Coastal1 Credit Union is headquartered in Pawtucket and is the 2nd largest credit union in the state of Rhode Island. It is also the 134th largest credit union in the nation. It was established in 1926 and as of June of 2023, it had grown to 296 employees and 134,080 members at 18 locations. Coastal1 Credit Union's money market rates are 7X the national average, and it has an A health rating.
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Good Rates, Nice People
Edited from original 2015 review: They have CDs currently (August 2018) at 3%, and the staff is very nice. I have always found them helpful and pleasant to deal with.
a good local bank
having banked with the pawtucket credit union for many years, i feel as though they deliver a consistently good experience to the banker. staff is always helpful and generally personable, and there aren't usually long lines, so you can tell that the credit union is decently staffed.
Bigger Style Credit Union
Pawtucket Credit Union is a great alternative to the "Big Banks". There is no fee for using any credit union (even if its not Pawtucket Credit Union) atms. With a direct deposit their checking accounts are free. They have better then average rates. The only drawback I have is that they do debits before credits.
A big bank diguised as a Credit Union
Pawtucket Credit Union use to be a great credit union. They no longer work with its customers and have higher fees then an average bank. Their accounts have very little interest to offer. The credit union is expanding so fast and developing multiple locations in the State of Rhode Island that it is no longer your local credit union. It is all about getting "new business" and older customers are left in the dust because they aren't new money. Some of their charges on their checking account is a 10.00 a month maintenance fee, 12.00 bank check fee, 35.00 over draw fee. They offer no good savings account for the average joe, as they require thousands of dollars before you get any really kind of interest. They offer no college fund accounts and their CDs have terrible interest. At one time I would recommend Pawtucket Credit Union but I no longer can with the amount of better options available in the state.
Think Twice Before Opening A Checking Account With Coastal 1
Think twice before opening a checking account with Coastal 1.
Coastal1 takes two weeks + to set-up direct deposit of a payroll check. Other financial institutions manage to complete this in 3 days.
You can’t do a mobile deposit of these paper payroll checks because your account is less than 30 days old.
You can’t access the funds with your debit card after you have deposited the check with an inconvenient trip to a branch because your account is less than 30 days old. You learn this after you have been embarrassed because your card was declined. You are told that the card is active the moment you receive it.
Your funds are not available for 5 business days after deposit – despite the fact that the check deposited is a payroll check from ADP one of, if not the, largest payroll companies in the country. While this is legal, the length of the hold and the type of checks put on hold is at the discretion of the financial institution. So much for the claim that credit unions put the members first, unlike banks - supposedly.
But, according to the “helpful” people in the branch, you can make a cash withdrawal in person or write a check during this time. And of course, gas stations and restaurants all take checks in 2023. As a bonus, grocery stores also have a waiting period before you are vetted to use a check as payment.
None of this is mentioned when the account is opened and a deep dive into the disclosure brochure hidden in your envelope of paper only yields information about the check hold.
Welcome to Coastal1.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 67278 |
| Year Chartered | 1926 |
| Employees | 296 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.46% |
| Return on Equity - YTD | 4.8% |
| Annual Interest Income | $58.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $3.26B$3.03B |
| Loans | Q2 2023vs Q2 2022 | $2.87B$2.66B |
| Deposits | Q2 2023vs Q2 2022 | $2.46B$2.37B |
| Equity Capital | Q2 2023vs Q2 2022 | $310.1MM$294.1MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$10.3MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $4.7MM$4.5MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
