DUBUQUE, Iowa—Systematic saving will pay off for Dupaco Community Credit Union members this holiday season. Through the credit union’s popular Holiday Club savings account, a record-setting $6.2 million-plus was saved throughout the year and was paid out Oct. 30, 2021, to 5,790 participating members. The average Dupaco member saved $1,071.
The amount saved was the highest in the history of Dupaco’s Holiday Club, which was created in 1954—and more than $381,000 over the amount saved and paid out last year. The payout came within two weeks of Dupaco members also collecting more than $3.7 million in Thank Use, a campaign that pays participating members a bonus cash dividend for using their credit union’s services to boost their financial well-being.
A Holiday Club is traditionally opened in November, with automatic deposits 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, says Dupaco President and CEO Joe Hearn.
“The habit of systematically saving money is a core principle of Dupaco,” Hearn says. “Thrift by way of a Holiday Club account, which also earns daily dividends year-round, better prepares members when the holidays arrive.”
ABOUT DUPACO COMMUNITY CREDIT UNION:
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Dubuque, Iowa. It is dedicated to the financial well-being of its members, and specializes in personalized financial counseling, money advice and education. It offers savings, loans, investments, insurance and wealth management products for individuals and businesses. Dupaco serves residents in 112 counties throughout Iowa, northwest Illinois and southwest Wisconsin. Founded in 1948 by ten Dubuque Packing Company employees, membership has grown to more than 144,000 with assets exceeding $2.6 billion. It has more than 600 employees and 19 branch office locations. Dupaco is a Community Development Financial Institution (CDFI). It is a Forbes Best-in-State Credit Union and a Des Moines Register Top Workplace. Learn more at www.dupaco.com.