Better Business Bureau warns of fake website for ‘Commonwealth Bank’

Not associated with Commonwealth Credit Union

LEXINGTON, Ky. (Aug. 21, 2015) — The Better Business Bureau serving Central & Eastern Kentucky is warning about a website for a company called “Commonwealth Bank” falsely using an address in Lawrenceburg that matches the address for a branch of Frankfort-based Commonwealth Credit Union. The site is not associated with the credit union.

An Alabama resident called the BBB Thursday asking about the website, saying she had searched online for a short-term cash loan and found www.comwealthbank.us.

She applied for a loan with information including her Social Security number, date of birth, and bank account information. The woman received a phone call from someone saying she was approved and that documents would be e-mailed to her. She received a check for $499 from the “bank” to deposit in her own bank in order “to establish a relationship” with them. They have since taken an additional $499 from her account, prompting her call to the BBB.

She received the emailed documents, but when she tried to log back in to her account on the website, she was locked out. She called the company and was told “they’d look into it. She’s now working with her own bank to keep them from taking any more.

Review of the website by BBB staff showed misspellings, incorrect grammar usage and non-functioning links, which are classic signs of a fraudulent website.

Commonwealth Credit Union officials in Frankfort confirm for the BBB that the website is fraudulently using their 1015 Crossroads Drive, Lawrenceburg address, and that they are investigating.

BBB advises caution when searching online for a loan:

• Always check out a lender with BBB at (859) 259-1008, 1-800-866-6668 or www.bbb.org/lexington and with the Kentucky Department of Financial Institutions in Frankfort (1-800-223-2579). Online “payday loan” lenders are illegal in Kentucky.
• Don’t be fooled — anyone can make a legitimate looking website. Watch for telltale “red flags” of a scam (misspellings, bad grammar, no encryption.)
• Beware of promises of low interest rates or “guaranteed” approval despite bad credit.
• Never pay an upfront fee for a loan. It’s illegal.