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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

  • 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

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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.

  • 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.

  • 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 [protected]@yahoo.com I will take your information and pass it on to my attorney

  • 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.

  • 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.

  • 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.

  • 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 .

  • 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...

  • 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!!!

  • 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.

  • 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 [protected]@aol.com), you should personal accountability for the fact that you borrowed money and now have to pay it back.

  • 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 [protected]@aol.com. Let's fight bank...I always felt something wasn't right anyway.

  • 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.

  • 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.

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