This account is designed to encourage saving for Christmas throughout the year with a 50 week plan for making deposits. You may either use a coupon book or set up regular automatic deductions from another account within the bank. A check is mailed to account holders for the balance in the account plus the interest earned by November 1st of each year.
After the account is cleared
and closed each year, a deposit into the account within 30 days
reopens it for the next year. Christmas Club Accounts may be
opened between early November and March 31st.
A minimum deposit of $10.00 is required
to open the account. No withdrawals are permitted on the account,
except for the full amount of the principal. There is no monthly
service charge. There is a $10.00 early withdrawal penalty if
the account closes before the end of the 50-week period.
