Does a 7.75% rate on a CD grab your fancy?The article said that four people had bought CDs from this fake credit union, and one paid $365,000. Those people should have read my post When is a CD Rate Too Good to Be True? Verifying FDIC or NCUA Membership.
Indeed, and exactly this was an offer at Her Majesty’s Credit Union in the Virgin Islands.
One small problem. It wasn’t actually a chartered credit union.