MetaBank Pays Restitution to its I-Advance Customers
It looks as if thousands of former I-Advance customers are getting restitution payments this week.
In July, MetaBank announced that it had agreed with the OTS to provide approximately $4.8 million in restitution payments to its former i-advance customers.
The payments are being delivered through direct deposit on to MetaBank-issued prepaid cards. The payments stem from a July 15th order from the Office of Thrift Supervision.
“MetaBank is adding funds to your prepaid card account ending in **** in the amount of $****.**. This amount is intended to fully satisfy the payment owed to you pursuant to an order issued by the Bank’s regulator, the Office of Thrift Supervision, on July 15, 2011.
If we determine that the above-referenced prepaid card account is no longer active, we will send your payment to you by check at the last known address we have for you in our records.
If you have any questions about this deposit to your prepaid card, please call our toll free customer service number 866-751-2931. “
Comments on Bank Talk seem to reveal that customers are thrilled, and in some cases surprised, by the arrival of dollars into their accounts. One commenter even asked “how real is this?” Well, “so626″ it is real.
The OTS order said that MetaBank had failed to provide a plan for repeat customers (“recurring use”) of the i-advance product.
The OTS required the bank to stop the program and to provide restitution for some consumers.
The recurring use issue was part of a recent guidance submitted for comment by the Office of the Comptroller of the Currency. In that guidance, the OCC said that it wanted banks to have a plan in place for consumers that make frequent use of the new deposit advance products. Regions, Wells Fargo, US Bank and Fifth Third have all developed iterations of these products. The OCC is letting the big banks get away with providing a product that is remarkably similar to the one that the OTS issued a cease-and-desist order against in 2010.
Other MetaBank News
One of the requirements of the order was that MetaBank could not make any “golden parachute” payment to an executive without giving a 30-day notice to the OTS. The OTS stipulated that a requirement for such a payment would rest upon the compliance by MetaBank of 12 C.F.R. Part 359 and 12 C.F.R. Part 563, Subpart H. These are rules that govern executive pay. Golden parachutes are a name for severance packages given to executives when they depart from the company. With the dissolution of the OTS, MetaBank issued those notices to the OCC and to the Federal Reserve.
In what could be an unrelated event, MetaBank announced that CEO James S. Haahr retired from the Board of Directors on September 30th.


Joan adams
October 12, 2011
I received email saying I will get refund check.. But they do not have my new address…. I have been trying to call thr customer service number. But never an answer
cakes0329
October 14, 2011
Hi joan,
I called IAdvance today, and they did not have my new address but my parents address as my mailing address. They infomed me if i wanted my check mailed to my address but i declined. They did inform me that a check was mailed to me on 11/12. As of today, I havent received it. They were able to verify my old address email address by my social security number. The only thing is they could not tell me the amount of the check, but they informed me that the letter is confirmation on the amount that i would receive. I dont know if you are calling IAdvance at 866-751-2931. Hope this helps.
hihohiho
October 17, 2011
I've recieved nothing – no e-mail or direct deposit. I used this service for 1.5 years and paid in full! Why are some getting a refund and others not? Anyway to find out?
Stephanie
October 18, 2011
Have they given any information out about how they are choosing who is getting the refund? How much did iadvance have to screw you over in order to get a refund?
hihohiho
October 19, 2011
Iadvance told me today they were required to us a formual provided by the feds to determine who will be refunded fees. I used the service consistently for 1.5 years and was not considered eligible by their calculations…. My guess is this was based on deposits – and those struggling to pay their balance – not those like me who were trapped and having to re-loan every month.
Hmussmann
October 24, 2011
I got a check last monday but my bank would not cash the funds right into my account. There is no signatures on the checks. It’s now a week later and i’m still waiting for them to send the funds to my bank.
MSANGIE
October 25, 2011
I received an email that told me the amount I would receive and that it was mailed, but it went to my old address. I was then directed to fax my new info. It took days as they only have 1 fax #.I was informed that I would receive a re-issued check after they receive the original back.Now I cant get any answers,They wont even pull up my account when I call. I have been given nothing but a run around, and I have no one to complain to.
Kyle
October 26, 2011
Interesting-what started as good news has quickly gone south for me as well. I received an e-mail telling me the amount I would receive. It did not mention where it would be sent, but since I had received marketing info from Metabank, I presumed they did have my correct address. The e-mail also did not mention that I could/should verify my address with them. After two weeks and no check, I called customer service and learned that 1- my check had been sent to a former address, 2- IAdvance is ‘completely separate from Metabank or Accountnow, which DID have my correct address, and 3- I need to fax my Driver’s license, pay stub, and SS card to the office to have the check sent to my correct address. And yes- that is assuming that the check is returned to them. I am going to find a way to follow up on this- perhaps through the Office of Thrift Supervision- who ordered them to issue refunds. Based on the events of the last two weeks I have the impression they haven’t cleaned up their act in the least.
Hmussmann
October 26, 2011
I keep getting the run around as well. Meta bank says you have to talk to i advance and i advance tells you to talk to meta bank. GRRRRR!
ed
October 27, 2011
Like Kyle above the same situation here. I actually called back 3 days after i faxed the info to see if they had recieved my change of address and they said yes. Today 10/27 I galled to get status and they said the faxed they recived was not readable? I am beging to think the way they are handling this is some form of stall tactics to buy time while they can appeal to the OTS?
so626
October 27, 2011
i think they are stalling also because they also told me that my information was dark i told them too re copay it and make it lighter i dont understand the problem im going to be calling them everyday unitl i receive my check but other ppl who still have a netspend card already received their money…..
Tina
October 28, 2011
As anyone gotten this check and it cleared the bank?
Sam
October 31, 2011
Glad to know I am not the only one going thru this.. I too received an email stating I would be receiving a check only to call 2 weeks later and be told that the address the check was sent to was wrong. I then had to fax a copy of my DL, SS card, and recent utility so that my address could be changed. Funny that I didn’t have to submit to such probing requests when I began using their services. In fact I never had to speak to anyone to initiate any transactions. I didn’t send all the information requested for security concerns, I mean having a copy of ur DL,SS number and address is just too easy to become a victim of ID theft. I have yet to call and follow up, I will today and let u all know the outcome.
Tori Lee
October 31, 2011
I received a check in the mail, unsure what it was for. I am taking it to the bank today. Hope it goes through. After reading everyone’s comments and researching on the Internet, seems like this money will be stalled. I will write a comment later today on what happens at the bank.
Danielle
October 31, 2011
Received email also. Thought it was Spam. Called Account Now – who I refuse to deal with anymore because of IAdvance – that said it was true. Those fools have my old addr from 2007.. So stupid.. when MetaBank has my current addr. This is my 4th time faxing them info… Even went to the post off to change of addr to cover bases. Why am I going thru all of this for the trouble they caused? That’s why I don’t do loans anymore — just pay with cash! Horrible co.
simona hightire
November 4, 2011
I really don’t understand why iadvance would send a check to an old address not knowing if you still live there instead of emailing everyone for updated info. I have sent in updated infomation 3 times and have still as of today nov.4th 2011 haven’t received my check and feel as though they are giving me a run around.
AJ
November 8, 2011
I recieved the email about the refund also. The amount was included. I called the # listed and they advised me the check was sent to my old PO Box. They gave me instructions on how to update my addess by faxing in 3 pieces of info. I faxed it in, waited for over 2 weeks and they’ve updated the address but the check hasn’t been returned yet. I was told that if the check doesn’t come back to them by 11/12, they will re-issue a new check to the new address automatically. Until then, I will just wait patiently and see what happens. Thank God I am not pressed for money. Will provide an update when it comes.
Quincy
November 10, 2011
Sorry to hear so many complaints. i didn’t believe the email received until i noticed a $2800.00 balance in my account 3 days later. It’s true. Maybe give it some time? They may be doing disbursements in phases. Hope you all receive them before the holidays…Keep pursuing them. Don’t give up!
Blackdia5204
November 14, 2011
Got my refund on my card. Didn’t even know it was there until I got the email. Want to know how they figured out the refund amount.
jackie alvarez
November 15, 2011
how do u know if your getting one??
HWoodruff
November 16, 2011
I need to know why only some individuals received a refund and others didnot. I happened to be one of them who did not receive a refund. I was very diligent in paying back my iadvance each time and used it very frequently. I feel all should have received some type of percentage in receiving a refund and not some. We were all “taken back” for a brief moment in our financial lives. Who can I contact besides iadvance/metabank as to why I didnot receive a refund. I truly want a concrete and accurate answer.
Stephanie
November 16, 2011
I received my check in the amount of 127.50 and it cleared my bank weeks ago. I didn’t have any trouble with it.
Daniel Dresbach
November 23, 2011
I am to receive a refund. iAdvance had the address wrong the first time, faxed required documentation for address change, address change was accepted. Why, after two weeks, have they not reissued the check. Isn’t it funny, when you owe a bank money, they take your money from your account immediately, but when a bank owes you money, you have to hop through all these ridiculous hoops. Just for some interest, why is the interest ALWAYS in their favor? The OTS should have forced them to pay interest on this illegally obtained money. I bet they would pay out immediately, if they had to pay this interest. iAdvance, JUST ran the batch process and get these checks sent out, I would bet that it would take no more than 2 hours to run the batch and print the checks. You already have a bad name, why make it worse. MAIL THE CHECKS OUT.
denise g
February 1, 2012
I recieved my check in january.nobody wanted to cash .i went to everybank.finally opened an online account .deposited check aweek ago still waiting to clear.went through alot of trouble just to cash a check unreal.anyone else have problems?
Michael G. Okash
February 1, 2012
Metabank; NEXCEL has just started a MASTER CARD program. METABANK is the holding bank for the debit card funds. With the problems that I have read on this board does anyone have anything good to say about METABANK? Please also sent it to my email address: okash64@aol.com
Penny B
February 20, 2012
I have not even received any email about this. I want to know where my refund is I faithfully used i advance with for well over a year and still not information. What is the deal? How do i find out about my refund and what happened to my check? I have moved since the last time they were able to do the iadvacne and now I am not getting my forwarded mail.
steve
March 20, 2012
I borrowed over 10000 dollars and they had nothing in their database about it when i called typical corporate cover up i wont see a dime they do what they want to do
Meka
April 9, 2012
I am disappointed that metabank are no longer able to help thier customers like myself anymore they where really there when I needed the extra funds. Overrall I think they were awesome. As for those who complain, I bet you didn’t complain when they gave you that CASH flow when you need! THANKS METABANK !
lg jazz
May 4, 2012
I got my check over a year ago. It was around $250. No problems.