Tired of #bankfees? Time for #CoastCapital

As big bank customers voice displeasure at more bank fee hikes, Coast Capital CEO extends invitation and offers to pay a freedom-fee to switch to Coast Capital Savings

Vancouver, B.C. – May 4, 2015 – With the news from Canada’s “big banks” about yet another round of service fee increases, consumers are voicing their frustration on social media with the hashtag #bankfees. Coast Capital Savings wants disenchanted bank customers to know that they have an alternative and the credit union’s president and CEO, Don Coulter, is personally inviting fed up consumers and small business owners to do their banking at Coast Capital.

Along with his invitation, Coulter is turning the tables and is offering to pay a $100 freedom-fee to new members who bring their business from one of Canada’s “big five”, and open a chequing or savings account at Coast Capital by May 15, 2015.

“Our members’ financial wellbeing is our top priority at Coast Capital,” says Coulter. “We want big bank customers to know that they don’t have to just grin and bear it – there are great alternatives available at credit unions like Coast Capital.”

“We are a small financial institution in comparison to Canada’s national banks and we have been able to keep our fees low, while eliminating others,” explains Coulter. “If we can do it, why can’t Canada’s big banks?”

One of Coast Capital’s most popular products is the Free Chequing, Free Debit and More Account. This full-service account provides:

  • Free unlimited access to Coast Online® Banking and Coast Mobile Banking™
  • Free Coast Capital Savings ATM withdrawals and deposits
  • Free access to over 2,400 ding-free ATMs across Canada on The EXCHANGE® Network
  • Free cheque clearing, starter cheques, and monthly statements
  • Free online cheque images that have cleared your account
  • Free bill payments (in-branch, online, or by phone)

“By banking with Coast Capital Savings, our members save more than $30 million in annual banking fees, helping them get ahead financially,” said Coulter. “It’s our credit union’s mission to offer Canadians simple financial help. Whether our members are young people who are opening their first bank account, members who are long-retired, or small business owners, at Coast Capital it isn’t about how much money you have or the size of your investment portfolio. It is about helping you find your financial success, whatever that looks like.”

Among Coast Capital’s low or no fee options is Coast Capital’s new Members Get It™ Mortgages.  The credit union’s latest innovation in financial products and services offers members with new or renewing mortgages a great rate, comparable to those at the banks, as well as up to $1,000 in Help Extras™. Help Extras can be put towards an RRSP, RESP, term deposit, Tax-Free Savings Account or another investment,  recognizing that often investments and other savings go by the wayside when members take on a significant financial commitment.

For business members, Coast Capital offers The One Small Fee, the Rest is Free Business Account, which features unlimited in-branch deposits, withdrawals and transfers and unlimited Coast Capital Savings or EXCHANGE® Network ATM deposits and withdrawals, all for one small monthly fee.

Other product options from Coast Capital, include the High-interest Savings Account, where members earn a competitive interest rate and are never asked to keep a minimum balance or pay a monthly fee. Youth members under 18 years of age, a noted target of recent bank fee increases, can choose between the Free Chequing, Free Debit and More Account or the High-interest Savings Account. 
The $100 freedom-fee is available to new members who open a chequing or saving account at Coast Capital after May 4, 2015. Offer expires May 15, 2015. Terms and conditions apply, visit our website for details.

About Coast Capital Savings

Coast Capital Savings is Canada’s largest credit union by membership, owned by its 522,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia and has exciting plans to grow. Product innovations include Canada's first free chequing account from a full-service financial institution. Coast Capital is one of Canada's 10 Most Admired Corporate Cultures™ and was named one of 2014’s BC Top Employers. It is a member of Canada's Best Managed Companies Platinum Club and an Imagine Canada Caring Company. To learn more, visit coastcapitalsavings.com.

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For more information, please contact: 
Erin McKinley                            
(o) 604.517.7657
(c) 604.836.6924
erin.mckinley@coastcapitalsavings.com

For information on changes to deposit insurance and the transition period if we become a federal credit union, see the notice pursuant to the Disclosure on Continuance Regulations (Federal Credit Unions).