Coastal Federal Credit Union (CFCU) is one of the largest cooperative financial organizations in the eastern United States.
Historic Background of Coastal Federal Credit Union:
Having begun in 1967 with eight employees from International Business Machine Corporation (IBM) near its headquarters in Raleigh, North Carolina, it has since expanded to include over 1,200 employee groups across the Research Triangle (which includes nearby Durham) and more than 190,000 members.
The not-for-profit CFCU strives to find new and innovative ways to put its member-owners first, both in terms of the products it offers and customer service mentality geared to meet every need. CFCU’s mission statement gets right at this goal, creating an environment set up ‘to foster the Credit Union philosophy of people helping people’ by encouraging professional interactions at every turn always with the member’s best interest at heart.
The financial planners, for example, are on salary with the organization and only direct clients to funds provided by others.
CFCU avoids any conflicts of interest by selecting the best options from a variety of companies instead of pushing its own.
Products and Services:
The following products and services are being offered by the credit union:
Online Banking and BillPay
Home and Auto Loans
Health Savings Accounts
This extensive number of choices for the community led to a $16.7 million profit in 2010, approximately 17% of which was paid out to members of CFCU per the organization’s bylaws. This growth is overseen by a seven-person team of three full-time employees and four people elected by the membership. The group gathers to discuss the direction of credit union as a whole, making tough decisions to increase profitability such as a strategic reduction of overall assets (from $2.1 billion to $1.9 billion in the most recent reports) to improve the net worth of CFCU (up to 8.1% from 6.67% over the previous period).
Innovation is a key part of CFCU’s strategy to maintain excellent customer service, which is why it constantly looks to improve the services members have access to and set up new ones.
In the last year, the organization completed a project to provide �Personal Teller Machines� at each of its 14 locations. Much like an ATM, but with the personal touch of dealing directly with a person, these new kiosks have been well-received by members � which is exactly what the staff at CFCU hoped for.
To learn more about CFCU via phone or mail, inquire at:
Coastal Federal Credit Union
PO Boxx 58429
Raleigh, NC 27658
Toll Free: (800) 868-4262
Local: (919) 420-8000
Last Updated on : 27th June 2013