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Withdrawal Test (July 2017)

Discussion in 'General Entropia Universe Discussion' started by McCormick, Jul 9, 2017.

  1. Jul 9, 2017 #1
    McCormick

    McCormick

    I decided to do a withdraw test of 8100 PED (810 US Dollar -10 US Dollar fee, or about 700 Euros)

    This way we have an active and running thread for the summer hole, with lots of updates and action ! :p

    I read some of those withdrawal threads on the other forum and wondered, why not do it once again...after so many years...as I really dont login more then once per month, I accumulated quite some PEDs.

    Will I recieve the money within the 50 business days ?
    Will I recieve the money within this month ?
    Will I recieve the money next week ?

    I still have all of my skills and many, many precious items, hundreds of blueprints + some deeds. But if you need 172k skills, items or deeds, tons of blueprints...be me guest and buy them. This is not a quitting thread ! Oh wait, wrong forum...sorry...

    Lets wait and SEE...Status: Pending

    withdrawal july.jpg

    Should the money arrive this week, I will do another withdrawal test...and so on...
     
  2. Jul 10, 2017 #2
    Jamira

    Jamira Samurai Girl

    Haha ... from my experience withdrawal is a lot of fun ;-)
    Well, in my case it took ~3 months two times. 6500 + 1000 $ if I remember right. But okay it was in 2014.
     
  3. Jul 10, 2017 #3
    McCormick

    McCormick

    To be honest, I forgot how long my 1st withdrawal took around 2006. 2 weeks maybe ? Too bad you can only check back the last 12 months. I do know one female player asked MA for a detailed listing of all deposits and withdrawals ever done and got a nice "paperback", all informations included. But that was also around 2006.

    Makes you wonder what kind of tests and/or security checks they (are able to) do. ;D

    Verifiying, that a player from 2004 is still the same person...even having the same payment details. What is really left to check ?
    Oh wait, players keep selling their avatars outside of Entropia, without any knowledge of MindArk...how will these people be able to cashout one day ? By providing an ID that will show a totally different person then the original owner ?

    Hmm, I guess I should grab my ID, ready to be send via FAX to sweden...or do they accept photos of it via email by now ?

    Will I recieve another email with further details these days...why would I (I got 1 by now, confirming the withdrawal process) ? Will the status just change from "pending" to "committed" one day.
    Will they call me on my cell phone ? Or will my next post here be in October 2017 ?
     
  4. Jul 10, 2017 #4
    San

    San

    Security checks to take possession of what is already rightfully yours? Verifying identity doesn't take months. If something goes seriously bad, like e.g. a credit card chargeback, then accounts get locked immediately including everybody else's who received valuables from the foul account. Evidence is abundant on the forums. This doesn't happen suddenly after a long period of quiet when a withdrawal is requested.

    The prevailing theory is that they are operating on a fractional reserve system whereby, unlike banks who at least have minimum holding requirements, don't have any cash at all to pay you on the spot when you request it. They'll have to put it as liability in the balance sheet and then wait until the trickle of new income fills it up. Of course, we don't really know that. Cough.

    Edit: Someone says there is a standard waiting period for money-laundering prevention and that it's clearly stated when you make a request. I don't know where that is made obvious. Have you seen it and had to sign it off?
    http://www.planetcalypsoforum.com/f...Current-Withdrawal-time&p=3592116#post3592116
     
    Last edited: Jul 10, 2017
  5. Jul 10, 2017 #5
    FatherJack

    FatherJack El Diablo

    My withdrawal earlier this year committed after about 3 months... actually I think every withdrawal (5 at the last count) has taken just as long tbqh

    It certainly looks that way, once deposits eventually stop I guess they will wind things down quite quickly. RIP deed holders when that time arrives.
     
  6. Jul 10, 2017 #6
    McCormick

    McCormick

    At least I got the green message that you can see in my screenshot. To be honest, this was a quick and dirty test,
    it is indeed possible I might have ignored 1 small extra window, but I did not tick any box...or SEE a big EULA...or something like that...

    The email I got says :


    Hi XXXXXXXXX,


    Your withdrawal with ID: xxxxxxxxxxxxxxxxxx for 8100.00 PED has been successfully registered. We will now process your order.

    When you submit a withdrawal request, the PED amount you wish to withdraw is immediately transferred from your PED Card and temporarily set to “Reserved” status until your request has been reviewed and processed. You will therefore notice an immediate reduction in your PED card balance.

    All withdrawal requests are handled manually in order of their submission date. If all your bank account details are correct and your request is approved, the payment is sent within approximately 50 business days from the registration date. The processing time may vary during the year depending on the actual demand at that time.

    The time frame between submission of a withdrawal request and payment is primarily due to the risk of chargebacks. The large majority of deposits are made via credit cards, while withdrawals are made directly to the account holder's bank account. Chargebacks can be submitted up to six months after deposit, but most frauds are discovered within two month. After 50 business days, the risk of chargebacks is minimal while giving MindArk time to perform internal security checks.

    You can follow the progress of your withdrawal request in your Transaction History in My Account in the Account Pages. When your withdrawal has entered "Committed" state, it means that your request has been approved and the funds have been transferred to the bank account you have registered and should arrive within 3-5 business days.
     
    • Informative Informative x 1
  7. Jul 11, 2017 #7
    narfi

    narfi Lost

    upload_2017-7-10_15-54-23.png

    I am hoping for the end of this week, but might not happen till next week.......
     
  8. Jul 11, 2017 #8
    narfi

    narfi Lost

    and committed....

    upload_2017-7-11_9-32-56.png

    May 7th to July 11th, from experience it will be in my bank tomorrow or the next day.
     
  9. Jul 11, 2017 #9
    Jamira

    Jamira Samurai Girl

    Nice, two months only.
    But in case of McCormick it'll take way more time because he is a notorious mischief and trouble-maker. MA will punish him I assume ;-)
     
  10. Jul 11, 2017 #10
    San

    San

    Hm yea, indeed, and the email just repeats it. However it says there "within 50 business days", not "not until after 50 business days".

    I'll grant they must be just as unhappy about not finding a better way, and all have gotten their money eventually. Sans interest, of course. Everybody gets punished for a few having bad ideas. Sounds so familiar.
     
  11. Jul 15, 2017 #11
    Wistrel

    Wistrel Kick Ass Elf

    Interesting they openly admit the issue with chargebacks.... I'd like to hope though that they could have a system in place that will offset that somehow? I'm thinking say I've racked up 1000peds in dividends and not deposited for a couple of years I should be able to make a 1000ped withdrawal more or less instantly since there is no risk of chargebacks
     
  12. Aug 9, 2017 #12
    McCormick

    McCormick

    28 days later.jpg
     
    Last edited: Aug 9, 2017
  13. Sep 4, 2017 #13
    McCormick

    McCormick

    41 business days later. Pending.

    Ill add another withdrawal on day 50. My hopes are high, I got to wait 150 days then x'D
     
  14. Sep 9, 2017 #14
    McCormick

    McCormick

    45 business days later, the 1st one got commited...no combining of withdrawals it seems.

    commited.jpg
     
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