The Department of Commerce and Consumer Affairs is warning residents that a company not licensed by the state is offering to pay interest on bank deposits.
The department said Friday it had received a number of reports about a newspaper advertisement saying Advanced Financial & Consulting Group, LLC was offering a guaranteed savings rate of 6 percent annual percentage yield.
It also offered a 5 percent rate on a Federal Deposit Insurance Corporation bank savings account.
The department says the company is not licensed by the state and is not FDIC insured.
The department says the company explained it’s a marketing company and isn’t affiliated with a bank. The department says consumers who have invested with the company should file a complaint with the Division of Financial Institutions.