Coastal Federal Credit Union is headquartered in Raleigh and is the 2nd largest credit union in the state of North Carolina. It is also the 65th largest credit union in the nation. It was established in 1967 and as of March of 2014, it had grown to 451 employees and 183,986 members. Coastal Federal Credit Union's savings rates are 3X the national average, and it has a A health rating.
There are three (3) options for membership eligibility. You might be qualified to join Coastal by virtue of where you work, or because you belong to an eligible association or organization. Membership is open to employees of IBM or its wholly owned subsidiaries who are reporting to a facility in the states of North Carolina, South Carolina or Virginia (except Loudoun, Prince Williams or Fairfax Counties, Virginia). Employees and persons retired as pensioners or annuitants from one of the Select Employee Groups are also qualified to join. You can also join Coastal if you are related to an existing member. Immediate family and household of eligible members qualify for membership. Spouses of persons who died within the field of membership (as long as they have not remarried) are also eligible for membership. Otherwise, you can join the North Carolina Consumer Council and claim your Coastal Membership as a benefit of belonging to the NCCC. By choosing to join the NCCC, you qualify for Coastal Federal Credit Union membership. The $18 NCCC membership fee will be deducted from your initial deposit to your Coastal Primary Savings account. - See Details
Rates are great, get free debit, interest checking (1%), good loans.
Customer service is super weak. If you are techno savvy, you can find all kinds of good stuff on their website to help you. But, if you are like me, not all that great with a computer, you won't get any help.
Example 1- Recently went into a branch to change my address. I filled out a form- done right? No. Ended up having to email them yesterday and ask what went wrong. So now it's fixed? ( I had the same with my last move too.)
Example 2- A couple of years ago, I applied for a housing loan. Approved, and I was linked with a virtual loan officer. I emailed asking for advice, help, check list (Clueless first time home buyer here). I received an automated reply with my name inserted- not helpful.
So I drove out to the branch. Another random loan officer gave me five minutes of her time, and was in a big hurry to hustle me out. (Kinda weird, since the bank was virtually customer free on that afternoon). I told her I had found a condo I was interested in, what should I do next? She gave me a minimal form to fill out for the bank. Felt real insecure about the whole process, and decided to put off buying a house for another few years.
Now, after doing research on their website, I find out not only are they affiliated with a real estate firm (Daymark), they also offer first time home buyer's seminars. Why didn't they tell me about this? It would have taken the loan officers 5 minutes to tell me!
And the change of address? They could have sent me an email. But they didn't. 2nd time this happened. I'm still not sure if it's fixed, and I'm preparing to open some other bank accounts.
Call 1-800-WTF-CFCU for a good time.
*debit card is free, in fact u can get interest on your checking if you have enough debit card transactions.
*Low interest rates on loans n stuff.
*Lousy customer service. If u can't fix it yourself using the internet, then they don't want you!
*Why do they have branches? They don't want you to come in.
*Applied for a housing loan (approved). But then sent some emails asking for advice, recommendations (clueless first time buyer) and received automated replies. The loan officer was not a human being- it was a computer with a lot of spam.
*If anybody writes u a personal check they will take FOREVER to clear it.
*Changed my address by going to CFCU branch in person and... it still was not fixed- I didn't get my new debit card. Oh- and this is the 2nd time this happened.
Well I sent email since going to the branch didn't work... maybe now I will get my debit card?... let's see... I'm not holding my breath...
For a good time call 1-800-WTF-CFCU.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Coastal Federal Credit Union had $17.06 million in non-current loans and owned real-estate with $246.88 million in equity and loan loss allowances on hand to cover it. This gives Coastal Federal Credit Union a Texas Ratio of 6.91% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Coastal Federal Credit Union decreased dramatically from 10.50% as of March 31, 2013 to 6.91% as of March 31, 2014, resulting in a positive change of 34.20%.This indicates that the balance sheet and financial strength for Coastal Federal Credit Union has improved dramatically in recent periods.
In the past year, Coastal Federal Credit Union has increased its total deposits by $42.83 million, resulting in 2.29% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Coastal Federal Credit Union has shown is above average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Coastal Federal Credit Union has $2.28 billion in assets with $246.88 million in equity, resulting in a capitalization level of 10.82%, which is above average.
|Assets and Liabilities|
|Equity Capital||$230.99 million|
|Loan Loss Allowance||$15.88 million|
|Unbacked Noncurrent Loans||$14.32 million|
|Real Estate Owned||$2.74 million|
|Historic Data - March 2013|
|Equity Capital||$215.14 million|
|Loan Loss Allowance||$18.13 million|
|Unbacked Noncurrent Loans||$14.32 million|
|Real Estate Owned||$7.28 million|
|Profit Margin - Quarterly|
|Net Interest Margin||0.95%|
|Return on Assets||1.25%|
|Return on Equity||12.32%|
|Interest Income||$19.46 million|
Always verify rates and promotions with the bank or credit union. We are not Coastal Federal Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|1.50%||-||-||Health Savings Account (HSA)|
|0.65%||-||-||IRA Savings Account|
|0.65%||-||-||Roth IRA Savings Account|
|0.65%||-||-||SEP IRA Savings Account|
|0.25%||$25k||-||Business Money Market|
|2.01%||-||$50k||Go Green Checking Premium - Qualifying|
|0.51%||-||$50k||Go Green Checking Standard - Qualifying|
|0.05%||-||-||Business Dividend Checking|
|1.30%||$100k||-||60 Month CD|
|1.15%||$100k||-||48-59 Month CD|
|0.90%||$100k||-||36-47 Month CD|
|0.60%||$100k||-||24-35 Month CD|
|0.55%||$100||-||Special 12 Month Student CD|
|0.40%||$100k||-||12-23 Month CD|
|0.30%||$100k||-||182 Day CD|
|0.20%||$50k||-||7-90 Day Mini Jumbo CD|
|1.30%||$100k||-||60 Month IRA|
|1.15%||$100k||-||48-59 Month IRA|
|0.90%||$100k||-||36-47 Month IRA|
|0.75%||$500||-||Special 24 Month Add On IRA|
|0.60%||$100k||-||24-35 Month IRA|
|0.40%||$100k||-||12-23 Month IRA|
|0.30%||$100k||-||182 Day IRA|
|0.20%||$50k||-||7-90 Day Mini Jumbo IRA|