Hi friends, and thanks for stopping by to read my reasons why I don’t refer new clients to Coast Capital Savings.

Today’s post is inspired by a recent email I received from Coast Capital. I guess they’re pretty desperate for new clients. Seeing as how they’re a credit union, they call their clients “members”. For ease of reading, I’m calling them clients. And what’s the desperation about? Well, Coast Capital would like to pay me $100 for every new person I refer to become a client. If I can refer ten suckers, I can earn up to $1,000, the maximum payout.

Referral code

Coast Capital Savings wasted their time emailing me a referral code that I can send to potential clients. You won’t see that referral code on this blog. I can not in good conscience refer anyone to become a client with Coast Capital.

Your financial choices matter, and Coast Capital has partnered with some unethical companies that have failing grades with the Better Business Bureau. And you know what they say about how you’re known by the company you keep!

If you want to see why this campaign sucks, follow the link to Coast Capital’s Elevate Chequing Account campaign page.

What’s in it for new clients I refer?

Let’s just return to the issue of referring new clients for a moment. We all know what’s in it for me – $100 a pop.

What’s in it for new clients that use my referral code?

The runaround as far as I can tell!

If I was mean enough to give potential clients my referral code, they will have to jump through the hoops Coast Capital has put up as an obstacle course. And if they pass go, they can get a bonus of up to $400.

Seriously? What’s with all this “up to” mumbo jumbo?

And here I have to be very careful I’m not providing a link that includes a referral code: https://www.coastcapitalsavings.com/promotions/referral-offer/become-a-personal-member

To sum up the above link, depending on which account a new client opens, that determines the amount of the bonus up to $400.

Now what are the hoops to jump through?

Within the first 60 days of opening the account, the new client must deposit and maintain at least $4,000 for 90 days and/or (again with the mumbo jumbo!) add a payroll direct deposit and maintain that for 90 days.

Holy shit! Avoid at all costs! Like who has an extra $4,000 to pull out of their pants to open an account?

Competitor comparison

Not that I particularly recommend them, but I’m a client with one of Coast Capital’s competitors, an online bank named Tangerine. If you’re a Canadian resident and dying to sign up with them, you can use my refer a friend code 16978874S1. It’s also called an Orange Code.

What’s in it for me? I get a $50 bonus. And I can do this three times a year.

What’s in it for the person I refer? If they make a deposit of at least $250 and maintain at least that much for 60 days – they also receive a $50 bonus.

Coast Capital has a lot to learn from their competitors! Ha ha!

Poor business decisions

I mentioned above that Coast Capital is known by the company it keeps. It has made some extremely bad financial decisions that are highly inconvenient to their clients.

Unfortunately Coast Capital tortures their clients by using Worldsource Financial to broker financial products. Click to read Dealing with Worldsource Financial is an Exercise in Frustration.

Make sure you read The Devastating Arrival of Collabria Mastercard to Coast Capital Savings.

Unfortunately for me I have a Collabria Mastercard with one of Coast Capital’s competitors. You can read about it on my post The Frustration of Dealing with Envision Financial’s Collabria Mastercard.

Debit card

There’s nothing really wrong with the Coast Capital debit card. I think it has unlimited monthly transactions and for the most part there have been no problems with it.

However, if you want to add a Coast Capital debit card to your iPhone Wallet, you better have half a day to kill!

Telephone banking

Watch me in action talk about the telephone banking hell that Coast Capital thinks is OK.

More reading:

The most important reasons NOT to become a client aka member at Coast Capital Savings is because of Worldsource Financial and Collabria Mastercard.

You may also find these articles interesting:

My Financial Advisor at Coast Capital can’t Manage my Money better than Me

Coast Capital and Worldsource Financial Should Honor “No Mail” Requests

Coast Capital Savings Wants me to take out a Car Loan

Ladies, we have to be smart with our money and make informed financial decisions.

Is it a better deal for us to scrounge up $4,000 and get “up to” $400 in bonuses or to scrounge up $250 and get a $50 bonus. Which one is more realistic?

Remember – financial institutions do not have our best interests at heart and financial institutions can make some real dumb ass decisions that alienate their clients.

Always do your research before jumping into an offer before finding out too late the promised rewards won’t happen.

Published by Cheryl @ The Lifestyle Digs on August 15, 2024 and updated October 22, 2024.

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