Written by Ali Cybulski | Published on 10/3/2024
Coastal1 Credit Union, founded in 1928, has made investing in the local Rhode Island and Massachusetts communities it serves a key part of its mission. The credit union provides many checking and savings products; check with Coastal1 for membership eligibility requirements.
The credit union offers four types of checking accounts, including two that earn interest. Advantage Checking earns an annual percentage yield (APY) of 3.5% on balances of up to $20,000 and a 0.10% bonus rate on any Coastal1 Credit Union CD. The basic Free Checking has no minimum balance requirement or monthly service charge and no ATM fees if you use another bank.
Coastal1’s other two accounts, Spectrum and the interest-bearing Direct Plus, offer distinct benefits, such as free unlimited check writing as well as a free first order of checks and one annually thereafter. Direct Plus earns an APY of 0.10% on a minimum balance of $2,500 and requires a $25 minimum opening deposit.
Savings account options include Money Market Savings, Statement Savings and Club Accounts. The Statement Savings account earns an APY of 0.10%, and Money Market Savings accounts earn from 1.00% APY to 3.00% depending on your balance. (The Club Account APY was undisclosed.)
Look out for service and account fees, mainly on checking accounts. You’ll pay $7.50 to replace a debit card, for example, and monthly service charges of $10 to $25 if you don’t meet the account requirements.
If you’re looking for a certificate of deposit (CD) instead, you will find a variety of terms and a $1,000 minimum opening deposit requirement. Terms span from six months to 60 months and rates range from 3.00% APY to 4.75% APY.
Online services allow you to view transaction history, open accounts, transfer funds, set up account alerts and more. You’ll be able to pay online bills and access monthly electronic statements.
If you have questions about products or services, you can reach the credit union’s call center at 800-298-2212 or 401-722-2212 from 8 a.m. to 5 p.m. Monday through Friday or from 8:30 a.m. to noon Saturday. For support with bill pay, call 877-559-9566 from 7:30 a.m. to noon Monday through Friday or live chat within bill pay.
Coastal1 Credit Union pros and cons
Pros:
• Variety of checking accounts, including two interest-bearing accounts
• Many savings account options
• Investment in local Rhode Island and Massachusetts communities
Cons:
• High minimum deposit required on money market accounts
• Many possible service and account fees on checking accounts
• Unclear membership requirements
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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 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 67278 |
| Year Chartered | 1926 |
| Employees | 287 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.35% |
| Return on Equity - YTD | 3.58% |
| Annual Interest Income | $70.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $3.32B$3.26B |
| Loans | Q2 2024vs Q2 2023 | $2.93B$2.87B |
| Deposits | Q2 2024vs Q2 2023 | $2.49B$2.46B |
| Equity Capital | Q2 2024vs Q2 2023 | $323.4MM$310.1MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $12.9MM$16.9MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $5.2MM$4.7MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |
