CUPERTINO, Calif. — Another non-existent credit union has been advertising online, but this time it's not a scam aimed at grabbing consumer deposits.
Apple Computer has placed the ad for "Monn Credit Union," which is popping up at popular sites like those for CNN, The New York Times and ESPN, though the reason for the campaign is unclear at press time.
The ad also includes a fictitious announcement of low vacation fares just below a posting for loan rates at Monn Credit Union-rates which are well above market price and show them trending higher instead of lower as they are in today's market.
Because the main bar advertisement is geared at alleging hidden complications with setting up and operating a PC, Apple apparently was forced to buy ad space along the right side of both CNN.com and ESPN.com so as not to cover up site content. The computer company decided to fabricate the credit union and its rates, along with the vacation deal, to take up the space.
The ad raises several concerns as impersonating a credit union is illegal and the extremely high rates potentially paint CUs in a bad light as financial institutions that offer loans at far above market price. That the ad has been placed at such high-traffic websites is potentially of particular concern, but it apparently does not run afoul of regulations prohibiting an entity from impersonating a credit union. NCUA's Office of General Counsel said the fake ad does not violate NCUA rules and regulations.
Repeated attempts to reach Apple spokespersons were unsuccessful.
