More than $3.54 million could be injected into the local economy as a result of Dupaco Community Credit Union's payout of this season's Holiday Club deposits to nearly 3,500 Dupaco member accounts.
The funds were automatically deposited into members' share draft checking or savings accounts on Wednesday, October 30.
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 October 31, all savings, plus accumulated dividends, is paid out automatically to the depositor.
The 2013 Holiday Club savings total was an increase over the $3.48 million saved and disbursed in 2012.
According to Dupaco President/CEO Joe Hearn, Dupaco Holiday Club accounts are the perfect way for individuals to learn the art of thrift and avoid a post-holiday "debt hangover."
"The habit of systematically saving money is a core principle of Dupaco and its Money Makeover," said Hearn. "Thrift by way of 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. The "save for your goals" thrift concept was expanded in 2000, when it launched a variation of the Holiday Club called "You-Name-It" Savings Accounts, which allows members to save for specific goals--such as a vacation or furniture purchase--and automatically set aside money into an account and name it whatever they choose.