Dupaco Holiday Club deposits payout totals $3.3 million
DUBUQUE, Iowa (11/3/09)--More than $3.3 million was injected into Dubuque, Iowa's local economy when Dupaco Community CU paid out this season's Holiday Club deposits to more than 3,400 Dupaco members.
The funds were deposited into members' share draft checking or savings accounts on Saturday.
Members traditionally open Holiday Club accounts in November with small deposits made into the account weekly or bi-weekly throughout the year. On or about the following Nov. 1, all savings, plus accumulated dividends, are paid out automatically to the depositor.
Dupaco Holiday Club accounts are the perfect way for individuals to learn the art of thrift and avoid a post-holiday "financial hangover," according to Dupaco Community CU President/CEO Bob Hoefer.
"The habit of systematically saving money is a core principle of Dupaco and its Money Makeover," Hoefer said. "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.
However, 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 with no minimum balance, Dupaco said.
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