{"id":1300,"date":"2013-08-19T19:11:38","date_gmt":"2013-08-19T19:11:38","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/08\/aig_shuts_down_customers_bank"},"modified":"2022-03-10T16:34:33","modified_gmt":"2022-03-10T22:34:33","slug":"aig-shuts-down-customers-bank","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/aig-shuts-down-customers-bank\/","title":{"rendered":"AIG Shuts Down Customers\u2019 Bank Accounts in the Wake of Dodd-Frank Limits"},"content":{"rendered":"

\t\t\t\tAmerican International Group (AIG) will give its banking unit back their money and close out their accounts. The move is because the Dodd-Frank Wall Street Reform and Consumer Protection Act has imposed limits on insurers that have units that take deposits. <\/p>\n

In a letter to clients, the insurance giant said that retail deposit accounts would stop being serviced as of September 30 and AIG Bank will become a “trust-only organization.” Interest will be included in the fund returns. <\/p>\n

AIG is streamlining its focus before rules limiting proprietary trading and investments by insurance companies in banking units in hedge funds or private equity go into effect. Already, Allstate Corp., Hartford Financial Services Group Inc., MetLife Inc. (MET) have stepped back from banking or sold deposits because of greater regulator oversight.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

American International Group (AIG) will give its banking unit back their money and close out their accounts. The move is because the Dodd-Frank Wall Street Reform and Consumer Protection Act has imposed limits on insurers that have units that take deposits. In a letter to clients, the insurance giant said that retail deposit accounts would […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-1300","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nAIG Shuts Down Customers\u2019 Bank Accounts in the Wake of Dodd-Frank Limits — Investor Lawyers Blog — August 19, 2013<\/title>\n<meta name=\"description\" content=\"American International Group (AIG) will give its banking unit back their money and close out their accounts. 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