RALEIGH, N.C. Coastal FCU said this afternoon it distributed $1.6 million in loan rebate dividends and deposit bonus dividends through its VIP Program to 6,920 of its 240,000 members.
Coastal launched the VIP program last year to reward members who have their primary checking account at the one-time IBM employees’ credit union with special benefits and exclusive offers.
Eligibility to participate in the program requires members to perform 144 checking account withdrawals in a year to earn the program’s VIP member status. 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-$500. 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, president of the $2.2 billion credit union.
The $1.6 million dollar payout is up from a $1.5 million payout last year and was a result of Coastal’s best year ever, with net income of $30 million, up 22% from 2011.