DUBUQUE, Iowa—Dupaco Community Credit Union is reporting its members have set a new record when it comes to its popular Holiday Savings account.
Dupaco members received a record payout of $6.2-million, which was paid out on Oct. 30 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 credit union said, noting 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 the credit union’s services. More on that program can be found here.
Dupaco said members traditionally open their Holiday Club accounts 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.
‘A Core Principal’
“The habit of systematically saving money is a core principle of Dupaco,” said President/CEO Joe Hearn says. “Thrift by way of a Holiday Club account, which also earns daily dividends year-round, better prepares members when the holidays arrive.”
The $2.62-billion Dupaco Community CU has approximately 144,000 members.