As a financial cooperative, Coastal exists for the benefit of our members, rather than Wall Street investors. Every day, we come to work determined to create financial value for you. When that leads to us having a successful year, we are able to give part of those profits back to you.
“Share generously” is one of our core values, and for the past eight years, Coastal has returned more than $17.5 million to our members in the form of special dividends, which we call our Loyalty Bonus. On February 14th, we paid out our largest Loyalty Bonus to date. This year, we issued more than $3.3 million in dividends, which was shared by 63,500 members. Some people earned as much as $300.
Just like previous years, the dividend was paid into qualified members’ primary savings accounts. Payouts were based on participation, and determined by members’ combined loan and deposit amounts, as well as the length of their membership. Simply put, the more you chose Coastal for your financial relationships, and the longer you’ve been here, the higher your dividend.
Of course, Loyalty Bonus is just a small part of the total value that we give back to our members each year. In order to truly understand the overall benefit that we provide to our members, each year we study all the ways that our members experience a financial savings from choosing Coastal over our competitors. We calculate the difference between our rates, dividends and fees compared to banks, as well as the value of other incentives and programs we offer throughout the year.
I’m excited to share that Coastal’s 2018 Member Giveback was more than $32.4 million, nearly $9 million more than the previous year. In addition to the $3.3 million Loyalty Bonus payout, some highlights include savings of:
- $5.4 million from auto loan interest
- $1 million from refinancing mortgages
- $3.4 million from our unique Overdraft Forgiveness program
- $2.3 million from increased rates on certificates
- $4.8 million from Go Green checking and Go Green Money Market
Additionally, we gave members idAlly identity theft recover services for free. Similar coverage would cost them $2.3 million if they were paying out of pocket. Detailed information about our Member Giveback is posted to our website now. You can also look for it in our annual Member & Community Impact Report, coming out in April.
Thank you to everyone who helped make Coastal’s 2018 such a success. If you share my excitement about how much we’re able to give back to our members, please tell your friends and family. We’d love to welcome them into Coastal, so they too can start enjoying the same benefits.
President & CEO