EXHIBIT 99.1

                                                     FOR IMMEDIATE RELEASE
                                                     Contact: Investor Relations
                                                     Telephone: 712.732.4117

         META FINANCIAL GROUP, INC. (R) RECEIVES BOND INSURANCE RECOVERY

STORM LAKE,  IOWA - (May 15, 2007) Meta  Financial  Group,  Inc.  (NASDAQ-Global
Market:  "CASH") holding  company for MetaBank and MetaBank West Central,  today
reported  that its  insurance  carrier  has agreed to pay a fidelity  bond claim
related  to the  Company's  loans  to three  entities  involved  in auto  sales,
service, and financing, and their principal owner, which has been the subject of
previous  disclosure.  As a result of fraudulent conduct perpetrated on MetaBank
by the borrowing entities, the Company will receive $500,000,  which is the full
limit of coverage  under its  insurance  policy.  The  Company  will record this
amount as a recovery of loan losses on its financial statements.

This  press  release  and other  important  information  about the  Company  are
available at www.metacash.com.

Corporate Profile:  Meta Financial Group, Inc. (doing business as Meta Financial
Group) is the holding  company for MetaBank,  MetaBank  West  Central,  and Meta
Trust  Company(R).  MetaBank  is a  federally-chartered  savings  bank with four
market areas:  Northwest  Iowa Market,  Brookings  Market,  Central Iowa Market,
Sioux Empire Market;  and the Meta Payment  Systems prepaid debit card division.
MetaBank West Central is a  state-chartered  commercial bank in the West Central
Iowa Market. Eighteen banking offices support customers throughout northwest and
central Iowa, and in Brookings and Sioux Falls, South Dakota.

The Company, and its wholly-owned subsidiaries,  MetaBank, MetaBank WC, and Meta
Trust  Company  may from  time to time  make  written  or oral  "forward-looking
statements,"  including  statements contained in this release and in its filings
with the Securities and Exchange Commission, in its reports to shareholders, and
in other  communications  by the  Company,  which are made in good  faith by the
Company  pursuant to the "safe  harbor"  provisions  of the  Private  Securities
Litigation Reform Act of 1995.

These  forward-looking   statements  include  statements  with  respect  to  the
Company's  beliefs,  expectations,  estimates and intentions that are subject to
significant risks and uncertainties,  and are subject to change based on various
factors, some of which are beyond the Company's control. Such statements address
the following subjects: future operating results; customer growth and retention;
loan and other product demand;  earnings growth and  expectations;  new products
and services, such as those offered by the Meta Payment Systems division; credit
quality and adequacy of reserves;  technology;  and our employees. The following
factors, among others, could cause the Company's financial performance to differ
materially from the expectations,  estimates,  and intentions  expressed in such
forward-looking statements: the strength of the United States economy in general
and  the  strength  of  the  local  economies  in  which  the  Company  conducts
operations; the effects of, and changes in, trade, monetary, and fiscal policies
and laws,  including  interest  rate  policies  of the  Federal  Reserve  Board;
inflation,  interest  rate,  market,  and  monetary  fluctuations;   the  timely
development  of and  acceptance  of new products and services of the Company and
the perceived  overall value of these products and services by users; the impact
of changes in financial  services laws and regulations;  technological  changes;
acquisitions;  litigation;  changes in consumer spending and saving habits;  and
the success of the Company at managing  and  collecting  assets of  borrowers in
default and managing the risks involved in the foregoing.

The foregoing list of factors is not exclusive. Additional discussion of factors
affecting  the  Company's  business and  prospects is contained in the Company's
periodic  filings with the SEC. The Company does not  undertake,  and  expressly
disclaims any intent or  obligation,  to update any  forward-looking  statement,
whether  written or oral,  that may be made from time to time by or on behalf of
the Company.