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| More Than $3.3 Million to be Paid Out in Holiday Club Deposits |
| Posted: | October 30, 2009 |
| Details: | Members save more than $33 million since 1999.
More than $3.3 million will be injected into the local economy when Dupaco Community Credit Union pays out this season’s Holiday Club deposits to more than 3,400 Dupaco members.
The funds will automatically be deposited into members’ share draft checking or savings accounts on Saturday, Oct. 31.
A Holiday Club is traditionally opened in November with small deposits made into the account weekly or bi-weekly throughout the year. On or about the following November 1, all savings, plus accumulated dividends, is paid out automatically to the depositor.
According to Dupaco Community Credit Union President/CEO, Bob Hoefer, Dupaco Holiday Club accounts are the perfect way for individuals to learn the art of thrift and avoid a post-holiday "financial hangover.”
“The habit of systematically saving money is a core principle of Dupaco and its Money Makeover,” said Hoefer. “This regular practice of thrift through a Holiday Club account—which also earns daily dividends year round—better prepares members when the holidays arrive.”
Dupaco began offering its Holiday Club account in 1954. Since 1999, Dupaco members have saved more than $33 million through the program. The average Holiday Club payout this year is $971—up $65 from $906 during 2008.
Hoefer pointed out the larger average Holiday Club payout doesn’t necessarily mean people will spend more on gifts this year.
“Based on our experiences, concerns about the economy mean Dupaco members are approaching the holidays with a more disciplined approach to spending,” he said. “Some will use holiday savings to purchase necessities. Overall, we’ll see consumers will rely less on credit cards to purchase holiday gifts.”
Dupaco expanded the “save for your goals” thrift concept in 2000 when it launched a variation of the Holiday Club called “You-Name-It” Savings Accounts.
The You-Name-It accounts allow members to save for specific goals—such as a vacation, furniture or a child’s braces—and automatically set aside money into an account and name it whatever they choose, such as “2010 Family Vacation to Florida,” “New Red Leather Couch,” or “Jimmy’s Braces.”
Members can open an unlimited number of these accounts and there’s no minimum balance. |
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