Thank you Office of Thrift Services from Meta Bank’s former customers


Regulator stops MetaBank from entering into contracts


Meta Financial Group, Inc.
2:59pm EDT

Mon Oct 18, 2010 8:11am EDT Reuters

* Meta Fin sees adverse impact from OTS move [Note: Meta Financial needs to rethink how they think. It is about serving the customer and about providing a service. It isn’t about scamming the rest of the world for your benefit.]

* Meta Fin unit not permitted to amend earlier contracts [ Note: This is a major achievement !!! Thank you OTS!!!!]

* OTS refusal includes agreements on Simplexes card program [Note: This is also a major achievement and thank you OTS!!]

Oct 18 (Reuters) – Meta Financial Group Inc (CASH.O) said the Office of Thrift Supervision (OTS) temporarily blocked its unit, MetaBank, from entering into contracts, including adding new banks for selling cards under its Simplexes program.

The company said there could be a material adverse effect on Meta Financial’s operations, if its program managers migrate to other issuing banks.

In a regulatory filing last week, the company said the OTS had found Meta Financial of having engaged in unfair or deceptive acts in connection with MetaBank’s iAdvance payday loan program. [ID:nSGE69C0IX]

The regulator has already stopped Meta Financial from making short-term, high-interest payday loans to customers, who have its prepaid cards. [ID:nN13260949].

Meta Financial was informed by the OTS on Oct 14 that MetaBank cannot amend existing agreements or enter into new ones with third parties.

Shares of Meta Financial closed at $18.95 Friday on Nasdaq. Their [Meta Bank/Meta Financial Stock] value has plunged 75 percent since OTS blocked Meta Financial last Tuesday from issuing payday loans to customers. (Reporting by Rachel Chitra in Bangalore; Editing by Prem Udayabhanu)

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[Note-Investors: I started this blog long ago to warn you. Please in the future do more research and more thorough research. I am assuming that you have a diversified portfolio. If not, perhaps you have been scammed by Meta Bank in other ways, but you have only bought into an illusion of prosperity. The foundation of this bank system was founded on illegal practices that were not sustainable.]

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