Why join Coast360?
Approximately 1 in every 3 people in Guam chooses Coast360 for their financial needs. For over 50 years, we’ve grown with our island community, providing strength, service, and stability, a true testament to our brand – together we thrive.
Our mission is to build a lifetime relationship by enriching each member's life through exceptional service; and to be stewards of our environment and community for all generations.
Join us today and experience the credit union difference.
What is a credit union & how do they differ from banks?
Put simply, a credit union is a financial institution established to serve a group of people joined together by a common bond. As a not-for-profit credit union, Coast360 Federal Credit Union belongs to its members—not some distant group of stockholders. We strive every day to provide our members with exceptional service and value in all that we do. Any profits made are given back to our members in the form of higher dividends, lower loan rates and fees, and more services. Our Board of Directors is made up of member-elected volunteers who oversee the direction of the credit union and to ensure that we continue to grow and develop according to our mission and in a way that best serves our members.
Did You Know?
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| Credit unions are different from banks in so many ways |
| FEATURE |
CREDIT UNIONS |
BANKS |
| Philosophy |
Not for profit, not for charity, but for service. Earnings returned to members as better rates, fewer and lower fees, improves services. |
Business orientation. Exist to earn profit for stockholders. |
| Control/Management |
Member-elected, unpaid volunteer directors. |
Shareholder-elected, paid directors. |
| Savings (share accounts) |
Deposit yields generally higher than banks. |
Deposit yields generally lower than credit union rates. |
| Loans |
Loans offered: personal, auto, secured, home improvement, mortgage, and credit cards. Loan rates generally lower than at banks. |
A variety of loan types but banks traditionally are oriented toward commercial loans. Loan rates usually higher than credit union rates. |
| Checking (share draft) |
Credit union checking are generally free and dividend earning accounts. Fees are either non-existent or minimal compared to banks. |
Checking account types are similar, but more banks charge higher fees associated with their accounts than do credit unions. |
| Fees |
Credit union fees typically are fewer and lower than bank fees. Credit unions rarely price fees to produce revenue. |
Fees account for nearly one-third of banks' total profits. |
| Safety |
Deposits in nearly all credit unions are insured up to at least $250,000 by federal or private insurer. |
Nearly all accounts insured up to $250,000 by a government agency. |
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