Cutting Half Our Fees
One of the most common knocks on any bank or financial institution is the fees they charge. For too long, this was simply considered the price of doing business. But not anymore. Not with Coastal.
“We kept hearing from our members that they were unhappy with fees they were being charged,” says Joe Mecca AVP of Communication for Coastal. “So we decided to do something about it.”
Coastal’s senior leadership team took a hard look at all of the fees we were charging. “We looked at which fees we were waving frequently or needed to be manually entered by an employee. And, more importantly, we looked for fees that just didn’t make sense.”
In the end, the team decided to eliminate 21 fees—half of the fees on our books—for all of our members. Overdraft transfer fee? Gone. Incoming wire fee? No more.
“We kept asking ourselves, ‘Are we taking good care of our members? Are we being financially responsible to them?’,” says Joe. “If a fee wasn’t good for our members, we got rid of it.”
And all those eliminated fees add up to quite a large sum. By eliminating fees, we were able to put about $600,000 back in the pockets of our members. After all, that’s exactly where it should be.