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Hawaii warns about company not licensed as bank

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.

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