$3.6 Million Loyalty Bonus dividend part of overall 2020 Member Giveback
Sunday morning, Coastal Credit Union issued more than $3.6 million in special dividends to eligible members through its Loyalty Bonus program. The payout was shared among nearly 69,000 members.
The total Loyalty Bonus dividend was based on Coastal’s overall performance in 2020. Individual shares of the payout were then calculated based on each member’s aggregate relationship (a function of year-end loan balances and average deposits) with Coastal, as well as their length of membership. Individual members received anywhere from $5.00 up to $300.
“Despite the challenges presented by COVID-19, we had a strong finish to 2020, and our financial results enabled us to once again share with our members.,” said Chuck Purvis, Coastal’s President and CEO. “Loyalty Bonus is more than a dividend payout to our members. It’s a way to reward them for making us their first choice when it comes to financial services, and demonstrates our principles as a member-owned cooperative. The money we earn belongs to the members who use our products and services, and when we have a good year, we can give some of it back to them. I’m thrilled that 2020 turned out to be another one of those years.”
Over the past ten years, Coastal has returned $25.1 million to members as special dividends. Each year, the credit union also looks at the overall Member Giveback, the cumulative positive impact it has by saving money for members on their everyday financial needs.
“We calculate the difference in our loan rates, deposit dividends and fees, compared to the banks in our market, and add in the value of other membership benefits throughout the year.” added Joe Mecca, VP of Communication. “Despite a year of a tighter rate market and seeing COVID-related shutdowns limit our ability to offer discounts and rewards, we still managed to identify more than $31 million in member savings during 2020, or $114 per member.”
2020 Member Giveback
Ways Coastal saves members money
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How much* members saved in 2020
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Loans
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Refinancing Mortgages
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$1,811,360
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Auto Refinance Savings Guarantee
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$79,600
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Refinancing Auto Loans
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$1,024,600
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Auto Loan Rates
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$4,177,690
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Home Equity Lines of Credit
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$324,330
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Mortgage Rates
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$1,567,820
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Credit Card Rates
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$624,880
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Credit Card Balance Transfers
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$173,730
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Deposits
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Go Green Checking Dividends
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$3,256,310
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Savings Dividends
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$377,420
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Money Market Dividends
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$3,206,590
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Certificates Dividends
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$2,561,120
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Ira High Yield Savings Dividends
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$327,500
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Health Savings Accounts Dividends
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$88,930
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Fees
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First Time Homebuyer Origination Fee
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$193,180
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Bounce Guard / NSF Fee
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$625,880
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Overdraft Forgiveness Program
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$2,846,560
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Overdraft Transfer Fee (eliminated in 2017)
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$726,750
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COVID-Related Card Fee Waivers
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$23,960
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COVID-Related NSF & Late Fee Waivers
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$864,000
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Discounts, Rewards & Incentives
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|
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Loyalty Bonus Dividends
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$3,588,890
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Daymark Realty Member Savings
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$442,910
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Join Days
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$129,580
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Credit & Debit Card Bonus Incentives
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$ 41,250
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idAlly Identity Theft Recovery Services
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$2,493,820
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Carolina Hurricanes Discounts
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$5,491
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Total Member Giveback
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$ 31,584,200
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