Published on 03-20-2020
While your health and safety are the top priorities, we understand the financial hardship this coronavirus crisis is causing. We have been working hard for ways to support you to provide some peace-of-mind, and have put the following in place:
Emergency Relief Loans
New emergency relief loans, without application fees, are available to help our current members meet immediate needs. This new, low rate loan is focused on helping you with your cash needs due to the pandemic. Full details of this new loan program are available through our Member Assistance Program.
We started this program during the financial crisis of 2008 and have spent over a decade supporting our members through various hardships. We are now offering loan modifications, including deferring payments for up to 120 days with no late fees, to help you make ends meet. If you are facing financial difficulties, please reach out to us at the link above where we will guide you through the process.
Cutting Fees & Expedited Card Replacement
We have waived Certificate withdrawal fees. This will allow you easy access to your money now if you need it. We’re also providing free expedited service for replacing any lost or damaged debit or credit cards.
Protecting Your Savings
Savings rates are falling globally. And while our rates are subject to change, given these volatile economic conditions, we are continuing to provide you savings rates up to 1% – which is more than 10 times the national average*. We’re also lowering the transaction count for Go Green Checking starting in April. Those with this account will receive an email with more details. And remember, your savings are federally insured to at least $250,000.
Helping Our Communities Live Better
We’re reaching out to our community partners and finding ways we can make a difference. We're also helping our employees by providing paid leave to anyone quarantined or unable to find childcare. These changes are all part of a larger commitment Coastal is making to our membership during this time of need. Our leadership team is continuously exploring more opportunities to support the communities we serve.
Together we will face the challenges ahead with strength and determination. We will continue to keep you updated at COASTAL24.com/COVID-19.
*Based on national Money Market account averages, as of 3/19/20 from Bank of America, Wells Fargo, PNC, Truist, and First Citizens.