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Member Giveback

Coastal returns millions to our members

Dividends and donations benefit individuals and organizations

 

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.

 

Ways we save members money How much* we saved members in 2020
Loans
Refinancing MORTGAGES $ 1,811,360
Auto Refinance Savings Guarantee $ 79,600
Refinancing AUTO LOANS $ 1,024,600
AUTO LOANS Rates $ 4,177,690
HOME EQUITY LINES OF CREDIT $ 324,330
MORTGAGE Rates $ 1,567,820
CREDIT CARD Rates $ 624,880
Credit Card Balance Transfers $ 173,730
Deposits
GO GREEN CHECKING Dividends $ 3,256,310
SAVINGS Dividends $ 377,420
MONEY MARKET Dividends $ 3,206,590
CERTIFICATES Dividends $ 2,561,120
IRA HIGH YIELD SAVINGS Dividends $ 327,500
HEALTH SAVINGS ACCOUNTS Dividends $ 88,930
Fees
FIRST TIME HOMEBUYER Origination Fee $ 193,180
BOUNCE GUARD / NSF FEE $ 625,880
OVERDRAFT FORGIVENESS PROGRAM $ 2,846,560
Overdraft Transfer Fee (eliminated 2017) $ 726,750
COVID-related card fee waivers $ 23,960
COVID-related NSF & late fee waivers $ 864,000
Discounts, Rewards & Incentives
LOYALTY BONUS Dividends $ 3,588,890
DAYMARK REALTY Member Savings $ 442,910
Join Days $ 129,580
Credit & debit card bonus incentives $ 41,250
idAlly Identity Theft Recovery Services $ 2,493,820
Carolina Hurricanes discounts $ 5,491
Total Member Giveback $ 31,584,200

 

50 Years
50 Years
Catch up on 50 years of success stories.

* Member Giveback is estimated by comparing the average interest and dividend rates of Coastal’s loan and deposit product portfolios versus average local bank rates for similar products from external sources like bankrate.com and S&P Global. We also compared Coastal’s fees to the advertised fees of Bank of America, Wells Fargo, PNC, First Citizens and Truist. Additionally, we quantify the actual cash value of product incentives and discounts that Coastal offers to members.

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