Christmas Club checks were mailed Nov. 2
More than $68,000 in Christmas Club checks were mailed out from the St. Thomas Employee Federal Credit Union on Thursday, Nov. 2. If you are a Christmas Club member, watch for your green envelope.
Christmas Club 2007 is now open. If you are a member of the club, using automatic payroll deductions to save for Christmas, your deduction will continue without change. If you wish to change the dollar amount of the deduction, call the CU for a payroll deduction form.
The CU offers this Christmas Club account for members who wish to save specifically for the holidays. A Christmas Club account begins on Nov. 1 of one year and ends on Oct. 31 of the next year. A club account for the following year is opened automatically for the next year if a deposit is made before Dec. 31. If no deposit is made before Dec. 31, the account will be closed.
Deposits can be made any time by check, money order or automatic payroll deduction.
A Christmas Club check for the total amount deposited from Nov. 1 of one year to Oct. 31 of the following year, plus the dividend, will be issued on Oct. 31 and will be available during the first week in November. Any withdrawals prior to Oct. 31 will close the club account and no dividends will be paid.
Dividends are calculated annually on Oct. 31, using the average daily balance method. The annual percentage rate used is decided by the CU board and is equal to or greater than the lesser of the previous four quarters' APR used for the basic share account. The dividend rate as of the last declaration date, Oct. 31, 2006, was 1.75 percent, with a corresponding annual percentage yield of 1.75 percent.
If you have any questions, or if you wish to open a Christmas Club account, call or e-mail the Credit Union, (651) 962-6660, or stop by the office in Room 209, Loras Hall, during regular CU hours (3-6 p.m. Mondays, or 10 a.m.-1 p.m. Tuesdays, Thursdays and Fridays).
