RALEIGH, N.C.–Coastal Credit Union said it is increasing the minimum wage level of all of its employees and further eliminating a number of member account fees.
The credit union said it is making the moves in support of its motto, “We Share.”
Coastal reported it has established a minimum wage level of $12.50 per hour for all of its employees whether full-time, part-time, or temporary.
“The living wage rate for a single person in our marketplace to avoid poverty is $11.09 per hour, said President and CEO Chuck Purvis. “As a responsible corporate citizen, we felt it was time for Coastal to take the initiative to help our employees by providing a higher minimum wage consistent with Coastal’s core values allowing us to retain the best of the best in the business.”
In addition, effective Jan. 1, 2017, Coastal said it is also eliminating nearly half of its member account fee schedule, or 20 in all. Among the fees being eliminated:
- Overdraft Transfer from Savings and/or Money Market account
- Overdraft Transfer from Line of Credit
- Official Check
- Incoming Wire
- Call Center Balance Inquiry
- Verification of Deposit
- Account Research
- ATM Card Replacement
- Dividend Checking
- Early Account Closure
- Deposit/Payment Item Returned
- Receipt Copy
- Statement Copy
- Official Check Copy
- Check Copy
- Interim Statement
- Foreign Access Service
- Mail Returned for Incorrect Address
- Stop Bill Pay Transaction
- Check Cashing
Coastal said the pricing changes will mean forgoing $600,000 in revenue that will instead remain in the pockets of members.