It looks like a merry Christmas is in store for the university's Christmas Club members. The St. Thomas Employee Federal Credit Union processed Christmas Club checks Monday, disbursing $93,739.08 to the 98 Christmas Club members for 2010. The total includes all deposits into the account from Nov. 1, 2009, through Oct. 31, 2010, plus an annual dividend of .75 percent, posted on Oct. 31.
Christmas Club checks that have not been picked up or that did not have specific delivery instructions will be mailed today; they will be sent to the same address as statements are mailed. (Watch for the green envelopes.)
The 2011 Christmas Club is now open. To open a Christmas Club account, call (651) 962-6660, or e-mail the credit union, or stop by the credit union office in Room 209, Loras Hall. For current club members, automatic payroll deductions will continue without interruption.
In addition to the payroll deduction option, deposits can be made by check or money order sent to, or dropped off at, the credit union office, Room 209, Loras Hall (Mail LOR209).
“The Christmas Club account is a convenient method of saving specifically for the holidays,” said Adrienne Sturm, credit union manager.
Withdrawals from the accounts are not allowed, except on Nov. 1, when the entire balance, plus the dividend, is disbursed. If the funds are needed earlier, the entire balance in the account must be withdrawn, and the account is closed for the year. Dividends are not paid on funds withdrawn early. (The credit union neither accepts nor disburses cash.)
More information about other offerings is available on the credit union website.