MetaBank is a savings bank headquartered in Storm Lake, Iowa. Meta Financial Group, Inc. (NASDAQ: CASH), is the holding company for MetaBank, Meta Payment Systems, and Meta Trust Company. The Meta Payment Systems (MPS) division of MetaBank based in Sioux Falls, South Dakota, is engaged in the prepaid card industry and provides payment solutions delivered nationally in collaboration with other partners. MPS focuses on offering product solutions in the following areas: (i) prepaid cards, (ii) credit cards and lending solutions, and (iii) ATM sponsorship.
In October 2010, MetaBank was ordered by bank regulators of the federal Office of Thrift Supervision (since subsumed as part of the Office of the Comptroller of the Currency) to halt use of their iAdvance lending program associated with some pre-paid MetaBank debit cards, as they had been engaging in deceptive trade practices. The iAdvance program offered MetaBank debit card holders with the direct deposit feature an option to withdraw or spend funds when their account held an insufficient balance, with the shortage to be advanced by a payday loan secured by their next upcoming direct deposit. The loans had a maximum term of 35 days, steep interest rates, and a transaction fee of $2.50 for each $20 increment of the advance.
In 2010, the bank supplied credit cards used by 14 suspects of the killing of Mahmoud al-Mabhouh in Dubai.
Controversies
On November 5, 2010, Meta Financial Group Inc was put on court for (?) in connection with certain allegedly false and misleading public statements made between May 14, 2009, and October 15, 2010, by the Company and its officers., and paid 2.1 million dollars for settlement.
References
External links
- MetaBank official website
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