DUBUQUE, Iowa—Systematic saving will pay off for Dupaco Community Credit Union members this holiday season, as the CU’s popular Holiday Club savings account has paid out nearly $5.9 million to 5,450 participating members.
The average Dupaco member saved $1,073.79.
The Holiday Club payout came within two weeks of Dupaco members also collecting more than $3.3 million in Thank Use, a campaign that pays participating members Ownership Perks for using their credit union’s services to boost their financial well-being, Dupaco reported.
Dupaco’s Holiday Club was created in 1954. Holiday Club accounts are 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.
Through the credit union’s Holiday Club, participants learn the art of thrift and avoid a post-holiday debt burden, said Dupaco President and CEO Joe Hearn.
“The habit of systematically saving money is a core principle of Dupaco,” Hearn says. “Thrift by way of a Holiday Club account, which also earns daily dividends year-round, better prepares members when the holidays arrive.”