DUBUQUE, Iowa–An old-fashioned product that isn’t even part of the product line any more at many credit unions remains popular at one CU here.
Dupaco Community Credit Union is reporting that through its popular Holiday Club savings account, a record-setting $5.8 million-plus was saved throughout the year and was paid out Oct. 30 to 5,585 participating members.
The average Dupaco member saved $1,042.
According to Dupaco, the amount saved was the highest in the history of the credit union’s Holiday Club, which was created in 1954— and more than $673,000 over the amount saved and paid out last year.
As CUToday.info reported here, the payout came within two weeks of Dupaco members also collecting more than $4.5 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 Core Principal’
Dupaco said 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.
“The habit of systematically saving money is a core principle of Dupaco,” said CEO Joe Hearn. “Thrift by way of a Holiday Club account, which also earns daily dividends year-round, better prepares members when the holidays arrive.”