For the past nine years, Coastal has returned more than $25.1 million to our members in the form of special dividends, which we call our Loyalty Bonus. It is paid to eligible members as a reward for keeping their loan and deposit relationships with Coastal. Longer memberships earn even greater Loyalty Bonus dividends.
Combined with our Loyalty Bonus dividends, the value that Coastal provides to members in the form of better loan and deposit rates, and lower fees than our competition produces a cumulative positive impact of more than $31.6 million* annually. That’s an average of nearly $114 extra in members’ wallets, simply because they chose Coastal over other options. Of course, the more you use Coastal, the more you can potentially save.
Beyond rates and fees, Coastal is also committed to providing our members with unique perks and special incentives.
In 2020, we focused on providing members with relief from the financial effects of COVID-19. We waived nearly $900,000 in fees, including NSF fees, mortgage and loan late fees, and credit card fees. We helped members with nearly 21,000 Skip-A-Pay requests, and provided more than 4,100 loan modifications.