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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

  • He
      22nd of Oct, 2010
    0 Votes

    It makes it hard when big companies do this to the little people. They may have saved themselves but have put the majority of us in a hole. I dont consider it living outside of your means when you need help with getting ur car fixed, home repair, dr's bills ect.That was the reason that the majority of us used the service in the first place. I agree that we should have been given the option to make payments over time. Even if we were given a month to make the payment I believe that we would not have so much hardship. Im in the position where I travel 80 miles a day to work and dont have the ability to get there since $400 was taken from me. No one @ Iadvance cares that I may lose my job cause I cant make it to work. Never again.

  • Ru
      23rd of Oct, 2010
    0 Votes

    In order for the OTC to finally take such an action, there had to be problems before hand, right? It isn't like this happened in a vacuum. However, it was news to US, the consumers. I understand the government has our best interests at heart (maybe?), so this leads me to believe that prior to this shut down there were discussions and warnings. All of us using this loan knew deep down we shouldn't be. However, it's criminal on BOTH sides to leave people in such a crisis. It's going to be interesting to see what happens to Accountnow after this fiasco.

  • Kl
      25th of Oct, 2010
    0 Votes

    They took $525 from me and my rent will be late because of this. I heard iadvance and metabank knew about this around Oct. 6th but didnt care to inform anyone. I called to ask them a simple question on Oct. 8th and they didnt mention anything about discontinuing this service. Visit this website for potential lawsuit information:

    http://www.ksfcounsel.com/lawsuit/meta-financial-group-inc-cash-investigation-lawyer-C114

  • Ha
      27th of Oct, 2010
    0 Votes

    I have also been hit by netspend, a warning would have been nice. If they had any type pf proffessionalism, we would have gotten a warning, I had $607.00 taken from me, with bills due, i understand its a loan but if they new this was going to be discontinued they should have give us the option of a payment plan.I had problems with them in the past when my whole 1100.00 dollar check got posted they place a block on my card for fraud!!! Fraud, i applied online for this card, id this was fraud u has no business sending me a card, let me enroll in direct deposit, then my 1st deposit put a lock on my acct. NETSPEND NEEDS TO TAKEN ACTION AND CORRECT THERE WRONGS, ITS MANY UNSATISFIED CUSTOMERS.

  • Ja
      6th of Nov, 2010
    0 Votes

    This caught me by surprise, but I was fortunate and blessed to have enough resources to make it. They took out $675 on the 1st of November. They had taken $475 out of my wife's check. Sounds bad right? We were blessed to get my 401k rollover cash ($2300) on the 25th of October. I had just got paid on Oct 1st (state employee, over $3000 after tax). So we were very fortunate. It's sad to hear about all the situations on this board. Look at the bright side, they won't be taking anything else out, and your next check will be a full check! Communicate with your creditors and landlords, mortgage companies, etc. Put God and your family first, and you will be fine. Feed your kids. Take your wife out to dinner. Pray together. It's not the end of the world.

  • Ru
      6th of Nov, 2010
    0 Votes

    Jazzylg,
    I am like you in that this is a minor setback and it taught me a major lesson, the hard way. It is not the end of the world by any means, but it still does not change the fact that the way this was handled by the feds and metabank is very crappy to say the least. All I can say is "Come on December 1st!!"
    Others are not so lucky, they may be evicted from their residences, not be able to feed their families and need to use food bank and other such services. THEN next month have to face homelessness, big security deposits, etc. God bless those going through this and worse.

  • Ds
      31st of Jan, 2011
    0 Votes

    I was also taken for a ride with the Iadvance line of credit. It was always taken out when the next pay period came never in the 30 days like it said

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