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Iadvance/metabank / office of thrift supervision discontinue

1 United States Review updated:

Like many people tonight I discovered that my Netspend card's loan product has been discontinued. I now had $580 taken from my paycheck today. With an Iadvance loan through MetaBank the payment is taken out each time you are paid. You get paid typically2 days prior to when the paycheck is actually dated. It's odd to me that they announce at 8:00 pm on the night of the largest pay date in the entire U.S. It's the 15th and it's Friday. The government was obviously aware of MetaBank's intent to discontinue this "product" on this date so that the company will be able to collect most of their portfolio that is due. They didn't want to see another black eye in the financial sector.
I am absolutely in shock and was just wondering if anyone knew anything that could be done about this. The amount of people this will effect is astondishing. MetaBank makes over 20 million dollars a year on this product alone. MetaBank is being investigated by the Office of Thrift Supervision due to alleged unfair or deceptive acts or practices in violation of Section 5 of the Federal Trade Commission Act and the OTS Advertising Regulation. Anything that can be done?

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Comments

  • Ji
      14th of Oct, 2010
    0 Votes

    I hear ya. Im worried about them taking it out of my paycheck tomorrow. Are they even allowed to do that anymore, since the government has halted everything? It really isnt fair at all, WE SHOULD HAVE BEEN GIVEN A WARNING! Now I may not have any money at all. This is very wrong.

  • Se
      14th of Oct, 2010
    0 Votes

    OTS has a complaint form on their website. Fill it out and send it in. I also had $500 taken from my check today with no way to feed my family now. I can't believe they would do that. I now have $377 to feed a family and pay for cash for two weeks. Guess I am in the whole more now! Can never get ahead I swear!

  • An
      14th of Oct, 2010
    0 Votes

    sorry to hear that guys im on the same boat. So frustrated I could cry. A warning would have been nice to prepare for this/

  • Yv
      14th of Oct, 2010
    0 Votes

    I am absolutely p'd off about this too. There should have been some kind of warning! I hope there is a complaint form because I think they should have let customers pay this over time.

  • Yv
      14th of Oct, 2010
    0 Votes

    The complaint form can be faxed in to 202-906-7342.

  • Bp
      15th of Oct, 2010
    0 Votes

    I too had no warning. $315 removed from my paycheck! I understand that we owe this money but a little advance warning would have given us enough time to take care of our balace instead of no warning. I am now questioning the use of the accountnow card all together.

  • Ma
      15th of Oct, 2010
    0 Votes

    I am pissed as well. Had $675 taken from my pay this morning when it posted. Logged in later to draw some back and bam, "No Soup For You!!!" Some warning would have been nice, my intent was to pay down over time, now I can't make my rent. This is wrong!

  • Jc
      15th of Oct, 2010
    0 Votes

    I'm worried what effect this will have on my prepaid card (NetSpend). I have direct deposit of my paycheck and fear that the card will go belly up and I won't be able to get my paycheck. Thinking about canceling it.

  • Ju
      15th of Oct, 2010
    0 Votes

    Same here, I lost 675 out of my paycheck on Wednesday. If they were shut down for alleged unfair or deceptive acts or practices, then their ability to take our money should have been shut down as well.

    They are leaving a lot of people in VERY bad financial circumstances. Preying on people who don't have the money to deal with this sort of sudden loss in cash is ridiculous. How many people are going to go without needed medications & food? How many people will have utilities turned off? This should be a criminal act.

  • Ti
      15th of Oct, 2010
    0 Votes

    I am in the same boat as all of you. I had $675 taken out of my account today as well. There has to be some type of class action suite we can get started. If anyone is game, send me an email at srgaines1971@aol.com. Let's fight bank...I always felt something wasn't right anyway.

  • So
      16th of Oct, 2010
    0 Votes

    Nobody got any notification. Not even the company. They were told to discontinue the program immediately and did. It's a suck deal, sure. but maybe you shouldn't have lived outside your means and you wouldn't be in this situation. maybe instead of trying to get rich without working by filing a lawsuit that YOU WON'T WIN(srgaines1971@aol.com), you should personal accountability for the fact that you borrowed money and now have to pay it back.

  • Va
      17th of Oct, 2010
    0 Votes

    Well, I have used a different company, one-click cash, and so far they are still alive and kicking. But the interest is over 25% which is beyond outrageous. (pay back is the loan [in my case $500] plus $150. Then if you only pay the minimum [$150] that can go on for several months adding up to well over the original loan amount. As for the comment about living with one's means...I have been doing this more recently because I need to calm down. I decided the cost of such loans was not worth it. I do get angry that I can't by a second pair of shoes or get my kids new shoes they need when I want. I do feel entitled to going to a movie now and then and not doing so has sucked. I sit down and pay my bills first and then after groceries there is no more money. I have been told this is what adults do.

  • Mr
      18th of Oct, 2010
    0 Votes

    I am like the rest of you. Had $759 taken out of paycheck with rent due, car note dute, cupboard bare and an unexpected expense of having to get my car out of the impound. I am now $1700 in the hole because of this very unfair act. Netspend should offer its customers some kind of recourse for this impromptu decision. This is ridiculous and I am outraged!!!

  • Wo
      18th of Oct, 2010
    0 Votes

    to the idiot who made the comment about living outside of our means and trying to get rich without working well " NEWS FLASH" I HAVE BEEN WORKING SINCE I WAS 15 YEARS OLD AND JUST THOUGHT THAT I WAS FINALLY BEING REWARDED FOR BEING WITH A COMPANY AND BEING ALLOWED TO TAKE OUT A LOAN. i HAVE 2 GRANDCHILDREN THAT I HELP SUPPORT AND I PAY MY OWN WAY IN THIS WORLD... sO SORRY IF WE were not all born with silver spoons in our mouths but in the real world, people need help sometimes...

  • Mm
      19th of Oct, 2010
    0 Votes

    I ALSO WAS UPSET THEY TOOK 517 FROM MY ACCOUNT AND NO WARNING WAS EVER SENT TO ME I WAS LEFT WITH NOTHING ON MY PAYCHECK THEY SHOULD OF HAD PEOPLE PAY IT LITTLE BY LITTLE .

  • Cr
      19th of Oct, 2010
    0 Votes

    Yes they got me too. Hit my account for 360$ Now I have only 100 bucks to last me two weeks and my next check all goes to my rent. I agree this is money that we are required to pay back but if I would've known this two weeks ago I could've planned ahead. This whole company seems a little shady and I just took my direct deposit off of netspend altogether. I advise everyone else to do the same.

  • Ti
      20th of Oct, 2010
    0 Votes

    I agree completely i only had $250 taken from me but the fact remains that i am that poorer now. Like everyone else said.. a little heads up would have been nice so we could have planned for it. I feel bad for those of you who have kids to feed im sure the discontinuation of iadvance will surely affect your kids more than it will you, and that's just wrong. If the service is completely stopped then we shouldn't have to pay that money back or maybe over time. They really screwed us.

  • Ne
      20th of Oct, 2010
    0 Votes

    People, you took out a loan and agreed to pay it back when your paycheck was deposited to your account. No one forced you to take out the loan. I to had $602 taken out. Guess what? When I get my next paycheck I won't have to get another loan to pay my bills. IF YOU CAN'T TO THE TIME DON'T DO THE CRIME.

  • Ke
      20th of Oct, 2010
    0 Votes

    We are getting ready for a class action lawsuit against Meta Bank. If you like more information about this please contact me at kttlechel@yahoo.com I will take your information and pass it on to my attorney

  • Zo
      21st of Oct, 2010
    0 Votes

    I had my repayments on Wed when my DD hits well on Friday 10/15 i got $350 charitable donation Employee Assistance from my company and they took that instead of waiting for my primary DD. I called NS and Iadvance and got nowhere...Netspend refused to process a dispute...Which under EFT act is illegal. I turned them into to Thrift Supervision and Comptroller of Currency I sent Iadvance a revoke of authorization to debit account, pulled my DD from NS and they will never see another penny from me unless they put the 350 back and allow me to pay off with my paycheck. These places are both skirting the law.

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