Letter from Chuck: Falling Leaves, Rising Rates and Brand New Technology

by Chuck Purvis

President & CEO

From Chuck

Dear Members,

It’s hard to believe that autumn is already upon us, but the kids are back in school, football season is kicking off and pumpkin spice expenditures are suddenly through the roof. While the days are getting shorter, I feel like we still have so many great things that we’re working to accomplish before the end of the year.

Keeping Your Data Secure

First, let me thank each of you who participated in the Stop the Data Breaches campaign a few months back. Coastal members sent more than 1,100 emails to Congress, making you the most vocal membership in the state, yet again. It’s important to keep this issue in front of our elected officials, and I encourage you to stay informed and keep reminding them that the problems won’t go away without their action.

While on the topic of data security, we have two initiatives kicking off this month that should help combat card compromises. First, you are now able to use your Coastal debit and credit cards with Apple Pay™. Second, we are ready to start issuing chip-enabled debit cards, beginning with members whose cards are expiring in October. I would expect you to begin seeing retailers rapidly adopting chip readers around the same time. Watch your email and our social media channels for further details about both.

A New Digital Experience

Our biggest initiative for the coming quarter is the conversion of online and mobile banking to a new Digital Banking system. I’m personally excited to be switching to the new system, which is easy to use, offers better budgeting tools and security, provides near-real time alerts, and will enable us greater ability to keep making enhancements and customizations. Members will be happy to know that Digital Banking is a single system that works across all your devices. By now, you should have received an email and seen advertising directing you to COASTAL24.com/DigitalBanking, where we will be posting regular updates. We’ll also email reminders when new information is available, especially in the final weeks prior to making the switch.

The Right Products for a Changing Market

Fall is typically a time when we start to see an influx of new deposits from members. We’re definitely ready to help. Earlier this year, we added a Go Green Money Market account as a companion account to Go Green Checking. While dividends have been low across the industry for several years, many of you have kept your money on deposit with Coastal. We’re working to reward that loyalty by offering the highest certificate rates in the Triangle.

Loan demand has also been strong this year, and we’re well positioned to help our members by providing the right loans for whatever your needs may be. We’re seeing more requests from people looking to consolidate debt or lower payments they may have elsewhere. This quarter, we’re focusing on consumer loans that can help our members lower payments and pay down debt faster, including:

• Debt consolidation with a Home Equity line of credit

• Saving money on auto loan payments by refinancing with our Beat the Bank program.

• Paying down credit card balances faster by taking advantage of our credit card balance transfers.

Lastly, I’ve been closely following news of the increasing likelihood that the Federal Reserve may start to increase interest rates by the end of this year. For those of you who are building savings, it could mean that you’ll start to see better dividends on certificates and money market accounts in the near future. For those of you who have loans, particularly variable rate loans and adjustable rate mortgages from other lenders, now might be a great time to lock in a fixed rate loan with Coastal before rates rise. Of course, even as rates do rise, we’ll be committed to making sure ours are competitive to the market.

Overall, the next several months look great for our members. Until the next update, I wish you all the best.


Chuck Purvis

Chuck Purvis, President & CEO


Back To All Articles

Social Blog Features