FirstMartinGroup.com poses as a full-service bank offering things ranging from current and savings accounts to debit/credit cards. While their low fees and high cash back claims along with high returns savings accounts might be enticing, one cannot deny the fact that it is too good to be true.
They also claim to be around for a long time and apparently, they have a global presence. Continue reading to know why we are skeptical about them and the red flags we found during our investigations.
FirstMartinGroup.com Red Flags
Regulatory Clarity – The site does not display information regarding regulatory status, license or registration numbers, charter details or branch codes. From complaint-handling procedures to deposit-insurance information, everything is hard to find. In short, there is no transparency.
Unrealistic Returns – Advertised returns are higher than normal benchmarks offered. Legitimate banks do not offer double digit returns on fixed deposits without clear risk disclosures. So, make sure that you read the fine print.
Inconsistent Corporate Story – Few sections of their “About Us” section contain unverifiable stories and spelling mistakes. This trait is not something that regulated financial institutions that undergo strict compliance and brand review portray.
Opaque Ownership and Leadership – There’s no information about the FirstMartinGroup.com’s executive team, board or audited financials. Real banks never operate without providing annual reports or independent audit references.
Missing Customer Documentation – Things like fee schedules, risk disclosures, deposit terms and resolution steps aren’t stated clearly. In other words, the ambiguity knows no bounds.
Checklists to Follow
- Always ask for the institution’s official licence/registration number and name of its financial regulator and verify them firsthand.
- Demand written details on deposit insurance, fees and dispute handling.
- Be skeptical of too good to be true returns on deposits.
- Look for third party financial audits.
- Never share KYC details without verifying the legitimacy of the operation.
Bottom line
FirstMartinGroup.com displays tons of red flags and until clear, verifiable licensing and standard banking disclosures are provided, we wouldn’t be inclined towards trusting this entity. Thread carefully and never skip doing your due diligence.
