RALEIGH, N.C. — Coastal Federal Credit Union said it has paid out in excess of $2.1 million in special dividends, earned by members through its VIP Program, making it the largest such payout in the four-year history of the program.
Called the 'Loan Rebate and Deposit Bonus Dividends,' the payments were distributed to almost 9,100 members, with individual payouts ranging from $100 to $1,000.
On the whole, $2.4 billion Coastal has handed out more than $7.1 million in VIP dividends.
Under terms of the credit union's VIP program, members who hold a Coastal primary checking account are rewarded if they enact 144 withdrawals from their Coastal checking accounts during calendar 2014. VIP members also can earn Loan Rebate Dividends and Deposit Bonus Dividends by also having either two or more loan types, or two or more deposit types.
Joe Mecca, a Coastal spokesman, told Credit Union Journal that the 144 annual withdrawals (or 12 per month) can include debit withdrawals, in-branch withdrawals, checking account withdrawals as well as ATM withdrawals.
"Member giveback is a core component of who we are as a cooperative," said Chuck Purvis, Coastal's President and CEO, in a statement. "Whether it's issuing a large dividend or simply saving members a few dollars every day, Coastal's purpose is creating financial win-win situations for our membership. We focus on providing consumer-friendly products and services, and when we're successful, we can share even more with the members whose active participation in the credit union drives that success."
