Published on 12-05-2016
Categories: Coastal News
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:
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.