CARES Act

Coronavirus Aid, Relief and Economic Security Act

Learn how to access benefits and how we can help

The government recently approved the Coronavirus Aid, Relief and Economic Security (CARES) Act, which will help individuals impacted during the Coronavirus. At Coastal, we are proud to support the implementation of the CARES Act which provides a wide range of benefits including direct payments, retirement savings assistance and mortgage relief. View our guide below on how to access these benefits and how we can help. 

Benefits for Individuals What You Can Do and How We Can Help

Tax credits in the form of checks or direct deposit in the amount of:

  • $1,200 per adult and $500 per child to individuals earning less than $75,000 annually
  • $1,200 per adult and $500 per child to joint filers earning less than $150,000 annually

Lesser amounts will be provided to those individual filers earning more than $75,000 and those joint filers earning more than $150,000

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No action is needed for qualified individuals to receive this benefit. If you have a Coastal Checking or Savings account on file with the IRS (for direct deposit of tax refunds or Social Security benefits), you will likely receive your payment electronically.

If you do not have an account on file with the IRS, you will most likely receive a paper check. You can deposit that check at any of our PTM/ATM’s or in the convenience of your own home using the Coastal Mobile App 

You can check the status of your payment here

Benefits for Individuals What You Can Do and How We Can Help

Mortgage lenders and services will be allowed to provide up to 180 days of payment deferral on federally-backed loans for members experiencing hardship related to the COVID-19 emergency.

If you are experiencing hardship associated with the COVID-19 and need help with your mortgage payments, we can help. To learn about the options available to you, please visit our Member Assistance Program page.

Benefits for Individuals What You Can Do and How We Can Help

All payments for federal student loans (Direct and FFELP) are deferred through September 30, 2020. Additionally, these loans will not accrue any interest through September 30, 2020

 

Contact your student loan servicer to discuss eligibility and options. Contact information for several top loan servicers are listed below:

 

Benefits for Individuals What You Can Do and How We Can Help

Expanded unemployment benefits:

  • Eligibility expanded to include self-employed, independent contractors / gig economy workers, nonprofit employees and others
  • Amount increased by $600 weekly
  • Duration extended an additional 13 weeks beyond the existing 26-week maximum

Contact the NC unemployment office directly. Contact information and unemployment applications can be found here.

For information and unemployment filing with other states, consult the Department of Labor Career Stop.

Benefits for Individuals What You Can Do and How We Can Help

The federal government is waving penalties and making other accommodations for those who need to access retirement savings early.

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To process a withdrawal from your Coastal High Yield IRA Savings or IRA Certificate call us at: 800-868-4262.

To process a withdrawal from your Coastal Wealth Management IRA, contact your advisor directly or call us at (919) 882-6655.

Additional options may be available from your employer sponsored retirement plan. Contact your employer or plan administration company for options and eligibility.

Benefits for Individuals What You Can Do and How We Can Help

Members over age 70 ½ and those owning inherited IRA’s will not be required to take the mandatory distributions in 2020. This will allow you to defer 2020 income taxes on the distributions and to keep the funds invested.

RMD already taken may be eligible to return by August 31st.

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To suspend your required distribution from your Coastal High Yield IRA Savings or IRA Certificate, complete this form and return by mail, fax or secure message. Please note if you have multiple types of IRA’s (Traditional and Inherited Roth for example) you will need a form for each type. If you have multiple IRA accounts that are all the same type (for example, 4 different Traditional IRA Certificates) you only need one form.

To return a required distribution that was taken after February 1st to your Coastal High Yield IRA Savings or IRA Certificate, complete this form and return by mail, fax or secure message.

To send secure message:

Login to Digital Banking, click on the Envelope at the top of the screen. Compose a new message. For category, select “IRA and Health Savings Accounts”.  Then from the account dropdown, select the appropriate IRA account. Type “RMD Waiver” in the subject line. Type a brief message including your phone number and attach your completed form. Once finished, hit send. 

To send completed form by Mail, address to:

Coastal Federal Credit Union
Attn: Deposit Services
P.O. Box 58429
Raleigh, NC 27658-8429

To Fax send to:

1 866-881-5533

Wealth Management IRA’s

To suspend or return your required distribution from your Coastal Wealth Management IRA, contact your advisor directly or call us at (919) 882-6655

Benefits for Individuals What You Can Do and How We Can Help

You now have until July 15th to file your 2019 taxes. This also means you have until July 15th (or the day you file) to make IRA/HSA Contributions.

To process a contribution to your Coastal High Yield IRA Savings or IRA Certificate call us at: 800-868-4262.

To process a contribution to your Coastal Wealth Management IRA, contact your advisor directly or call us at (919) 882-6655

Need help?

Send us a secured message: