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Feds warn of fake 'First National Bank'

By Mike Wheatley | April 8, 2019

Federal authorities have issued a warning to businesses about a fake entity calling itself the “First National Bank” that’s purportedly offering a range of financial services, including lines of credit, and secured and long-term loans.

The problem is that First National Bank is neither a licensed nor a chartered bank, the authorities say.

The Office of the Comptroller of the Currency sent the warning to various banks and other financial officials in the U.S. last week. It notes that First National Bank claims to be “a financial institution offering business banking services” that’s headquartered in Minneapolis.

It’s not clear exactly what the ‘bank’s’ modus operandi is, but the likelihood is that it’s trying to pull some kind of elaborate scam, officials said. The OCC has published a copy of First National Bank’s correspondence with one company, in which it informs that business that it’s eligible for a $62,000 loan. The bank also promises to provide the funds within just three working days, in addition to $25,000 to $350,000 worth of revolving credit with no collateral required.

Authorities say First National Bank is using the fictitious address of 222 S. 9th Street in Minneapolis, as well as phone numbers such as (800) 491-0264 or (855) 414-9437.

The OCC is warning anyone who is contacted by the bank to not respond. For those who have, the OCC is providing a list of federal agencies to report any correspondence with the fictitious bank.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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