Coastal1 FAQs
When your credit union changes its name, it’s natural to have questions. We understand. That’s why we’ve compiled a list of the most frequently asked questions here for your convenience.
Why are you changing your name?
While we love our hometown of Pawtucket, we’ve grown to 17 branch locations in and around RI, and nearly $3 billion in assets. Our new name more accurately reflects the larger marketplace we now serve.
When will the name change take place?
The week of May 18th, 2022. That’s when you’ll see new signage and the new name start to appear in all of our materials.
Are you being bought or merging with another credit union?
No. We’re still the same credit union you’ve come to know and trust. We’re just changing our name to reflect our growth and larger marketplace.
Are any of your locations closing?
No, our locations will remain the same, plus we’re adding additional branches.
What about your staff? Are they changing?
Our staff is not changing. You’ll still see the same great folks you’ve come to know.
Is my money still insured?
Yes, we’re still insured by the National Credit Union Association just like we were before. It’s a government agency. So, you can rest easy knowing your money is safe.
Are your phone numbers changing?
No, but they’ll now be listed under Coastal1 Credit Union.
Will the Credit Union’s routing number, or any of my deposit or loan account numbers be changing?
No, our routing (or “bank”) number and your account numbers will remain the same.
How long will you honor checks payable to Coastal1 Credit Union (e.g., loan payments)?
We’ll honor checks made payable to Coastal1 Credit Union through year-end 2022 but would appreciate it if you could make them payable to Coastal1 Credit Union beginning May 18, 2022, when we officially change our name.
Do I need to change the Credit Union’s name with the provider of any direct deposits (e.g., employer, pension, social security, etc.)?
No change is necessary. Our routing (or “bank”) number and your account numbers will remain the same so everything should process as it does currently.
How will this affect my tax forms?
Your tax forms will be issued only under our new name. Our bank number and your account numbers will not have changed so there should not be any reporting issues.
How will this change affect accounts listed on my credit report?
Current and historical Coastal1 listings on credit reports will change to reflect both the new and old name. The new format will be “COASTAL1 CU FKA Coastal1 where FKA means “formerly known as”.
Will the Credit Union still be supporting its local communities?
Yes, we will continue to support our communities and local endeavors as we have in the past.
Will I be getting a new debit/ATM card?
Yes, you’ll receive a new Coastal1 debit card in May. You can use it as soon as you receive and activate it.
How long will I be able to use my current Coastal1 card?
Your current Coastal1 card will work until you activate your new Coastal1 card, or August 1, 2022, whichever comes first.
Is my debit card number changing?
No, the card number will remain the same as on your current card; however, the expiration date, and CVV security code on the back will change. If you have an automatic payment linked to your current card, you’ll need to update the expiration date and CVV on the payment website.
Will I need new personal or business checks, and if so, will there be any cost to me?
Yes, you will receive an order of our standard design checks in the mail at no cost to you in May. Please confirm that your account number and information is correct and begin using them upon receipt. If there is any incorrect information, please contact us and we will replace these checks at no cost to you. If you’ve recently ordered custom design checks through us or through a third party provider, we’ll reimburse you up to $50 for your first order.
What check number will they start on?
If you generally order your checks through the Credit Union, the starting number for your new checks will be based on the ending number of your last check order. For example, if the last check number of your current order (whether it has been written or not) is 500, the new checks will start off at number 501. If you generally order your checks through a third party provider, the new checks will start off at number 3001 to avoid reusing previously written check numbers. Upon receipt, you may request a different starting number if you so desire.
How long will I be able to use my current Coastal1 checks?
You’ll be issued new checks that reflect our new name in May. Your current/old Coastal1 checks will still be valid as the bank number and account number will not be changing; however, merchants will likely question their validity after a certain date due to the old name.
Will I need new checks for my Coastal1 personal line of credit, and if so, what number will they start on?
Yes, you’ll receive new checks in the mail at no cost to you in May. The starting number for your new checks will be based on the ending number of your last check order. For example, if the last check number of your current order (whether it’s been written or not) is 500, the new checks will start off at number 501. Please confirm that your account number and information is correct and begin using them upon receipt. If there is any incorrect information, please contact us and we will replace these checks at no cost to you.
How long will I be able to use my current Coastal1 personal line of credit checks?
You’ll be issued new personal line of credit checks that reflect our new name in May. Your current/old Coastal1 checks will still be valid as the bank number and account number will not be changing; however, merchants will likely question their validity after a certain date due to the old name.
I have a Coastal1 credit card. Will I be getting a new one?
Yes. You should receive your new Coastal1 credit card by mail in late May.
Will my credit card account number be changing?
No, the card number will remain the same as on your current card; however, the expiration date and the CVV security code on the back will change. If you have an automatic payment linked to your current card, you’ll need to update the expiration date and CVV on the payment website.
How long will I be able to use my current Coastal1 credit card?
Your current Coastal1 card will work until you activate your new Coastal1 card, or August 1, 2022, whichever comes first.
How will the name change impact online banking or billpay?
The name and logo you see will change to Coastal1, but everything else will remain the same. Your user ID and password will not change.
Will I need to save a new Favorite/Bookmark shortcut to the website?
Yes. We’ll be changing the website address to reflect our new name. In the short term we’ll have automatic redirects from our current web page addresses, but you should update your bookmarks with the new website addresses.
What will the new website address be?
Coastal1.org (not case sensitive)
Will I need to download a new mobile banking app?
Yes. We’ll be updating the app to reflect our new name. If you have mobile banking with us, you’ll get a notification to download the new app. Please note it will have the new Coastal1 name and logo.
Will I need new checks for my Coastal1 home equity line of credit, and if so, what number will they start on?
Yes, you will receive new checks in the mail at no cost to you in May. The starting number for your new checks will be based on the ending number of your last check order. For example, if the last check number of your current order (whether it’s been written or not) is 500, the new checks will start off at number 501. Please confirm that your account number and information is correct and begin using them upon receipt. If there is any incorrect information, please contact us and we will replace these checks at no cost to you.
How long will I be able to use my current Coastal1 home equity line checks?
You’ll be issued new home equity checks that reflect our new name in May. Your current/old Coastal1 checks will still be valid as the bank number and account number will not be changing; however, merchants will likely question their validity after a certain date due to the old name.
Do I need to change the payee or address where I send my Coastal1 loan payments to reflect the new name?
Loan payments mailed to us should be made out to Coastal1 Credit Union and sent to the same address you’ve been using. If you receive a Coastal1 payment envelope with your loan statement, you may use it to make your payment as it will still arrive at the same correct destination. For payments made to us electronically, no change is necessary since our bank number and your account number will remain the same as they are now.
Do I need to change the Credit Union’s name at my other financial institution/s for automatic payments made to Coastal1?
You may wish to update our name at your other financial institution/s, but it’s not necessary since our bank number and your account number are not changing, and these numbers determine where your payment is directed.
If I use online banking and billpay from another financial institution to pay my Coastal1 loan, do I need to update my biller records there to reflect the new Coastal1 name?
You may wish to update our name at your other financial institution/s, but it is not necessary since our bank number and your account number are not changing, and these numbers determine where your payment is directed.
Will my mortgage remain with the Credit Union after the name change?
We service nearly all of the mortgages we originate. If we currently service your mortgage, we expect to continue doing so.
Do I need to change the Credit Union’s name on my homeowners, flood, or auto insurance, or can I leave it as Coastal1?
You don’t need to change our name on any existing insurance policies. Every policy contains language identifying the mortgagee (Coastal1) and providing for assignment to a successor (i.e., Coastal1). This makes the current insurance policy applicable to the successor for the duration of the current policy term. After we’ve changed our name (on 5/18/22), any policy renewals or new policies should reflect our new name.
Do I need to change the Credit Union’s name on any insurance related to a commercial or business loan?
You don’t need to change our name on any existing insurance policies. Every policy contains language identifying the mortgagee (Coastal1) and providing for assignment to a successor (i.e., Coastal1). This makes the current insurance policy applicable to the successor for the duration of the current policy term. After we’ve changed our name (on 5/18/22), any policy renewals or new policies should reflect our new name.
Can I still make my mortgage payment at the branch?
Yes, we’re the same folks you’ve been banking with, we’ve just changed our name.
If you have additional questions beyond those covered above, feel free to call us and we’ll be happy to assist you.