From 05/20/10 to 10/01 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. 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.
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