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VIP Program FAQs

Am I getting a payout? How will I know?
All members who received a 2014 payout were notified in their January 2015 monthly statements and through online banking.

When will I receive my dividend(s)?
Loan Rebate Dividends and Deposit Bonus Dividends are paid to qualifying members (VIPs) on January 27, 2015.

How will I receive my dividend(s)?
Dividend payouts are deposited directly into the member's Primary Savings account.

Why are dividends being paid into Primary Savings?
Primary Savings is the one account type that all members have in common.

Can I designate into which of my accounts my dividend is paid?
No. All dividends are deposited into Primary Savings accounts. It is the one account type that all Coastal members have in common. 

How can I calculate my payout?
A table of our proposed dividend tiers and amounts are posted on the VIP Program Dividend page. Please note the table is for informational purposes only and does not confirm VIP status nor does it guarantee a future payout of special dividends.

Is a Loan Rebate Dividend or Deposit Bonus Dividend reportable on my taxes?
Yes. Loan Rebate Dividends and Deposit Bonus Dividends are reportable on IRS Form 1099INT for the year 2015.

Can I receive more than one dividend?
Yes. Some members qualified for both.  It is also possible for an individual member to earn a payout on more than one Primary Savings account.

I have more than one membership account. Is it possible to be a VIP for both? 
Yes. If a member with more than one membership account qualifies for VIP status, by performing 144 annual checking withdrawals per account, each account then earns VIP status.

I have more than one membership account. Will Coastal count all of the loans and deposits I have among them when determining my VIP status and any special dividends?
No. Coastal looks at each membership account as separate entities. Even if two accounts have the same owner, each account is taken into consideration for VIP eligibility on its own.

I have two mortgages. Do they both count toward the Loan Rebate Dividend?
Having more than one mortgage would count in determining how much interest you paid, and therefore how much of a dividend you'll receive.

My spouse is joint on my checking account, is he/she also a VIP?
Whoever is the primary account holder is a VIP. If he/she is not the primary account holder, then they are not a VIP.

I'm a VIP; why didn't I receive a dividend?
Being a VIP doesn't automatically qualify you for a dividend. To be eligible for either dividend, you had to maintain the minimum required average daily balance, or paid the minimum loan interest.

I'm not a VIP. Does that mean I'm not important to Coastal?
All members are important to Coastal. As a credit union, our goal is to give back to our members when we have a financially successful year. Our success is driven by those members who have actively participated in our cooperative over the last year.

When are VIPs determined?
VIPs are determined at the beginning of January. Once a member is determined as a VIP,they will remain a VIP for the remainder of the year.

Why are VIPs only determined annually?
We want members to be able to enjoy the benefits of being a VIP for a sustained period of time, while ensuring that it is easy to explain and understand. Shortening the time period would mean that members could fall in and out of the program. Likewise, the behind-the-scenes complexity of the program makes an annual program much more favorable. 

When were Loan Rebate Dividends and Deposit Bonus Dividends determined?
Both dividends were determined in early January, once all of the previous years'account data is available. 

Is the dividend paid at the same time every year?
While an annual member payout is not guaranteed, it is our corporate objective to reward members annually in January.

How can I ensure that I get a dividend again?
Dividends aren't actually guaranteed each year and will be determined by the overall financial performance of the credit union at the end of each year. However, we would like to continue offering our members a dividend each year. Continue choosing Coastal for your financial needs, to help increase your chances of receiving a dividend in the future.

Once a VIP, willI always be a VIP?
Once you have been determined to be a VIP, you will remain a VIP for the rest of the calendar year. Each January, we will re-calculate who our VIPs are based on the number of withdrawals done from your checking account over the course of the year.

How can I ensure that I remain a VIP?
You must continue to perform 144 withdrawals from your primary checking account over the course of the current year to be a VIP again next year. An easy way to accomplish this is to use your Go Green checking account. The high yield on Go Green Checking is tied to performing at least 12 debit card transactions each month. If you are meeting the Go Green criteria, you will also meet the VIP criteria.

What is the significance of 144 withdrawals?
Our research shows that a member who is actively using Coastal for their primary checking relationship does at least 144 transactions each year. In fact, most of our active checking accounts are being used twice as often. The 144 withdrawal count also makes it very easy for members who use their Go Green account at least 12 times a month to qualify as VIPs. 

Do I have to do at least 12 withdrawals every month to remain a VIP?
No, once you have been determined to be a VIP, you are a VIP for the entire year. To determine next year's VIPs, we will count the number of withdrawals you did throughout the current year. As long as you do 144 withdrawals in the previous year, you will be a VIP again in the following year. The date for determining VIP is on 12/31.

Is this program only for members with Go Green Checking?
No. While Go Green is our flagship product, all checking accounts except business checking are considered. However, Go Green is the ideal product to open for a member that doesn't have a checking account.

Which withdrawals count? Is it only debit card purchases?
All withdrawals count, including debit card purchases, ATM withdrawals, checks, automatic payments (ACH) and transfers. Basically, anything that isn't a deposit into your account. 

Where is the dividend money coming from? Who is paying for it?
The dividend payout comes from a portion of our net earnings. Net earnings are the money left over after we've covered our operating expenses, regular member dividends and reserve requirements.

Why don't banks offer special dividends? Why don't other credit unions?
Banks are stockholder-owned corporations and are obligated to return excess earnings (in the form of dividends) to their shareholders, not their customers. Because Coastal is a cooperative and our members are both customers and shareholders, we can return excess earnings to our membership. Some other credit unions, and many other cooperatives, actually do offer special dividends in some form or another. 

Why are there two dividend programs? 
The programs are designed for members who are in two different financial life phases.  While there is some overlap as people transition from their borrowing years into their wealth-building years, most people fall into only one category of financial need. It simply isn't a good service to our members - nor is it an effective use of our resources - if we try to incentivize members to open accounts they don't need.

Does my signature loan count toward the Loan Rebate Dividend?
Your Signature Loan factors into the total interest paid when determining how much your Loan Rebate Dividend will be.

I co-signed on a loan. Which one of us gets the credit toward a Loan Rebate Dividend?
The primary borrower will be credited toward the Loan Rebate Dividend if they meet all of the criteria for earning the dividend.

Do my business accounts qualify?
No. Business Accounts, Custodial Accounts, and Trust Accounts are not eligible. Business checking is not factored into VIP eligibility. Likewise, business deposits and loans are not considered as part of either dividend qualification or payout.  

Does my Health Savings Account (HSA) count toward the Deposit Bonus Dividend?
Your Health Savings Account factors into your average daily balance and helps determine how much your Deposit Bonus Dividend will be.

Why doesn't Wealth Management count toward my Deposit Bonus Dividend?
Assets under management are not factored into your account balances that determine the payout amount. We are prohibited from providing you with a financial incentive based on your Wealth Management account balances.

What qualifies as a Wealth Management relationship?
A Wealth Management relationship is defined as a non-deposit investment product or service offered through CUSO Financial Services LP and non-deposit investment and insurance products and services previously sold through CUNA Brokerage Services Inc and CUNA Member CONNECT (excluding Basic Accidental Death and Dismemberment). Wealth Management does not include products and services sold through other joint marketing relationships with the credit union – e.g. MetLife, Providence Insurance Agency (an Ascension Company) or LifeRing Insurance. Investment and insurance products that count towards a Wealth Management relationship include AD&D Contributory, Bond, Brokerage MoneyMarket, Fee Based MAP, Fixed Annuity, Health, Long Term Care, Mutual Fund, Payout Annuity, Stock, Term Life, Traditional Life, Uninvested Cash, UniversalLife Variable Annuity, and Variable Universal Life.

Can you explain how average balance is calculated?
Deposit Bonus Dividends are based upon a member's year-end average daily balance. This is calculated as the average of the month-end average daily balances of all shares (non-business) listed under a single membership number for the previous calendar year.

What are the other benefits of being a VIP?
Aside from possibly earning a Loan Rebate Dividend and/or Deposit Bonus Dividend, VIPs will be eligible for exclusive discounts, special offers and other benefits throughout the year.  We will communicate these to you via mail, email, online banking, in person when you visit or call. You can also check the VIP section of our website, where offers are updated regularly. 

What is a member in good standing?
A member in good standing is any member who has at least $5.00 deposited in their Primary Share account. We call this amount par value, and it is your ownership share in the cooperative. It is important to maintain that amount, because members whose accounts fall and remain below par value for more than six months are subject to having their accounts closed.

In addition to being a member in good standing, in order to receive a dividend a member must also not have any loan charge offs or delinquencies.

As a result of Coastal's payout, are there going to be any increases to loan rates or decreases to deposit rates?
No. Coastal planned for this payout as part of the annual budget, so it will not affect the pricing of other products.

Why didn't the mortgage on my rental / vacation home get counted?
Our federal regulator considers vacation, rental or investment properties to be reportable as business loans. Business loans are not part of the VIP Program.

What does VIP stand for?
We prefer to think of it as Very Important Participating Member. While the initials VIP typically mean Very Important Person, the term "VIP" itself is often used as a stand alone adjective to mean "important."

What about accounts that were closed?
A member must have an open account both when VIP status was calculated on December 31, as well as in January when dividends are paid. If the account was closed, the member is not eligible.

Why did Coastal change the VIP Program and the payout tiers?
VIP dividend payout tiers are subject to change each year. Most of the feedback we've received from members indicated that we needed to simplify the program, because the old structure was encouraging members to open unnecessary products simply to earn a payout. The new structure allows them to choose what's best for them. That means that a lot more people will qualify for a payout. We also had to strike a better balance between the amount we pay in loan rebates and the amount we pay in deposit bonuses. That required a restructure of the payout tiers. Some will get a smaller payout than in years past, some will get more, a many more will get one for the first time.

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