The California Department of Financial Protection & Innovation (DFPI), formerly known as the Department of Business Oversight (DBO), has been notified of a website, FDIConnect.com, that advertises itself as a bank-deposit broker that can obtain higher interest rates on bank deposits for consumers. FDIConnect.com is not licensed as a bank and is not insured by the Federal Deposit Insurance Corporation (FDIC).
The DFPI notes that the choice of lettering in the name of the business and its advertising could be confusing, and urges consumers to exercise caution before responding to any website seeking deposits or promoting savings accounts or other offers.
To check whether a financial service provider is licensed in California, go to the DFPI website at https://dfpi.ca.gov/ or call 866-275-2677.
