Mortgage

Federal authorities warn of fake bank supposedly operating in Minneapolis

First National Bank in Minneapolis doesn’t actually exist

Anyone who has received any kind of notice from First National Bank in Minneapolis, Minnesota, take note: the bank does not actually exist.

The Office of the Comptroller of the Currency sent a notice Thursday to the chief executive officers of all national banks and federal savings associations; all state banking authorities; the chair of the board of governors of the Federal Reserve System; the chair of the Federal Deposit Insurance Corporation; the Conference of State Bank Supervisors; and other entities, warning them that there is an entity misrepresenting itself as a national bank.

According to the OCC, it received information about an entity calling itself First National Bank that is supposedly located at 222 S. 9th Street in Minneapolis.

But the supposed bank isn’t what it appears to be.

“First National Bank purports to be a financial institution offering business banking services,” the OCC said. “This entity is not a licensed or chartered bank.”

According to the OCC, businesses have reportedly received fake letters and faxes from “First National Bank,” which offer uncollateralized revolving lines of credit, secured loans, and long-term loans.

The OCC said that the fictitious correspondence may include telephone numbers (800) 491-0264 or (855) 414-9437.

Included in the OCC warning is a copy of the correspondence sent to one unnamed company. The letter states the business is prequalified for a $62,000 loan.

The letter promises $25,000 to $350,000 in revolving credit, with no collateral required. The letter also says that the bank can provide funding in as little as three days.

According to the OCC, anyone who receives correspondence from First National Bank in Minneapolis should not respond to it.

Additionally, the OCC states that anyone who believes they were a victim of the fake bank should contact federal authorities, including the Department of the Treasury, Office of Inspector General; the Federal Trade Commission; and the Federal Bureau of Investigation Internet Crime Complaint Center; along with the National Consumers League and the Better Business Bureau.

To see one of the fake letters in full, click here.

Most Popular Articles

Here are the mortgage lenders that borrowers like the most

J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday morning, showed that there are some lenders that customers seem to love working with more than others. Here are the ones that borrowers are partial to.

Nov 14, 2019 By

Latest Articles

Congressional vote on “de facto QM Patch” postponed

The House Financial Services Committee postponed a vote on H.R. 2445 on Wednesday, a bill that would fix the so-called QM Patch that’s set to expire in early 2021.

Nov 15, 2019 By