$4.1 Million Loyalty Bonus dividend part of overall Member Giveback
This morning, Coastal Credit Union issued more than $4.1 million in special dividends to eligible members through its Loyalty Bonus program. The payout was shared among nearly 77,000 members.
The total Loyalty Bonus dividend is based on Coastal’s overall performance in 2021. Individual shares of the payout are 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 up to $300. Over the past 11 years, Coastal has returned $29.2 million to members as special dividends.
“A great part of being a locally-based cooperative is, at the end of the year, we don’t pay dividends to Wall Street investors. Instead, that money stays here in our community, and we reward the members who choose to do business with us every day,” said Chuck Purvis, Coastal’s President & CEO.
Each year, the credit union also looks at its overall Member Giveback, the cumulative positive impact it makes by helping members save money on their everyday financial needs. For 2021, Coastal was able to identify more than $41.7 million that ended up back in members’ wallets, an average of $139 per member.
The 2021 Member Giveback, as well as the Loyalty Bonus payout and the number of members who received a payout, are all Coastal’s highest on record.
“These aren’t just big numbers that we can tout in a report. They represent a real impact on the financial well-being of our members, and are a critical part of what it means to be a credit union,” added Purvis. “Member Giveback quantifies how we deliver on our mission of Bank Better to Live Better, and both Loyalty Bonus and Member Giveback exemplify Coastal’s core value of Share Generously and the cooperative principle of Members’ Economic Participation.”
2021 Member Giveback
Ways Coastal saves members money
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How much* members saved in 2021
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Loans
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Refinancing MORTGAGES
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$1,875,940
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Auto Refinance Savings Guarantee
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$131,530
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Refinancing AUTO LOANS
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$5,591,590
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AUTO LOANS Rates
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$2,813,020
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HOME EQUITY Rates
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$435,540
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MORTGAGE Rates
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$964,590
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CREDIT CARD Rates
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$6,542,550
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Deposits
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GO GREEN CHECKING Dividends
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$4,103,210
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SAVINGS Dividends
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$394,930
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MONEY MARKET Dividends
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$4,577,930
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CERTIFICATES Dividends
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$2,949,600
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IRA HIGH YIELD SAVINGS Dividends
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$271,290
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HEALTH SAVINGS ACCOUNTS Dividends
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$93,660
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Fees
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FIRST TIME HOMEBUYER Origination Fee
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$126,740
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BOUNCE GUARD / NSF FEE
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$628,630
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OVERDRAFT FORGIVENESS PROGRAM
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$3,234,380
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Overdraft Transfer Fee (eliminated 2017)
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$959,490
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Discounts, Rewards & Incentives
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Loyalty Bonus Dividends
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$4,083,160
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DAYMARK REALTY Member Savings
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$570,100
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Join Days
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$127,960
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Credit & Debit Card Bonus Incentives
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$94,600
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Fast Lane at Coastal Credit Union Music Park
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$33,570
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Coastal Music Park Concessions Discount
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$8,390
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Carolina Hurricanes Discounts
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$5,439
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NCFC / Courage Discounts
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$34,480 |
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WEALTH MANAGEMENT Personalized Retirement Plans
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$1,028,250
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Total Member Giveback
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$ 41,674,500
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