Coastal Increases Minimum Wage, Eliminates Many Fees

Lisa Sullivan

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Published on 12-05-2016

Categories: Coastal News

eliminating many fees saves Coastal members money

Coastal is taking its motto, We Share, to a whole new level with an increase in minimum wage level for all Coastal employees and an elimination of many member account fees.

Coastal has established a minimum wage level of $12.50 per hour for all Coastal employees whether full-time, part-time, or temporary.

“The living wage rate for a single person in our marketplace to avoid poverty is $11.09 per hour, “says President and CEO, Chuck Purvis.  “As a responsible corporate citizen, we felt it was time for Coastal to take the initiative to help our employees by providing a higher minimum wage consistent with Coastal’s core values allowing us to retain the best of the best in the business.” 

Effective January 1, 2017, Coastal is also eliminating nearly half of its fee schedule (20 fees). Those being eliminated are as follows:

 

  • Overdraft Transfer from Savings and/or Money Market account
  • Overdraft Transfer from Line of Credit
  • Official Check 
  • Incoming Wire
  • Call Center Balance Inquiry  
  • Verification of Deposit 
  • Account Research 
  • ATM Card Replacement 
  • Dividend Checking 
  • Early Account Closure
  • Deposit/Payment Item Returned 
  • Receipt Copy 
  • Statement Copy 
  • Official  Check Copy
  • Check Copy 
  • Interim Statement
  • Foreign Address Service 
  • Mail Returned for Incorrect Address 
  • Stop Bill Pay Transaction 
  • Check Cashing

 

By making these changes, we will forgo $600,000 in revenue per year by charging fewer fees, thereby keeping more money in the pockets of our members.

Coastal is a not-for-profit cooperative owned by our members. Both of these initiatives showcase the benefits of employment and membership with the credit union.

For employment opportunities, we encourage you to visit COASTAL24.com/careers/. To learn how YOU can become a member of Coastal, please visit - COASTAL24.com/Join.


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