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Why did banks discontinue the Christmas Club idea?
Looking into my wallet today, I noticed I am now strapped for Christmas cash. That led me to wondering why did banks ever discontinue their Christmas Club account business? Does anyone know? ( For you youngsters, a Christmas Club was an account you could put money into during the year, but not take out of until after Thanksgiving) Sure, if I could come up with a lump sum of 500 to 1000 dollars, I would put it in a CD to hold until next Christmas; that just never seems to happen since I live paycheck to paycheck.
THANKS TO ALL who answered- I didn't know credit unions still had them! I'm definitely starting one in January!
5 Answers
- Anonymous1 decade agoFavorite Answer
As most of the people who have answered before me have pointed out, they still exist, except that you probably have to ask for them. I have been having my friends jumping onto the Christmas Club bandwagon thanks to this little article I found on a finance blog: http://financialbasics.blogspot.com/2006/11/holida...
If you have friends who are resisting the idea or simply don't know it's an option, it's definitely worth sharing with them.
Happy Holidays!
Source(s): http://financialbasics.blogspot.com/ - 1 decade ago
If your bank does not offer Christmas Club accounts check your local credit unions. We still offer them at the one I work for! Go to www.NCUA.gov to find a credit union close to you and for which you qualify for membership. Credit Unions are a bit different from banks but offer the same services and are extremely competitive.
Good Luck!
Source(s): www.ncua.gov - SarasvahLv 51 decade ago
My credit union still does christmas, vacation, etc clubs. They are great. And I am a youngster.
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- istitch2Lv 61 decade ago
But, they didn't. Or at least the ones around me still have them.
A Google search turned up lots of banks that have them ... Farmers & Merchants is just the first one to pop up.
Not my bank, but they have them.
Source(s): http://fandmbank.com/christmas_club.jsp
