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iFoxi picks up report highlighting CUs Christmas Clubs
NEW YORK (7/15/11)--Credit unions' Christmas Clubs saw a comeback after the financial crisis, the Credit Union National Association (CUNA) said in an article posted on SavingsAccounts.com, which was picked up by Fox Business.com Thursday. The article, "Christmas in July: The return of the Christmas Club," said Christmas Clubs--the interest-bearing savings accounts designed to help people save money each month and receive a lump sum withdrawal before the winter holiday season hits--are "an old idea, but one that's becoming more popular as purse strings grow tighter and people spend less and save more.” The product was in and out of vogue for "decades leading up to the credit card boom, when the idea fell out of style and disappeared from many mainstream banks,” said the article. CUNA was reported as saying the most recent financial crisis in the late 2000s brought new interest in the clubs, "which reached their zenith in 2009." "Today, small financial services institutions and most credit unions still offer a Christmas club product," the article reported. It listed standard features.
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