• Report: #724201

Complaint Review: IAdvance offered by MetaBank

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  • Submitted: Sun, May 01, 2011
  • Updated: Wed, May 04, 2011

  • Reported By: Jamie — Pittsburgh Pennsylvania United States of America
IAdvance offered by MetaBank
5501 S BROADBAND LANE SIOUX FALLS, South Dakota United States of America

IAdvance offered by MetaBank IAdvance Illegally Operated in Pennsylvania SIOUX FALLS, South Dakota

*Author of original report: Updated Complaint

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From 05/20/10 to 10/01/2010 I borrowed a total of $3,560.00 from IAdvance Line of Credit offered by Meta Bank. I'm paid in full with Meta Bank on 10/15/10. I paid a total of $2225.00 in interest over the period of borrowing. This interest equates to $12.50 per one hundred dollars which violates Pennsylvania Pay Day Loan Laws. Pennsylvania Law states that only the maximum fees that can be charged on every $100 is $9.50. This means I should of only been charged $1691.00 in interest. The Office of Thrift Supervision, MetaBanks bank regulator, has directed MetaBank to discontinue its iAdvance Line of Credit program effective Wednesday, October 13th 2010. OTS determined that MetaBank engaged in unfair or deceptive acts or practices in violation of the Federal Trade Commission Act and the OTS Advertising Regulation based on the banks operation of the iAdvance line of credit program.

I would like a refund of $534.00. This amount is what was overpaid based on the statutes of Pennsylvania Law.

I've contacted IAdvance MetaBank on 10/15/10 and customer service representative was of no help.

This report was posted on Ripoff Report on 05/01/2011 05:48 AM and is a permanent record located here: http://www.ripoffreport.com/r/IAdvance-offered-by-MetaBank/SIOUX-FALLS-South-Dakota-57108/IAdvance-offered-by-MetaBank-IAdvance-Illegally-Operated-in-Pennsylvania-SIOUX-FALLS-Sou-724201. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Updated Complaint

AUTHOR: Jamie - (USA)

My name is Jamie and below is my updated complaint against IAdvance offered by Meta Bank. I previously made and error to my interest paid and what interest I should of got charged. I've also statues of Pennsylvania law to justify my complaint.

From 05/20/10 to 10/01/2010 I borrowed a total of $3,560.00 from IAdvance Line of Credit offered by Meta Bank. Meta Banks address is 5501 S BROADBAND LANE SIOUX FALLS, SD 57108. Their bank telephone number is (605) 782-0740. I'm paid in full with Meta Bank on 10/15/10. I paid a total of $445.00 in interest over the period of borrowing. This interest equates to $12.50 per one hundred dollars which violates Pennsylvania Pay Day Loan Laws. Pennsylvania CONSUMER DISCOUNT COMPANY ACT Act of 1937, P.L. 262, No. 66 Section 13 E is written To charge, contract for, receive or collect interest or discount at a rate not to exceed nine dollars and fifty cents ($9.50) per one hundred dollars ($100) per year when the contract is repayable within forty-eight (48) months from the date of making. THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL No. 2672 Session of 2002 Section 303 Authorized finance charge is written A lender may charge a finance charge for each deferred deposit loan that may not exceed 20% of the first $300 loaned plus 7.50% of any amount loaned in excess of $300. The charge shall be deemed fully earned as of the date of the transaction,UNLESS THE CONSUMER RESCINDS THE LOAN PURSUANT TO SECTION 304. Attached with this document is one of my IAdvance statements dated 06/01/10 that clearly shows that finance charge of 150% Annual Percentage Rate. 
 I should only been charged $338.20 in interest. The Office of Thrift Supervision, MetaBanks bank regulator, has directed MetaBank to discontinue its iAdvance Line of Credit program effective Wednesday, October 13th 2010. OTS determined that MetaBank engaged in unfair or deceptive acts or practices in violation of the Federal Trade Commission Act and the OTS Advertising Regulation based on the banks operation of the iAdvance line of credit program.
 
I would like a refund of minimum $106.80. This amount is what was overpaid based on the statutes of Pennsylvania Law.
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