“If we truly cared about the poor, we would have a federal living wage.” METABANK’s average employees earn wages that put them at poverty level or below while METABANK CEOs earn excessively large amounts of income annually

Are we ready for change?

By , Published: January 22

I listen to presidential speeches with an ear to the parts about personal finance. In President Obama’s second inaugural address, he made a few interesting points.

The first reference came when he said, “For we, the people, understand that our country cannot succeed when a shrinking few do very well and a growing many barely make it.” [ This is the design plan for how METABANK believes they can find success by taking advantage of the underbanked/unbanked. METABANK often brags about “serving” the unbanked/underbanked, but what METABANK does is unscrupulous. METABANK creates a lot of fine print in which METABANK retains all control in many and varying ways…. Many former customers have complained for years. The complaints are always the same. METABANK has no intention of meeting customers real and very articulately expressed needs… METABANK, as far as American consumers are concerned is so consumed by their own profits that they fail to serve humanity or even their own customer base.]

I immediately wondered: Do we as a nation really understand this?

I don’t think so. If we did, I wouldn’t receive numerous e-mails from people criticizing programs that help those who fell into the housing sinkhole. Their complaint? Why should those people get help when I did all the right things financially and I don’t qualify for anything? The e-mail writers see irresponsible people who don’t deserve help. They don’t acknowledge the predatory practices that pushed some borrowers into mortgages they couldn’t afford.

Obama went on to say: “We believe that America’s prosperity must rest upon the broad shoulders of a rising middle class. We know that America thrives when every person can find independence and pride in their work, when the wages of honest labor liberate families from the brink of hardship.”

On his first point, I agree. The middle class is the focus of much of the country’s attention, but often at the expense of the poor. [ Think carefully about this because if the poor are suffering, the effects will spill over into all of society. Ignoring the working poor and then compounded by the fact that METABANK wants people to have their salary or government checks directly deposited into a checking account that is connected to a debit card with the promise that by using the debit card often that their customer base will be able to improve their credit history, but which only gives METABANK, a proven abuser of their customer base, full control of their depositors money. The fact that banks knowingly gave loans to people who had not real way to be able to pay for them is the real crime… yet those people aren’t in jail. METABANK’s track record and the shear number of customer complaints about how they have been lied to and abused by METABANK speaks for itself!!!!!]

If we truly cared about the poor, we would have a federal living wage.

The federal minimum wage is $7.25 an hour. How can families get decent housing, pay for the necessities (food, utilities, transportation) and save for retirement or their kid’s college education, as we constantly admonish them to do, on about $15,000 a year on one paycheck?

Many two-income households can’t make it on low-wage and even mid-wage salaries.

On raisetheminimumwage.com, a project of the National Employment Law Project, the advocates say the federal standard would be $10.58 an hour if pegged to inflation over the past 40 years. Even at that amount it would still be tough to make ends meet.

The law project released a report last year discussing twin trends during the recession —

      • the loss of mid-wage jobs (occupations with median hourly wages from $13.84 to $21.13)

      • and the growth of lower-wage jobs (median hourly wages from $7.69 to $13.83).

  • Lower-wage occupations were 21 percent of recession job losses but 58 percent of recovery growth, according to the report.
  • Mid-wage occupations were 60 percent of recession losses but only 22 percent of recovery growth.

“In short, America’s good jobs deficit continues,” the report said.

I’m about to send my oldest child off to college. Even if she goes to school in-state, it will cost more than $20,000 a year in tuition, fees, room and board.

How in the world could even a two-income family making minimum wage be able to save more than $80,000 to send a child to college? Yes, they could shave a lot off that cost by having their student attend a community college or pick a commuter-campus school. But it’s still a big financial hurdle to jump, assuming no other life issues come into play such as an illness or job loss.

Obama also talked about equal pay for women, arguing that “our journey is not complete until our wives, our mothers and daughters can earn a living equal to their efforts.” As the mother of two daughters, I’d like specifics on what more the president hopes to do to eliminate the gender pay gap.

I don’t believe enough people, as Obama claimed, “recognize that no matter how responsibly we live our lives, any one of us at any time may face a job loss or a sudden illness or a home swept away in a terrible storm.”

[It seems to us as consumers that METABANK is waiting to pounce on consumers at every and at any chance they can rationalize in their own minds. It will be for us as consumers to demand living wages for all jobs.]

Income inequality is increasingly dividing our country.

They arrogantly believe they have achieved success on their own.

And many have-nots often don’t help their case when they act financially irresponsibly.

[Worse yet when those same people made those poor choices based on false and misleading information…. We expect U.S. Banks to protect all of our assets and especially those of those most economically fragile, but that is where METABANK makes their biggest income… off of the poor.]

And yet even when they do make mistakes, we should have compassion and fight to maintain the social safety nets — Medicaid, Medicare, Social Security — that, as Obama said, “do not sap our initiative. They strengthen us.”

Obama still has hope.

“We are true to our creed when a little girl born into the bleakest poverty knows that she has the same chance to succeed as anybody else,” he said.

I’ve known hunger.

I nearly ended up in foster care.

But I believed that I could succeed.

And I did it. But not alone. I had help. I had my grandmother.

And she had help through the state medical assistance program that she relied on so I could get treatment for rheumatoid arthritis.

Rising tides do lift all boats. Maybe soon, we the people will agree.

Readers may write to Michelle Singletary at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071. Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read previous Color of Money columns, go to postbusiness.com.

Well spoken, Michelle Singletary!!!

++++++++++++++

Much of this comes down to how we describe success, and the word “Success” is at this time a buzz word.

Success carries a different meaning for different people.

The first meaning or definition of Success that is given in the dictionary is “The accomplishment of an aim or purpose”

The second definition given for Success is “The attainment of popularity or profit.
What if an entity or even an individual was solely created so that they set out to do something that was detrimental to others?

Prosperity based on the sacrifice of or at the expense of the general welfare and well-being of others is immoral.

 When success is defined, for example, in any of the following ways:

  • “We’re looking for something where we can make something happen: an industry where the competition is asleep, hasn’t taken advantage.” ~ unknown entrepreneur **
  • “Banks and other providers of credit to households have been competing vigorously to expand or protect their market share. In the process, lending standards have been progressively eroded so that lenders are now engaging in practices that would have been regarded as out of the question five or ten years ago.” I. M.- Banks – Competition – Risk – Growth **
  • “Marx was right when he said capitalism would destroy itself as capitalist would eat capitalist until they became so big they could not compete.” D. S. – Capitalism – Growth – Competition vvvv
  • “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” J. W. – Action – Learning – Competition
  • “We worry about staying competitive as well as continue to come up with new things” J.Y. – Competitive     xyz
  • “Many businesses with unpopular products or inefficient production find it much easier to curry the favor of a few influential politicians or a government agency than to compete in the open market.”                                                                     C. K    Business – Products – Politicians – Competition **
  • “You’ve got to look for a gap, where competitors in a market have grown lazy and lost contact with the customer base”                  R.M.  Growth – Competition – Lazy – Customers **
  • “I have always loved the competitive forces in this business. You know I certainly have meetings where I spur people on by saying, “Hey, we can do better than this. How come we are not out ahead on that?”                                                                        B.G.  Innovative – Improvement – Competition – Encouragement **
  • “I believe that competition in the future will not be only an advertising competition between individual products or between big associations, but that it will in addition be a competition of propaganda.” E.B. – Competition – Propaganda – Advertising – Products – Big Business      xxxx
  • “If you’re attacking your market from multiple positions and your competition isn’t, you have all the advantage and it will show up in your increased success and income.” J. A. – Marketing – Competition – Success >>>

Then success is at the expense of humanity, of peace, of healing the wounds in society

** If a business, a corporation, or a bank like METABANK/BANKMETA, seeks to distract their own employees from what the CEOs are really asking of them as employees so that even the employee doesn’t understand that what they are doing is immoral, this is  a failure to exercise the care that a reasonable person would exercise in the same or similar situation. This is illegal.

METABANK/BANKMETA requires their customer representatives to lie on the phone…. What inspires these employees to lie? It appears that they are lying using a script/ a list of lies or standardized reasons for why that customer can’t access even their own money.

**     “I have always loved the competitive forces in this business. You know I certainly have meetings where I spur people on by saying, “Hey, we can do better than this. How come we are not out ahead on that?”      B.G.  Innovative – Improvement – Competition – Encouragement    

METABANK requires their underpaid employees to do the dirty work of lying to other people who most likely are more like them than Haahr, Leedom or Moore. Why would such underpaid employees lie for METABANK?

Please think about all of the implications in this… We are being mislead by corporate powers to believe and do things that if we had considered them, we never would have done them. METABANK tellers are required to have a GED or a high school diploma.

>>> If a business indicates that they are attacking the market from multiple positions and their competition isn’t, this “successful” entrepreneur indicates that the company, the business, the corporate entity, or a bank like METABANK, will have all the market advantage.

NO mention is made of serving the needs, those real needs of their customer base. The expressed desire is a competitive advantage that will increase the profits for the CEOs….. Please note that only the CEOs, those at the top make $700,000.00 a year in income. METABANK is an Iowa based bank; here is a list of the average salaries for bank employees in Iowa:

Average Salary of Jobs with Related Titles

In USD as of Jan 27, 2013

 

METABANK/BANKMETA’s home base is located in Storm Lake, Iowa.

Here are the average annual incomes for bank employees in Storm Lake, Iowa:

Average Salary of Jobs with Related Titles

 

Storm Lake, Iowa hires bilingual Financial Service Representatives, but in what ways is METABANK planning to provide a service to non-native English speakers?

Also of note, is that the salaries of bank employees in Storm Lake, Iowa are lower than their own state’s average.

 

Let’s look closer at how METABANK/BANKMETA operates:

2012 Poverty Guidelines for the
48 Contiguous States and the District of Columbia
Persons in
family/household
Poverty guideline
1 $11,170
2 15,130
3 19,090
4 23,050
5 27,010
6 30,970
7 34,930
8 38,890
For families/households with more than 8 persons,
add $3,960 for each additional person.

Tellers in Storm Lake, Iowa  make  an annual salary of $8,000.00

While “Sales Base Allowance in Storm Lake, IA”  (Although we aren’t really sure what this position is all about, it appears that sales, publicity and marketing bank products for Storm Lake, Iowa banks such as METABANK/BANKMETA)  make   $57,000.00 per year. We have often noted that METABANK/BANKMETA creates impressive publicity, but the product which is the same product but offered using a different name, simply doesn’t measure up to the promises in their own publicity….. False advertising amounts to predatory banking practices.

“Sales Base Allowance in Storm Lake, IA” as bank employee makes  a whopping $57,000.00 as compared to the $8,000.00 that “Service Representative Teller in Storm Lake, IA” make, and the $7,000.00 that is annual salary for the “Bank Teller National in Storm Lake, IA”, and the $  11,000.00 “Service Representative Bank Teller in Storm Lake, IA” (note the addition of the word ‘bank’ to create a different pay level from a “Service Representative Teller in Storm Lake, IA”) makes in the same city.

All of these pay scales creates the working poor, the same targeted customer base to which METABANK caters. A one person household must earn at least  $11,170 to remove themselves from being considered as living in poverty according to the 2012 Poverty Guidelines for the 48 Contiguous States and Washington, D.C

$13,214.29 is the overall average of the employees of banks in Storm Lake, Iowa.

Because METABANK/BANKMETA is home-based in Storm Lake, Iowa it follows that the METABANK/BANKMETA pay scale for their employees  would closely parallel these averages.

The unusually high salary of $57,000.00  given to “Sales Base Allowance in Storm Lake, IA” was not included in this average because it was so greatly different from all of the salaries earned by other bank employees.

A two person household must have at least $ 15,130.00 annual income just to be able to get by.

However, the average salary of bank employees in Storm Lake, Iowa is only $13,214.29.

We can all then assume that METABANK/BANKMETA employees for the most part live at or close to poverty levels. METABANK hires and keeps their employees in a fragile economic state.

The average employee of METABANK/BANKMETA lives in poverty. They are the working poor who live from paycheck to paycheck just to survive.

METABANK’s CEO’s annual incomes

J. Tyler Haahr has been appointed as Chairman of the Board, President, Chief Executive Officer of Meta Financial Group, Inc., and MetaBank, a subsidiary of Meta Financial Group, Inc. The Board of Directors elected Mr. Haahr to serve as its Chairman effective October 1, 2011. He follows his father in that same position.  Haahr has been employed by Meta Financial and its affiliates since March 1997, and his “BASIC COMPENSATION” is:

Total Annual Compensation, USD          396,550 

Long-Term Incentive Plans, USD                –

 All Other,                                                             280,768

USD Fiscal Year Total, USD                    1,001,860

(This amount alone is far more than what the average employee makes at METABANK…. yes, that customer service representative who lies to you over the phone isn’t doing it because they themselves are making a great income by doing this to people who are more like them than Haahr is…. We find this to be rather bizarre.)

J.Tyler Haahr also receives: OPTIONS COMPENSATION

                                   Quantity                Market Value

Excercisable                 96,164                553,935.00

Unexercisable                9,375 –

Excercised                      30,600                370,581.00

This amount is far more than the average employee at METABANK

Haahr makes an additional amount in options income of $924,516.00  and that alone is way more money than the average salary than most of the employees of METABANK.

$924,516.00 +    $1,001,860.00 = $1,926,376.00 

Haahr makes at least $1,926,376.00 from his affiliation with METABANK. It can be assumed that he is also invested in other corporate entities. Banks don’t pay great interest on savings accounts at this time so it is highly probable that J. Tyler Haahr is well  invested in various entities.

vvvv “Marx was right when he said capitalism would destroy itself as capitalist would eat capitalist until they became so big they could not compete.” D. S. – Capitalism – Growth – Competition

In the USA, we have prided ourselves on having a strong middle class. A strong middle class has been associated with stability. We had south America and their state of chaos paraded before us in Social Studies Classes for a number of years. The political upheavals were attributed to  the disproportionate distribution of wealth. We watched as South America appeared to be in war and war with coup after coup…. (Then we may perchance meet someone from Central or South America who tells us that the U.S.A. was involved in what was happening in their countries all along… It was our corporate power houses who were funding upheavals in Central and South America to gain access to raw materials in a way that would allow US Corporate entities to flourish.)…

…Still, U.S. text books continued to indicate that the presence of a strong middle class is what brought citizens of the USA stability and prosperity. This makes the assumption that the middle class actually exists and that their vote actually counts for something. The role of lobbyists may have been glossed over for the power they are able to be able to push policy through in the US Senate and the US House that may not actually serve the general public in any kind of positive way.

Small businesses are just about impossible to start up at this time in the U.S.A. Now we find in the USA that great divide between the rich and the working poor, just like what we had been told existed and which had caused chaos and internal military coups one after the other.

Some Americans complain that “Those people are coming up here to take our jobs.” I over heard this at a mall, and I knew that those two old men had never stooped walking through fields to harvest crops nor had they worked as custodians or hotel housekeepers. Once the owners broke the meat packing industry’s union, those meat packing companies can’t find native born U.S. citizens to work in their meat packing company in the U.S.A. In recent news, we have read that union busting continues and that it is expanding. Caution is advised here.

The middle class may no longer exist in the USA, but it also isn’t fair to expect people to work and to exist in a state of poverty that amounts to being a form of economic servitude.

“America’s good jobs deficit continues”

Good jobs means those that pay a wage that will keep hard working people out of being in a state of poverty and from having to live in a state of economic instability.

METABANK’s practices basically seek to create a form of economic servitude so that the CEOs of METABANK can get richer and richer. The values and the definition for success found in the way that METABANK does business is destructive for what we have longed prized as being our fundamental American values.

********

METABANK’s CEO’s annual incomes

David W. Leedom serves as Chief Financial Officer, Executive Vice President, Treasurer, Secretary of Meta Financial Group, Inc. He is Executive Vice President, Secretary, Treasurer, and Chief Financial Officer of the Company after being appointed to the position on January 28, 2008. Additionally, Mr. Leedom is a member of the Executive Committees for both the Company and the Bank.

He previously served as a Senior and as an Executive Vice President for BankFirst for 11 years prior to joining Meta in January 2007; his experience at BankFirst included his positions as EVP of Accounting and Finance and Credit Portfolio Management. Mr. Leedom’s experience also includes 11 years at Citibank.

BASIC COMPENSATION

Total Annual Compensation, USD  229,056

Long-Term Incentive Plans, USD –

All Other,                                         USD  194,963

Fiscal Year Total,                      USD 586,209

OPTIONS COMPENSATION – none listed

David Leedom takes in at least $586,209.00 each year from METABANK.  No options compensation is listed.  That is rather odd. The average METABANK  employee earns at a level close to or below what is considered to be the poverty level.

$586, 209.00 is far above the poverty level so that Leedom’s family can live very comfortably. Given this amount of income, it can also be assumed that Leedom is investing elsewhere too. Bank interest just doesn’t make much money for bank customers.

Unless different rules apply to Haahr and Leedom, we must assume that they have a very diversified portfolio. What interests do they hold in other countries that may influence how they operate elsewhere?

“We worry about staying competitive as well as continue to come up with new things” J.Y. – Competitive     xyz          METABANK offers the same same product but changes the name of the product. METABANK only can appear to be competitive, but through that illusion they work their scam and make money. Nothing is morally sound nor does it serve to build up our society.

The thought process within and driving METABANK’s actual practices is aberrantly conceived so they are predatory and abusive.

******

METABANK’s CEO’s annual incomes

Troy Moore III, is Chief Operating Officer, Executive Vice President, Director of Meta Financial Group, Inc.  Moore is Executive Vice President and Chief Operating Officer of Meta Financial Group, Inc. The Board of Directors appointed Troy Moore III to fill the vacancy on the Board of Directors created by James S. Haahr’s retirement, effective October 1, 2011. Previously, Mr. Moore was the president of the Central Iowa Market of MetaBank, a position he from 1998 to 2005. He joined MetaBank in 1997 as a Vice President in the Central Iowa Market.

The reported “BASIC COMPENSATION” for Troy Moore III is:

Total Annual Compensation, USD 189,999

Long-Term Incentive Plans,   USD –

All Other,                                     USD 269,689

Fiscal Year Total,                      USD 459,688

No “Options Compensations” are listed for Moore. However, $459,688.00 is such a significant amount of income that he could be investing quite well. What Moore, Haahr and Leedom make each year exceeds what its absolutely necessary to be able to survive. Given their annual incomes and assuming that these amounts are accurate, what Haahr, Leedom and Moore make far more each year than the average employee at METABANK, the ones hired to lie to their own customers…

…Troy Moore III’s annual income far exceeds the income of the average employee at METABANK. It is those low paid METABANK who doing the lying, as instructed by their CEOs, to the customers of METABANK. They are the ones who must do the dirty work of lying, but why lie????

….As a former customer, I had to ask “Why lie?” I had never seen such awful customer service before.

The lies were bold and blatant lies, but METABANK had all control of my money and kept it from me when I needed it the most. The publicity that stated their prepaid cards were safer and more secure than using cash; that is true for METABANK, but not true fort customers. METABANK’s prepaid cards are a real money maker for them, and even if applied according to the myths they promote in their own publicity, METABANK would be making huge amounts of money.

The need to make more each year than the year before amounts to a form of greed and reflects a perverted image of what constitutes success.

xxxx  “I believe that competition in the future will not be only an advertising competition between individual products or between big associations, but that it will in addition be a competition of propaganda.” E.B. – Competition – Propaganda – Advertising – Products – Big Business             

It appears that although METABANK excels in doing publicity that their publicity promotes a product that in reality doesn’t serve customers in the way they say it will. It also appears that METABANK needs their competition to imitate their product so that their practices “can become normalized” and made to be perceived as common practice when it is a great fraud and abuse of the American people in the way that they do business and the way that they treat their customer base, humanity, ordinary people like you and me. We are all being scammed together… It is just that some haven’t realized it yet.

*******

Bradley C. Hanson serves as Executive Vice President, Director of Meta Financial Group, Inc., and Executive Vice President of MetaBank, a subsidiary of Meta Financial Group, Inc.

He serves on the Board of Directors and Executive Committee for the Network Branded Prepaid Card Association. Hanson has been employed by MetaBank since May 2004. From 1991 until joining MetaBank in May 2004, Mr. Hanson was employed by Bankfirst in Sioux Falls, South Dakota, where he served in a variety of capacities,including Senior Vice President of Payment Systems from March 2001 to April 2004. Hanson received his B.A. degree in Economics from the University of South Dakota in 1988. He attended the ABA School of Bankcard Management at the University of Delaware in 1996 and the ABA Graduate School of Bankcard Management at the University of Oklahoma in 1997.

Hanson has been a director of the Company since 2005.

BASIC COMPENSATION

Total Annual Compensation, USD          360,500

Long-Term Incentive Plans, USD               –

All Other, USD                                                    252,753

Fiscal Year Total, USD                                  998,867

OPTIONS COMPENSATION

                           Quantity               Market Value

Excercisable       15,621                      32,454.00

Unexercisable     55,000                    105,350.00

Excercised              —                                 –

Bradley C. Hanson’s annual total income is then:

$998,867.00 + $32,454.00 + $104,350.00 = $1,135,671.00

$1,135,671.00 is so much more income than the average employee at METABANK.

In fact, METABANK’s average employee  make so little that they would for the most part be classified as the working poor, who live from pay check to pay check, in a state of financial instability and financial insecurity.

These are the people who are expected to manage the daily ordinary operations involving customer’s deposits.

Is this a wise decision by the CEOs of METABANK to underpay the majority of their employees?

 **    “Many businesses with unpopular products or inefficient production find it much easier to curry the favor of a few influential politicians or a government agency than to compete in the open market.”              C. K    Business – Products – Politicians – Competition **

METABANK helped to create NBPCA. Together they paid far more than any other entity in 2009 to Rupli and Associates, Lobbyists in Washington D.C to advocate for legislation that would help them to market their prepaid cards so the METABANK CEOs could make more and more money each year.

Money seems to beget yet more money, but this shouldn’t happen at the expense and through the abuse of the majority of the American people.

So many customers over a period of years and years have complained about the unacceptable customer service they have received by using METABANK. METABANK makes all the rules and enforces them to their own benefit…. well, the benefit of their own CEOs while getting their low paid employees so little that they find themselves in a state of being among the working poor and then something is said to those employees to entice them to lie to people who are far more like them than the METABANK CEOs.

http://www.nbpca.com/nbpca-events.aspx

**   “I have always loved the competitive forces in this business.

You know I certainly have meetings where I spur people on by saying, “Hey, we can do better than this.

How come we are not out ahead on that?”   

B.G.  Innovative – Improvement – Competition – Encouragement **

It appears that METABANK uses this technique to get their low paid employees to lie for them.

Something is very wrong within the way that METABANK perceives they should treat humanity. For METABANK, making a profit is how they define success, but to such a perverted degree that they have given themselves permission to abuse their customers and the predatory ptractices found in the way they do publicity.

METABANK is not a proper role model for any other financial institution anywhere.

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Have you been searching for BCSB Bankcorp, Inc’s contact information for hours? Have you been trying to find BCSB Bankcorp, Inc’s CEO Joseph Bouffard’s @baltcosavings.com domain email address? We have other BCSB Bankcorp, Inc email addresses as well. Check out their pertinent company details on their Lead411 profile and find that they already have greater than 100 employee and a yearly income of more than ten million. As for salary, their employees earn within the range of $73381 and as of the moment there are 1 jobs available based on their site. BCSB Bankcorp, Inc is a Banks business and is based in Baltimore, MD and more information like linkedin facts, cfo executives and facebook profiles can be found within the Lead411 profile.

F.N.B. Corporation 
Situated in the Hermitage, PA area, F.N.B. Corporation is a member of the Banks industry. Their Lead411 profile provides quality data containing valuable information like cfo info, social data, linkedin urls, other contacts, and data points on F.N.B. Corporation’s CEO Stephen Gurgovits. If you need to send messages to F.N.B. Corporation email addresses, you can find those addresses here attached to their domain of @fnbcorporation.com. So far, F.N.B. Corporation has greater than 1000 employees and annually registers more than one hundred million in income. At this time, there are 2 jobs up on their site, but those who are employed with them at this time have salaries within the range of $44352.

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What is needed at this time?

  •  Bank Regulations need to be enforced

  • Proper Bank Regulations are needed