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Switched my checking and savings a year and a half ago to get away from BOA's fees and awful customer service. I've liked them so far. Refinanced my car loan, wife's as well, and saved a good bit of money. Got our mortgage a few months ago through them. They seemed a little slow to respond, but basically the loan people are very overworked. Got a good rate for that as well. I guess if you're the type of person who likes to have a lot of personal interaction with your bank you might not love it. I do all my banking online and get cashback at the store if I need it. I almost never go to a branch, and when I do it's very easy and almost never any kind of wait at the personal teller stations. They've been very friendly and helpful over the phone, in person, and online.
And we keep getting money from them.... high interest each month, money back on our closing costs, and now apparently we're getting annual dividends.
There's an article in this morning's N&O about how local banks are starting to copy Coastal's business model, adopting remote tellers and so on. It does make sense from an economic point of view, if not from the standpoint of customer service.
There's an article in this morning's N&O about how local banks are starting to copy Coastal's business model, adopting remote tellers and so on. It does make sense from an economic point of view, if not from the standpoint of customer service.
Actually the article is primarily about enhanced ATM's that offer more functionality, not video tellers. I bank with First Citizens - earlier this year they installed new ATM's where you make deposits without an envelope, get an image of your check on your deposit receipt, etc. The only bank other than Coastal Federal mentioned for using video tellers is Bank of America, and those are in Boston, Atlanta and Charlotte with no timetable for them being introduced here. I have no problem using an ATM for the bulk of my transactions, but when I want to talk to a teller I want a live one, not a video screen.
I switched to Coastal two years ago when Wells Fargo charged me twice for a money order from my checking account (teller error) and bounced six checks despite my having the money to cover them in my savings account. I had to ask them several times to write to my creditors to let them know it was their error and that it was not due to my actually being overdrawn. I had banked with the same institution for over 20 years and stayed with them when they changed to WF yet my business was apparently unimportant to them. Two months after switching to Coastal, my direct deposit didn't go through and I bounced a check, they paid it and charged me $.01 because I covered it the same day. I'll take Coastal over WF tellers any day of the week.
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