Coastal Federal Credit Union distributed a record $1.6 million dollars in Loan Rebate Dividends and Deposit Bonus Dividends through their VIP Program to 6,907 member accounts. This is the second year in which members have received a payout, which is a result of the credit union’s continued commitment to give back to members who actively participate in the cooperative by bringing their core financial relationships to Coastal.
Coastal unveiled the VIP Program in January 2012. Since the program’s inception, the credit union has paid more than 3 million dollars to VIP members. Eligibility to participate in the program required members to perform 144 checking account withdrawals in 2012 to earn the program’s VIP member status for all of 2013. With VIP status, members receive special benefits and exclusive offers throughout the year. The most notable benefit is the VIP payout, where members earn Loan Rebate and/or Deposit Bonus Dividends, ranging from $100 to $1,000. The payout requires VIP members to have at least two or more loan and/or deposit types with Coastal to qualify.
“Having a program that gives money back when we are financially successful reinforces the cooperative mindset and deepens member loyalty,” said Chuck Purvis, Coastal’s President and CEO.