Systematic saving will pay off for Dupaco members this holiday season.
Through the credit union’s popular Holiday Club savings account, 5,193 participating members saved a record-setting $5.2 million throughout the year. Members received their savings, and dividends, Oct. 30.
The average Dupaco member saved $1,003.
“When you save throughout the year, it’s a lot less stressful during the holiday season, because your holiday spending money is already there,” said Megan Redmond, branch manager at Dupaco’s Cedar Heights branch in Cedar Falls. “Many times, after members have used the Holiday Club, they increase their savings each year, because they don’t even miss the money.”
Record savings for holiday season
The amount saved was the highest in the history of Dupaco’s Holiday Club—and more than $280,000 over last year’s savings. The Holiday Club started in 1954.
The payout came within two weeks of members collecting more than $3.6 million in Thank Use. The campaign pays participating members a bonus cash dividend for using their credit union’s services to boost their financial well-being.
Members traditionally open a Holiday Club in November. Automatic deposits are made into the account weekly or biweekly throughout the year. At the end of October, all savings, plus accumulated dividends, are paid out automatically to participating members.
Through the credit union’s Holiday Club, participants learn the art of thrift and avoid a post-holiday debt burden, Dupaco President and CEO Joe Hearn said.
“The habit of systematically saving money is a core principle of Dupaco,” he said. “Thrift by way of a Holiday Club account, which also earns daily dividends year-round, better prepares members when the holidays arrive.”