A Christmas Club Account is a special account for specialized savings with restrictions on withdrawals.  Because of the withdrawal restrictions, this type of account is paid higher dividends than the Regular Share Account.

The Christmas Club Account has the following rates, terms and share parameters:


Minimum to Open:  $5.00
Dividend Rate: Highest Passbook rate
Minimum to Earn Dividends: $ .01
Withdrawals Allowed: One (l) on or about October 25th - December 31st each year*
Excessive Withdrawal Fee: $5.00 or loss of one quarter dividends on amount withdrawn, whichever is greater


*Normal distribution of the Christmas club Account balance will be made by check on or about October 25th of each year.  The Member also has the option to transfer the balance to other accounts (such as checking or regular shares) on that date in lieu of a check.  After the distribution, the Christmas Club Account will remain open (with a zero balance) for immediate use unless the Member directs the closing of the account.  The account may be closed at the Credit Union’s discretion if it is dormant for at least three (3) months without a balance.