income. They make money on your money or work twice. Shrewd business practices in an ever more competitive and expensive world and it`s sure to only get worse unless more regulation and oversight is put into place.

 

[Zeke Sirrus]

I have made several withdrawals, last one was initiated 18th Jan this year and was committed today

I don't understand why it should take so long (although I have my suspicions) however the process is smooth. Provided you supply the right details in the transaction centre it just works. Given the fact you explained to them which number is which, filling in that form should be a doddle.

 

[MindStar9]

In my almost 6 years in EU, I have made 3 withdrawals, and one quite sizable as a result of my ATH in April of 2008. I got that withdrawal direct deposited to my bank account in 20 days. The next one took less than 30 days, and the most recent one took exactly 30 business days which is what I think they advertise. However, variables could come into play depending on individual circumstances, and in your case, it seems that the bank information wasn't complete or correct according to their requirements and perhaps would request exactly what is needed - get specifics. I've never had any issues whatsoever with the withdrawal process, and am rather pleased with it. I also didn't have to ever submit any type of support case either.

Good luck with it.

 

[XeroX2]

In my almost 6 years in EU, I have made 3 withdrawals, and one quite sizable as a result of my ATH in April of 2008. I got that withdrawal direct deposited to my bank account in 20 days. The next one took less than 30 days, and the most recent one took exactly 30 business days which is what I think they advertise. However, variables could come into play depending on individual circumstances, and in your case, it seems that the bank information wasn't complete or correct according to their requirements and perhaps would request exactly what is needed - get specifics. I've never had any issues whatsoever with the withdrawal process, and am rather pleased with it. I also didn't have to ever submit any type of support case either.

Good luck with it.

yeah i think it works just fine if you know how to do it. If you dont just ask someone who made a sucessful one.

 

[Terminator]

We have maybe 10 deposit options and only 1 for withdrawals.

If it is that "confusing" for SWE people to perform bank transfer to people from far countries, why cant they pay back to the CC, which most companies do in case of refunds ? (In France at least.)

 

[emerson]

To make a withdrawal internationally you would need the SWIFT code of the bank you are withdrawing to plus the account number of the holder. Also would need the correct name/address match to confirm that the account belongs to person withdrawing. Once you have that it takes no time to effect the transfer, within a day basically. In europe banks usually move money in 3 daily tranches so within few hours of submitting the info the cash moves. Unless of course MA is holding the cash not in a segregated account, but using it for other investments...which may border on illegal if they do not have enough cash on hand segregated to at the very least guarantee the TT value of all accounts...

Wrong.

You can withdraw without a SWIFT as long as you have the routing number.

Too bad we don't have communication with MA as I'd like to know:

What percent of withdraws are completed within:

2 weeks?

4 weeks?

6 weeks?

8 weeks?

10 weeks?

12 weeks?

Longer than 12 weeks?

 

[Xavier Target]

Wrong.

You can withdraw without a SWIFT as long as you have the routing number.

Do you live in sweden? Every single payment I send outside the US required a swift code. If you transfer in europe between european countries, I believe you can use the IBAN. The 9 digit ABA is insufficient for wires into the US from a foreign bank, unless that bank is transfering from its own US account. If you got away without it before, that is because the sender just looked up the swift code themselves(as I have done when sending, if the amount was not large).

I'm not defending MA, I am just saying I have refused to send money overseas when someone would not provide sufficient information. Particularly when wiring to India an IFS code is required, so its a waste of my time if they won't give the code because the wire will just be rejected.

 

[Mad Dog]

MA holding money and lying to players for the reason has to go.

They hold money mostly for one reason, and that is to get interest on it. Sadly I don't think even if most of us players demanded they changed they wouldn't. They just make too much money holding our money.

 

[emerson]

Do you live in sweden? Every single payment I send outside the US required a swift code. If you transfer in europe between european countries, I believe you can use the IBAN. The 9 digit ABA is insufficient for wires into the US from a foreign bank, unless that bank is transfering from its own US account. If you got away without it before, that is because the sender just looked up the swift code themselves(as I have done when sending, if the amount was not large).

I'm not defending MA, I am just saying I have refused to send money overseas when someone would not provide sufficient information. Particularly when wiring to India an IFS code is required, so its a waste of my time if they won't give the code because the wire will just be rejected.

When I lived in South Korea I transferred money from a SK bank (NH) into my US Bank account at least a dozen times without using a SWIFT. In fact, my US Bank does not even have a SWIFT as they are a smaller credit union.

 

[Xavier Target]

When I lived in South Korea I transferred money from a SK bank (NH) into my US Bank account at least a dozen times without using a SWIFT. In fact, my US Bank does not even have a SWIFT as they are a smaller credit union.

That may be the case, especially if it was not recent, but your bank would have had to have an account at an itermediary bank which had a swift code or you would have been charged extra fees to route the payment. Even a small bank would be advised to become a member of SWIFT or they would risk losing customers due to the extra cost of international transfers unless the bank just absorbs those extra fees. A bank will often aide a retail customer by identifying intermediary banks for you without making you provide that information, but a business is often entering wire information directly into a banks system and is expected to obtain all routing information needed to complete a wire. I'm sure if I go to my personal bank and ask to send a wire to an international bank, I can get away with not providing all the information because the nice bank employee will look up the rest for me, but if I try to enter insufficient information in an wire screen at work its just going to error out asking me to fix it. Retail customers are usually not held responsible for wire transfer routing errors, they are paying for the bank to take care of the routing. A business pays alot less to make a wire transfer, hence has too do the banks work for them and obtain all the needed wire information. You don't see retail banking offering online international wire transfers yet, because they are making a fortune off of the fees.

 

[treeprotector]

The Saga Continues...

It's already April and I still don't have my money.

Offtopicish - I've sold almost everything off... is it worth any cash to sell skills?

 

[Akillie]

nows not the best time to sell skills atm, but who knows when/if times will get better. Also just so we know where you stand, how much was your withdrawl roughly?

 

[Shew]

I feel like others that it's MAs intent is to accumulate as much interests as possible.

My last withdrawl was not committed until the 30th business day exactly. There is NO REASON for it to take so long.

It would be so great if they would start using PayPal. Paypal is worldwide, and you could deposit and then withdrawl from game. No need to worry about giving all banking info to MA. PayPal has everything in place, including their safeguards against money laundering and fraud.

One must wonder if they have tried and PayPal said no.

If so, why? Same reasons cash card failed?

If PayPal wouldn't deal with a company, it should raise concerns.

 

[slither]

Paypal won't deal with casinos and poker rooms, I suspect they'd need to show paypal how loot works to prove it's not a gambling game and I'm betting MA don't want to show others how it works.

 

[Chopper]

I have to agree with the OP, and others. A Withdrawal Really should Not take 30 days. They do it Only because they can keep the interest.

I got my Withdrawal into my account Today. It began on Feb 15th, so Just outside the 30 days.

Coulda been worse. But Shoulda been Alot better...


I hope treeprotector gets sorted out v v soon...

 

[Mr Trayles]

They hold money mostly for one reason, and that is to get interest on it. Sadly I don't think even if most of us players demanded they changed they wouldn't. They just make too much money holding our money.

Just curious where the supporting evidence is for this?

So, basically, the argument is that MA is holding on to a withdrawl of $500 dollars for 6 months for an extra 12 bucks? And the negative rep they gain from that is no biggie to them? That's the "too much money" they make?

These numbers are just an example, sure, but I don't see how holding on to a withdrawl is seriously benefitial to them.

The more likely scenario seems to be someone not providing correct information, thinking that they did, and bitching about MA stealing all their hard earned money.

Of course, perhaps everything was provided correctly and MA has screwed something up and is holding on to the money erroneously. But seriously, for what gain? Interest off of that money? That is redicoulous.

 

[Arthurs]

100k PEDs is not that much to make such a shit reputation.

Shame MA

 

[Sircus]

Wow, WTF.
This is some BS. I never get the stories I hear about WD. I know it's not exactly as easy as me taking $$ out of an ATM, but still. It's like what you said. It's not like working out a treaty with China
MA, wake the F* up! You are treating your CUSTOMERS like crap.
If it is a RCE, but no one can get their money out... then it's NOT RCE. The peds are only as good as the backer. If My peds cannot be functionally withdrawn then they become worthless after my initial deposit.

Bump up this post. Someone take notice. Buyers beware. I get the feeling MA can do whatever the heck they want and we can do nothing about it. That agreement we click covers everything

Its not RCE, Its based on RCE. Thats the difference.

 

[Sebulba Dragon]

MA takes the money they need to pay for withdrawals out of the money that they receive from deposits for the month. They send the actual money out the following month. It's called an accrual. It allows them to gather all the cash they are going to receive for that period and then use it to pay the withdrawals in the next period. This is why you have to wait 30+ days for a withdrawal. MA is not like a bank where you can easily take money out as you wish. Fact is, the money that you believe is yours is not even yours once you've given it to MA. You legally have no claim to it anymore.

Though it sounds like the real problem here is more of a misunderstanding of account info. Hopefully you can get it worked out.

So you are saying if somehow Star, AkozQetesh,Buzz and other band of megainvestors decide to sellout and withdraw, they'll have to wait that that amount will deposit???
Didn't I read somewhere that MA always has enough money saved to payout all customers even if they deicide to withdrawal all at once??? I'd like to see that tbh...
Isn't it in EULA that MA must pay u TT value in all cases so in case that market crashes the worst case is loosing all MU??? Isn't TT value of 1 ped - 1 ped??? So how the hell we have no legal claim to our money nomore???

 

[toad]

So you are saying if somehow Star, AkozQetesh,Buzz and other band of megainvestors decide to sellout and withdraw, they'll have to wait that that amount will deposit???
Didn't I read somewhere that MA always has enough money saved to payout all customers even if they deicide to withdrawal all at once??? I'd like to see that tbh...
Isn't it in EULA that MA must pay u TT value in all cases so in case that market crashes the worst case is loosing all MU??? Isn't TT value of 1 ped - 1 ped??? So how the hell we have no legal claim to our money nomore???

If anyone or all of them would sell out the buyers would have to deposit money to buy the stuff from them BEFORE they can withdraw money, right? they dont have the money before they have sold their stuff.

To OP:
Maybe you have provided all the needed bank info but some or all of your account details is wrong?
We only have 1 side of the story here and thats a angry customer, i have done a pretty large withdraw a few years ago and that went smooth but i made sure i had all the right info both for bank details and account info before i made the withdraw.

Ofcourse they will hold on to the money as long as they can to gain intrest from it, any company would do that, just look at all the banks, they make millions in profit on money floting around in they system before they reach the customer.

 

[Alina]

srry man for me took last time like 1-2 weeks

 

[Sebulba Dragon]

If anyone or all of them would sell out the buyers would have to deposit money to buy the stuff from them BEFORE they can withdraw money, right?

¨Not necessarelly.

 

[Naifas Anaconda]

You learn something new everyday... that's actually hilarious... I was soo mad that they lied to me about Voicemail but apparently they weren't lying. Can some Swedes confirm? Do you or do you not use voicemail?

Anyways, the Saga continues... no new info to report at this point but I am still working on getting the withdrawl sent through. I called my bank again just to make sure MA has everything they need to make the transfer and my bank is pretty confident that if they were in Sweden sending a transfer to their bank it would be pretty quick and easy with the info provided.

Oh and hey JW... long time bro... I hope all is well with you.

Not sure about Sweden, but i don't think it is that odd. I'm 100% sure that in my country, (although voice mail is used by many individuals), public organizations, enterprises and businesses in general will not deal with it. The only way to deal with someone is either through live meetings, regular mail, email, or live phonecalls during the working time. Good luck with that!

 

[Shew]

Paypal won't deal with casinos and poker rooms, I suspect they'd need to show paypal how loot works to prove it's not a gambling game and I'm betting MA don't want to show others how it works.

Actually, yes they do. But, only certain ones.


Note on withdrawls, check how much you get carefully, seems someone likes to short change people.

My bank charged $12 for the wire transfer fee, so after the 100 ped was taken from MA, I was shorted $18.50.

Some may say that's the conversion between SEK and $, well the PED is tied to the $ so there should be no conversion loss. Otherwise they are blowing more smoke up our ass. I am so done putting money into their shit experience.

 

[Shew]

Just curious where the supporting evidence is for this?

So, basically, the argument is that MA is holding on to a withdrawl of $500 dollars for 6 months for an extra 12 bucks? And the negative rep they gain from that is no biggie to them? That's the "too much money" they make?

These numbers are just an example, sure, but I don't see how holding on to a withdrawl is seriously benefitial to them.

The more likely scenario seems to be someone not providing correct information, thinking that they did, and bitching about MA stealing all their hard earned money.

Of course, perhaps everything was provided correctly and MA has screwed something up and is holding on to the money erroneously. But seriously, for what gain? Interest off of that money? That is redicoulous.

You are thinking small scale. Sure if it was an isolated $500, the sole interest on that wouldn't amount to much. But if it's their standard opertating procedure, the interest on the tens of thousands they send out would be more much more worthwhile to acquire.

 

[DoubleWolf]

So you are saying if somehow Star, AkozQetesh,Buzz and other band of megainvestors decide to sellout and withdraw, they'll have to wait that that amount will deposit???

Yup. But like it was said, someone else may have needed to deposit to buy all their stuff so it all works out. These "megainvestors" (if you can call them that. These people haven't invested money in this game in a VERY long time... and instead just take money out of the economy...) still have to wait for their withdrawals just like everyone else. They don't get any preferential treatment, though some will likely disagree, but for the wrong reasons. Not because they actually know anything...

Didn't I read somewhere that MA always has enough money saved to payout all customers even if they deicide to withdrawal all at once??? I'd like to see that tbh...

I'd like to see where you saw that too, because I've never once seen anything like that. I've seen clueless players spout that off in the forum like it's true, but they have not done a shred of investigating as to how MA really makes money and what happens to your money when you deposit. If you bother to read their financial statements AND understand them (this is key) you'll see that they are not liable to us for any amount of ped value.

Isn't it in EULA that MA must pay u TT value in all cases so in case that market crashes the worst case is loosing all MU??? Isn't TT value of 1 ped - 1 ped??? So how the hell we have no legal claim to our money nomore???

I suggest you read Section 9 of the ToU. Every paragraph basically states that Mindark is not liable to you for anything, under any circumstances, with the exception of this paragraph:

MINDARK'S LIABILITY TOWARDS YOU SHALL, IF ACKNOWLEDGED, IN EACH INCIDENCE BE LIMITED TO NO MORE THAN THE TOTAL AMOUNT TRANSFERRED INTO THE INVOLVED ACCOUNT BY SAID PARTICIPANT UNDER SIX MONTHS PERIOD PRIOR TO THE INCIDENT.

Key phrase in here is "if acknowledged". So if you feel MA should be liable to you AND they agree with you, the most they will give you will be the previous six months worth of deposits that you have made. It would have to be a pretty damn good reason for them to agree with you. Gotta be better than "but 10 PED = $1 so I had $x amount of dollars in the game!" Once you give MA your money, it becomes their money, and they give you Monopoly money to play with in return. But they offer to buy back your Monopoly money as long as they offer it. They could stop offering to do that tomorrow and we'd all be shit out of luck. All those players that you mentioned earlier couldn't possibly see a single cent since I doubt any of them have deposited in years.

 

[Mary Jane]

Mindark is more heathy then never after sell FPC for 6millions + 2 Planet Partners...

Just Please next time give the right details and dont post it...

Good luck all...

 

[Sebulba Dragon]

These "megainvestors" (if you can call them that. These people haven't invested money in this game in a VERY long time... and instead just take money out of the economy...)

Exacetly my point. And in some cases that can be a a nice pile of money. Maybe I've stated bad examples but point is that a ratio between total input and ingame "cash" is not proportional imo. Many of players which missed the pregold opportunities did deposit a lot though.

I'd like to see where you saw that too, because I've never once seen anything like that. I've seen clueless players spout that off in the forum like it's true, but they have not done a shred of investigating as to how MA really makes money and what happens to your money when you deposit. If you bother to read their financial statements AND understand them (this is key) you'll see that they are not liable to us for any amount of ped value.

I suggest you read Section 9 of the ToU. Every paragraph basically states that Mindark is not liable to you for anything, under any circumstances, with the exception of this paragraph:
Key phrase in here is "if acknowledged". So if you feel MA should be liable to you AND they agree with you, the most they will give you will be the previous six months worth of deposits that you have made. It would have to be a pretty damn good reason for them to agree with you. Gotta be better than "but 10 PED = $1 so I had $x amount of dollars in the game!" Once you give MA your money, it becomes their money, and they give you Monopoly money to play with in return. But they offer to buy back your Monopoly money as long as they offer it. They could stop offering to do that tomorrow and we'd all be shit out of luck. All those players that you mentioned earlier couldn't possibly see a single cent since I doubt any of them have deposited in years.

Must admit, Ive never put alot of attention in EULA-thanks for a lesson.
I play for fun and I never withdrawal. I put cash in and forget about it. If I have to do that frequently I'm pissed and then I whine here. Thats fun too. This is my consuming sanctuary when I don't feel like wasting money irl. Nutcase, can't help it.
I bet a lot of ppl do the same, but some are not. Some are "investing". I fail to understand them really if your facts stay correct.
The confusion continues...

And yes we're

 

[Mr Trayles]

You are thinking small scale. Sure if it was an isolated $500, the sole interest on that wouldn't amount to much. But if it's their standard opertating procedure, the interest on the tens of thousands they send out would be more much more worthwhile to acquire.

Oh please... Do the math.

Let's say that somehow, there is 100,000 in withdrawls in a year and that they keep all of it an extra 3 months despite the many people here who are saying that they are getting theirs on time.

100,000 for 3 months at say an incredible interest rate of 5 percent per year. That would be 1250 dollars. That's enough to pay 1 programmer for about 3 days of work.

Well, damn, that would certainly be worth losing your reputation for!!

But the jokes on them anyway! Because while it is extremely unlikely that they are risking their rep for such a small amount of money, the idiots who populate this forum freely come to this conclusion anyway without any evidence what-so-ever even though it is far more likely that the nimrod just didn't fill out the information correctly!!

Good god why do I still read these forums???!!

 

[DoubleWolf]

I bet a lot of ppl do the same, but some are not. Some are "investing". I fail to understand them really if your facts stay correct.

It's the reason I haven't put any considerable amount of money into this game in the "investing" sense. Far too risky for me, and I haven't really seen that the rewards for doing so would be worth the risk. Since not every player is going to be a Neverdie or Deathifier, the best you could hope for is to squeak out a living playing this game, and that requires you to play ALL the time. Not going to get rich playing this game. For the amount of risk I would have to take on, I would kind of like that possibility to be out there. I'd be much better off investing $100k into the stock market, which is a little more secure, and has a much greater potential.

But the jokes on them anyway! Because while it is extremely unlikely that they are risking their rep for such a small amount of money, the idiots who populate this forum freely come to this conclusion anyway without any evidence what-so-ever even though it is far more likely that the nimrod just didn't fill out the information correctly!!

I just want to hop in the argument here and say that I've already answered the question of why withdrawals take a month to receive a couple months ago in this same thread. It's not because they are trying to collect interest on "our" money. They don't have "our" money sitting around to collect interest on.

From Annual Report 2008:

Corporate revenues consist of the net sum of deposited and withdrawn amounts from Entropia Universe made by users. The net revenues are presented in the income statement after deduction of reimbursements requested by participants in Entropia Universe.

So Deposits - Withdrawals = Net Revenue. Most of us know that, but what it means is that withdrawals come out of the money they receive from deposits EACH PERIOD. So for the month of April, it will be (April's Deposits) - (April's Withdrawals) = April's Revenue

And then let's also keep in mind:

User requested reimbursements of funds from Entropia Universe are accounted for as an accrual on the balance sheet

A simple search for "accrual", "accrued expense" or "accrued liability" should clue you in to what they are doing here. It's basically an accounting technique that let's them count the expense when it happens, but also counts it as a liability until the next period when it gets paid out. It allows them to receive all the cash they are going to get that period before they pay it out the next period. Since most companies operate on a month to month basis, it takes approximately 30 days to get your withdrawal.

It's not that they want more interest. It's that they are waiting until more money comes in before they settle people out. They aren't sitting on a reserve of money that holds all the ped in the game. It doesn't exist.