“Selected an Excellent Choice Credit Union, Coast Line Credit Union located in the beautiful city of South Portland, Maine, has a long history of providing high-quality financial services to its members."
By: Allan R Kirby
We review Credit Unions:
Mysmallbank.com feels compelled to find the best credit unions and community banks to write a small review. These reviews are to help you learn more about community banks, possibly one that's in your area that you might be interested in. In this review we are choosing the following local Credit Union:
Name: Coast Line Credit Union
Location: South Portland
Headquartered: 333 Cottage Road
South Portland, ME 04106.
Contact Info: info@coastlinecu.com
Branches: 1
Year Established: 1927
Review:
Coast Line Credit Union (Coast Line CU) is a single branch full-service bank that serves the Counties of Cumberland, Sagadahoc, and York in the great State of Maine. Our decision to name Coast Line CU, Excellent Choice Credit Union, was based on our own research on reviews, services offered as well as their commitment to their membership and the communities they serve. What we found was a great community credit union that provides great services such as the totally free checking account which provide the following advantages:
No Monthly Service Charge
No Minimum Balance
Remote Deposit Capture
Access to your funds from nearly 5,000 Shared Branching locations nationwide
Online Banking & Mobile Banking
TellerPhone - Touch tone & voice access 24 hours a day
Free check orders for all members 50+ (limit 2 per calendar year)
Courtesy Pay Available
Bill Pay Service Available
Notary Services
"South Portland is known for th Spring Point Ledge Lighthouse which first opened in 1897."
Coast Line Credit Union currently has 70 million in assets, 1 branch, and over 3500 members. ibanknet. Coast Line Credit Union, which was originally chartered as the Railroad Workers Credit Union of Maine in 1927. The credit union was set up to serve the employees of the Maine Central Railroad Company and/or Portland Terminal Company. In 1996 the name of the credit union was changed to Coast Line Credit Union to reflect its expanded field of membership.
"Although there is not a lot of customer reviews for Coast Line Credit Union, they still sport a 5 out 5 from Google Reviews."
We will now provide you some additional highlights of Coast Line credit union well as their commitment to their community.
Free4ME Checking Accounts:
We love to highlight Credit Unions that provide services to younger generations to help them get started and Coast Line CU does not disappoint, they provide younger members a service called the free4ME checking account for the 18-25-year-old.
What you Get:
No Monthly Service Charge
No Minimum Balance
Oops! Refund: Twice per year, you can call and get a service fee charge reversed
Free debit/check card
Free Online Banking & Mobile Banking
Free e-Statements
Free SURF ATM network use: Use any SURF ATM network cash machine for free!
Free Remote Deposit Capture
Access to your funds from nearly 5,000 Shared Branching locations nationwide
TellerPhone - Touch tone & voice access 24 hours a day
Courtesy Pay Available
Club Accounts are available:
Although not popular with major banks, club accounts are still available at most credit unions like Coast Line Credit Union. These types of accounts are great to help you save for something such as vacations, holidays, or buying gifts for Christmas without having to go into debt. The following are the two club accounts available:
All-Purpose Club Account
An unlimited number of Club Accounts can be opened to help with savings goals or budgeting purposes and can be named for their purpose (i.e. taxes, vacation, wedding fund, etc.). These accounts can be managed online or in person.
Holiday Club Account
Great for reducing stress by having the money to buy gifts. The credit union allows you to make small deposits all year long. Holiday club accounts can be opened at any time. Funds are disbursed Mid-October.
Details of the club accounts
Unlimited deposits
No penalty for withdrawal
No minimum balance
Commitment to Community:
Scholarships
We always check to see if the credit union we are reviewing provides scholarships and Coast Line CU does not disappoint us. The credit union is proud to play a part in the continuing education of the youth in the communities served. They offer two $1,000 scholarships to graduating High School Seniors pursuing college or other post-secondary schools.
Members can volunteer
Coast Line Credit Union does ask for volunteers from the member-owned financial cooperative. Coast Line relies on member volunteers to serve on its Board of Directors and Supervisory Committee. Volunteers ensure financial soundness and guide strategic and policy decisions in a wide variety of areas including technology (i.e., website, online banking).
Excellent Choice Credit Union:
With great services, a commitment to their community and youth not to mention their long history of providing financial services to South Portland, Maine, it's not hard to see why this is such a great Credit Union. This is why Mysmallbank.com believes Coast Line is well deserved to receive the designation of Excellent choice, Credit Union [2]. So if you're looking for a great community-based credit union and you live or plan to live in the areas that Coast Line CU operates this could be a great financial institution for you.
Finally, we found that the Coast Line CU is a federally insured credit union through NCUA [1].
Who is Eligible:
As per their website: You are eligible to join Coast Line if you fit one of these requirements:
Any persons who live, work, worship, or attend school in the Counties of Cumberland, Sagadahoc or York, State of Maine
Businesses located in the Counties of Cumberland, Sagadahoc or York, State of Maine
Employees of Maine Central Railroad, its subsidiaries, affiliates, or associates
Employees of Boston and Maine Railroad Company, its subsidiaries, affiliates, or associates
Employees of Springfield Terminal Railway Company, its subsidiaries, affiliates, or associates
Spouses, children, siblings, parents, grandparents, and grandchildren, including step and adoptive relationships, of and persons living in the same residence maintaining a single economic unit with the persons within the credit union's field of membership are also eligible for membership
To open a Coast Line business account, all sole proprietors, partners in a partnership, member of a limited liability company, or stockholders must be in Coast Line's field of membership.
Joining is simple:
A share account, which is a savings account, establishes credit union membership. A minimum deposit of $5.00 opens the account and allows members to take advantage of all the products and services that Coast Line has to offer.
Always a member:
Once you join, even if you retire, change employers, or relocate, you and your family may remain members of Coast Line and continue to have full access to our full line of products and services.
Apply Now to become a member.
The following provides additional information on Coast Line services, branches as well as hours of operation.
Services Offered:
Full-Service Credit Union: Yes
Coast Line Credit Union Routing Number: 211288417
Personal Banking:
Savings Accounts
Checking Accounts
free4ME Checking Accounts
Money Market Accounts
Certificate Accounts
Club Accounts
IRA Accounts
Credit Union Loans:
Auto Loans
1st Time Auto Buyer Loans
2nd Chance Auto Loans
Starter Loans
Personal Loans
Share Secured Loans
Recreational Vehicle Loans
Home Equity Loans
Mortgage Loans
Student Loans
Credit Union Online
Online and Mobile Banking: Yes
Coast Line Credit Union Branch Location:
Coast Line Credit Union Branch
333 Cottage Road
South Portland, ME 04106
Telephone
(207) 799-7245
(800) 660-9494 Maine
(800) 582-9294 Nationwide
Office Hours
Monday - 8:30 AM to 4:00 PM
Tuesday - 8:30 AM to 4:00 PM
Wednesday - 8:30 AM to 4:00 PM
Thursday - 10:00 AM to 6:00 PM
Friday - 8:30 AM to 4:00 PM
Google Maps
Fax (207) 799-9FAX (207) 799-9329
TellerPhone Automated Service (855) 343-2240 (207) 805-9800 Greater Portland
To Report Lost or Stolen ATM or VISA Check Card (207) 799-7245 During Normal Business Hours (800) 472-3272 After Hours
About Community Credit Unions:
Are Community Credit Unions Better vs Banks?
Community Credit Unions are local banks that provide financial services to smaller communities and tend to be better than major banks for several reasons which include:
Better rates on savings accounts and certificates of deposits.
Competitive mortgage rates.
Fees tend to be lower at community banks.
Local deposits are used to make loans to local businesses.
Community Credit Unions tend to have a better understanding of the communities they serve.
Community Credit Unions tend to have a more personalized customer service experience and have higher customer satisfaction rates.
Community Credit Unions provide local jobs and support local charities.
Notes:
1. The National Credit Union Administration (NCUA) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions. NCUA's standard maximum share insurance amount at $250,000.00.
2. Periodically Mysmallbank.com will name a credit union as a top choice (Top credit union) based on several criteria such as customer and employee reviews, complaints, satisfaction, growth, locations, brand, and social responsibility. We only select the best credit unions, so they must meet minimum standards of excellences (Excellent Choice) to be reviewed by Mysmallbank.com
In Review is a segment of the MySmallBank.com blog written by Allan R Kirby, who writes and produces Personal Finance articles and videos.
Disclosure: mysmallbank.com nor the author received any compensation from the mentioned credit union for this article. The article is our opinion only and is written to help readers learn more about local credit unions.