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The Christmas
Christmas
club is a savings program that was first offered by various banks and credit unions in the United States beginning in the first half of the 20th century, and including the Great Depression. The concept is that bank customers deposit a set amount of money each week into a special savings account, and receive the money back at the end of the year for Christmas
Christmas
shopping.

Contents

1 Origins 2 Promotion 3 Drawbacks 4 Trivia 5 References

5.1 Notes 5.2 Citations 5.3 Bibliography

6 External links

Origins[edit] The first known Christmas
Christmas
club started in 1909, when Merkel Landis, treasurer of the Carlisle (Pennsylvania)
Carlisle (Pennsylvania)
Trust Company, introduced the first Christmas
Christmas
savings fund. The club generated 350 customers who saved about $28 each, and the money was disbursed on December 1 of that year.[1] The January 2, 1920 edition of the Belvidere, Illinois Daily Republican announced that the town's State Farmers Bank
Bank
was encouraging parents to enroll their children in the Christmas
Christmas
Banking Club "to develop self-reliance and the saving habit". Promotion[edit] For decades, financial institutions competed for the holiday savings business, offering enticing premiums and advertising items such as tokens. The Dime Saving Bank
Bank
of Toledo, Ohio, issued a brass token "good for 25 cents in opening a Christmas
Christmas
account" for 1922-1923.[2][3]>[4] There were also numbered tokens issued by the Atlantic Country Trust Co. in Atlantic City, New Jersey, inscribed on the reverse: "Join our Christmas
Christmas
Club and Have Money When You Need It Most." In the February 2006 issue of Forbes
Forbes
magazine, business writer James Surowiecki
James Surowiecki
summarized the accounts' appeal: "The popularity of Christmas
Christmas
club accounts isn't a mystery; if their money was in a regular account, people assumed they'd spend it."[5][3][4] Drawbacks[edit] Key drawbacks of Christmas
Christmas
club accounts included low interest rates and a high number of restrictions, such as not allowing withdrawals unless fees were paid. Christmas
Christmas
clubs later fell out of favor with consumers.[A] Banks also incurred high costs in maintaining the accounts. According to Dennis Halpin, the CEO for the Capital Communications Federal Credit Union, the union had 3,500 Christmas
Christmas
club members in 1984. Each member required a check to be produced, signed, collated, and mailed, only for 70 percent to be returned to the bank to be deposited in another account. Trivia[edit] The television game show Jeopardy!
Jeopardy!
offered the clue, " Bank
Bank
president Merkel Landis
Merkel Landis
founded this in Pennsylvania The correct respsonse: "What is The Christmas
Christmas
Club?"[9] References[edit] Notes[edit]

^ Key drawbacks of Christmas
Christmas
club accounts included low interest rates and a high number of restrictions, such as not allowing withdrawals unless fees were paid. The December 23, 1949 episode of the radio program Life of Riley highlighted these problems with an episode featuring Chester Riley visiting the bank to withdraw his Christmas club money. Riley had made only one $2 deposit, but the account had accumulated so many fees (for the passbook, for early withdrawal, and for the mailing of reminders) that Riley owed the bank another 25 cents.[6][7][8]

Citations[edit]

^ Kane, Joseph Nathan (1974). Famous First Facts (4th ed.). Ace Books. p. 93.  ^ "Dime Savings Bank
Bank
Christmas
Christmas
Token" (Photograph). Retrieved December 29 2017.  Check date values in: access-date= (help) ^ a b Slabaugh, Arlie R. (1966) Christmas
Christmas
Tokens and Medals. Chicago: Author (ANA Library Catalogue No. RM85.C5S5) ^ a b Reback, Marilyn A. (December 2006) Numismatist, Volume 119, Number 12, pp. 57–60. ^ Surowiecki, James. “Bitter Money and Christmas
Christmas
Clubs.” Forbes.com. Feb. 14, 2006. ^ "The Christmas
Christmas
Club" (Audio)format= requires url= (help). Old Time Radio Downloads. December 23, 1949.  Missing or empty url= (help); access-date= requires url= (help) ^ Pinckney, Barbara (November 15, 2002). "Holiday Clubs Endure Despite Waning Popularity". The Business Review. Albany, NY.  ^ Sewall, Tim (December 5, 1997). " Christmas
Christmas
Club According Is Becoming a Thing of the Past". Memphis Business Journal.  ^ Chaston 1997, p. 2.

Bibliography[edit]

Chaston, Joel (1997). Lois Lowry. New York, New York: Twayne Publishers. ISBN 978-0-8057-4034-9. Lowry recalls that he was once mentioned in a question on the television game show Jeopardy: "The question was, ' Bank
Bank
president Merkel Landis
Merkel Landis
founded this in Pennsylvania.' The answer was: 'The Christmas
Christmas
Club.' 

External links[edit]

Oklahoma State Bank
Bank
Christmas
Christmas
Club flyer, 2014 First Reliance Christmas
Christmas
Club Flyer, February 25, 2016

v t e

Christmas

Christmas
Christmas
Eve Children's Day Boxing Day Nochebuena Saint Nicholas
Saint Nicholas
Day St. Stephen's Day Sol Invictus Yule

In Christianity

Biblical Magi

Adoration of the Magi

Adoration of the Shepherds Advent Angel Gabriel Annunciation Annunciation
Annunciation
to the shepherds Baptism of the Lord Bethlehem Christingle Christmastide Epiphany Herod the Great Jesus Joseph Mary Massacre of the Innocents

flight into Egypt

Nativity Fast Nativity of Jesus

in art in later culture

Nativity scene Saint Nicholas Star of Bethlehem Twelfth Night

In folklore

Badalisc La Befana Belsnickel Caganer Christkind Ded Moroz Elves Father Christmas Grýla Jack Frost Joulupukki Knecht Ruprecht Korvatunturi Krampus Mikulás Miner's figure Mrs. Claus Nisse/Tomte North Pole Old Man Winter Olentzero Père Fouettard Père Noël Rudolph the Red-Nosed Reindeer Saint Lucy Santa's reindeer Santa's workshop Sinterklaas Tió de Nadal Vertep Yule
Yule
Cat Yule
Yule
Lads Zwarte Piet

Gift-bringers

Saint Nicholas Santa Claus List of Christmas
Christmas
gift-bringers by country

Traditions

Advent
Advent
calendar Advent
Advent
candle Advent
Advent
wreath Boar's Head Feast Candle arches Cards Carols by Candlelight Cavalcade of Magi Crackers Decorations Events and celebrations Feast of the Seven Fishes Flying Santa Google Santa Tracker Hampers Las Posadas Letters Lights Lord of Misrule Markets Meals and feasts Moravian star Nine Lessons and Carols NORAD Tracks Santa Nutcrackers

dolls

Ornaments Parades

list

Piñatas Pyramids Räuchermann Seals Secret Santa Spanbaum Stamps Stockings Tree Twelve Days Wassailing Windows Yule
Yule
Goat Yule
Yule
log

By country

Australia and New Zealand Denmark Germany Hawaii Hungary Iceland Indonesia Ireland Mexico Norway Philippines Poland Romania Russia Scotland Serbia Sweden Ukraine

Music

Carols

list

Hit singles UK Hit singles US Music books

Carols for Choirs The Oxford Book of Carols The New Oxford Book of Carols Piae Cantiones

Other media

Films Poetry

"Old Santeclaus with Much Delight" "A Visit from St. Nicholas"

Television

specials Yule
Yule
Log

In modern society

Advent
Advent
Conspiracy Black Friday (partying) Black Friday (shopping) Bronner's Christmas
Christmas
Wonderland Christmas
Christmas
club Christmas
Christmas
creep Christmas
Christmas
Day (Trading) Act 2004 Christmas
Christmas
Lectures Christmas
Christmas
Mountains Christmas
Christmas
truce Controversies Cyber Monday Economics Giving Tuesday El Gordo Holiday season In July In August Leon Day NBA games NFL games Puritan New England American Civil War Post-War United States Running of the Santas SantaCon Santa's Candy Castle Small Business Saturday Super Saturday Virginia O'Hanlon White Christmas Winter festivals WWE Tribute to the Troops Xmas

Food and drink

Dinner

Joulupöytä Julebord Kūčios Réveillon Twelve-dish supper Smörgåsbord Wigilia

Sweets

bûche de Noël Cake Candy cane Cookies Fruitcake Gingerbread Kourabiedes Melomakarono Mince pie Pavlova Pecan pie Pumpkin pie Pudding Rosca de reyes Szaloncukor Turrón

Soup

Menudo

Sauce

Cranberry sauce

Beverages

Apple cider Champurrado Eggnog Mulled wine

Smoking Bishop

Ponche crema

Dumpling

Hallaca Tamale

Meat

Ham Roast goose Romeritos Turkey Stuffing

Cate

.