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.
2006-12-12 14:00:10 · 5 answers · asked by Flea© 5 in Business & Finance ➔ Personal Finance
THANKS TO ALL who answered- I didn't know credit unions still had them! I'm definitely starting one in January!
2006-12-12 14:12:28 · update #1
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/holiday-shopping-without-debt.html
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!
2006-12-13 03:02:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
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!
2006-12-12 22:10:11 · answer #2 · answered by Inquisitive125 3 · 0⤊ 0⤋
My credit union still does christmas, vacation, etc clubs. They are great. And I am a youngster.
2006-12-12 22:02:55 · answer #3 · answered by Sarasvah 5 · 0⤊ 0⤋
They weren't making enough money on Christmas accounts
2006-12-12 22:10:11 · answer #4 · answered by IceyFlame 4 · 0⤊ 0⤋
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.
2006-12-12 22:10:39 · answer #5 · answered by istitch2 6 · 0⤊ 0⤋