Iadvance/metabank / office of thrift supervision discontinue
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?
More Iadvance/metabank Complaints & Reviews
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