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Our members open Christmas Club Accounts to help save for the holidays. This special account may be opened anytime for as little as $25. You can make deposits over the counter, by mail, or through automatic payments. Automatic payments can be from direct deposits, payroll deductions or automatic transfers--any amount can be specified for deposit to the Christmas Club Account. On or about November 1 each year after dividends have been posted, the entire balance will be mailed to you in a check or deposited into your share or checking account. Use of this account is not limited solely for the holidays. Some members, who have paid off their homes and no longer make monthly payments to a mortgage company, use this account to make monthly deposit for taxes and/or insurance that may become due at the end of the year. The Christmas Club Account earns a monthly dividend using an Average Daily Balance Method. You must maintain a minimum average daily balance of $100 in your account to obtain the disclosed Annual Percentage Yield. Dividends will begin to accrue on the business day deposited. Dividends are paid on the first day of the month following the month earned (e.g. January's dividend earned is paid on February 1). If you close your Christmas Club Account before dividends are paid, you will not receive the accrued dividends. There are transaction limitations. You may not make any withdrawals or transfers to another account of yours at SJCU or to a third party by means of a pre-authorized or automatic transfer, telephonic order or instruction, or similar order to a third party. If any withdrawal is made from this account before November, then the entire balance must be withdrawn and the account closed. Please refer to our separate Truth-In-Savings Disclosure brochure for complete disclosure information. |
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