The Bananacoast Community Credit Union has been fined a total of A$50,400 for potentially misleading advertising in 2017 and has agreed to provide remediation totalling almost A$91,600 to affected consumers. The enforcement action followed an ASIC investigation of BCU for misleading statements in several online advertisementsThe advertisements offered a special interest rate for home loans and personal loans but did not clearly or prominently disclose that the consumer was required to pay for consumer credit insurance for five years to receive the advertised lower interest rate. Some advertisements included a fine-print disclaimer while others did not display any further information. Any advertisements that did carry a disclaimer did not give sufficient prominence to important conditions and did not adequately explain how some of the conditions operated.ASIC considered that the 'click through' facility used on some websites, which provided additional information on other webpages, was not adequate to correct the misleading overall impression.In response to ASIC's enforcement action, BCU has paid the $50,400 penalty, withdrawn the concerning advertising, offered to cancel the CCI policies and refund the premiums to customers who purchased CCI; and refunded all premiums paid where the CCI policy had already been cancelled.The total amount repaid to customers is $91,600 including interest. BCU are also honouring the advertised loan interest rate(s) without the requirement for customers to purchase CCI. CCI is a type of add-on insurance sold with credit cards, personal loans, home loans and car loans. It is promoted to borrowers to help them meet their repayments if they lose their job, become sick or injured or die.