Categorized | Business

State warns consumers that a local company is not licensed as a bank

MEDIA RELEASE

HONOLULU – The Department of Commerce and Consumer Affairs, Division of Financial Institutions (“DFI”) received a number of reports from consumers who saw an advertisement in the newspaper by Advanced Financial & Consulting Group, LLC (“Company”). The advertisement states the Company offers a guaranteed savings rate of 6.0% APY and a 5% FDIC Bank Savings Account.

DFI confirmed that the Company is not licensed by the State banking division and verified with the FDIC that the Company is not insured by the FDIC. In response to DFI’s inquiries, the Company stated it is a marketing company and not affiliated with any bank. Consumers are asked to file a complaint with DFI if they have invested funds with this Company.

A DFI complaint form is available on DFI’s website at hawaii.gov/dcca/dfi or consumer may file a letter complaint with the following information:

  1. Your name, address and telephone number.
  2. Name of the institution the complaints against, name of the branch office (if applicable), address and telephone number.
  3. Detailed description of the specific complaint against the institution, giving the dates involved and the names of the people with whom you dealt.
  4. Names, addresses and telephone numbers of the persons you have deal with who are important to your complaint.
  5. Copies (not originals) of all pertinent documents, such as contracts, letters, receipts and statements.
  6. Description of the resolution you desire or would find acceptable.
  7. Your signature and the date signed.

Complaints can be mailed or delivered to:
If by mail:
Division of Financial Institutions
Department of Commerce and Consumer Affairs P.O. Box 2054
Honolulu, HI 96805

If in person:
Division of Financial Institutions
Department of Commerce and Consumer Affairs 335 Merchant Street, Room 221
Honolulu, HI 96813

For additional information, contact the Division of Financial Institutions at (808) 586-2620.

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