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Sign of the times
This afternoon, I stopped by my bank to do some business. While the teller did my transaction, she asked if I’d be interested in opening a Christmas Club account. I was surprised—Christmas Club accounts seem to have gone the way of dinosaurs in the past several years. I mentioned that and she said, “Well, times have changed.”
I guess they have. In the past few years, the bank lobby and teller area have been plastered with posters concerning various mortgage, loan, and credit card accounts, along with the very competitive interest rates. I’ve noticed, recently, that all those posters are gone. You’d almost think that the bank doesn’t offer loans anymore. Instead, now there are a number of posters promoting savings accounts of differing rates and terms. There has definitely been a change in attitude and business model.
So. Would I like a Christmas Club account? It could be tied to my checking account and I could transact my business online. If I wanted. If I decided to take the funds out of my Christmas Club account at any time, I could, but the account would then close. No penalties, though. Would I like one? Would I?
I’m now the owner of a shiny new Christmas Club account. I’ve always liked them. I’m glad to see them making a come-back.
And, and, they really are a good idea. I used to use one all the time when the kids were younger. Sometimes I dipped into it as early as August and started shopping. But most of the time I would start shopping for the usual’s and small stuff for the kids in Aug-Sept and then have plenty come, Oh say Dec 15-20 when the kids would change their minds last minute with the have to haves lol. I should see if my bank is offering them again. Every little bit helps lol.
Anything that urges one to save a little bit every week (or whatever time increments) as opposed to putting everything on a credit card in December is a good idea. And, I submit, this type of account works better than a regular savings account for Christmas (or for a mid-winter cruise or week at the spa...whatever your thing). For one thing, you can’t raid it without a serious consequence.
The bank will scoop the money out of my checking and plop it into the holiday savings account per my designated schedule and it’s out of sight and out of mind. I can also elect to add extra whenever I want. i have always been a fan of ‘christmas club’ accounts. The new ones are more tech oriented and hugely improved, in my opinion. Entirely manageable online, if that’s my desire (it is). Otherwise, tellers still work. They’ll either cut me a check or transfer the funds to my checking account at the time I choose. I will be one happy camper come December 1st.
I worked as a bank teller when I was in college and just after graduating. This was at the time when banks decided that hard selling of all kinds of “products” was important. I knew some people who had quotas of accounts they had to open each week or they’d get fired. Like most sales jobs, it was generally persuading people to buy things they didn’t really need, but you had to convince them they did. I got out of that industry pretty soon after that.
Like the new skin on the blog.
I worked in banking until around 1980. We were just starting to get into the high pressure sales when I left. I didn’t like it and I don’t think the customers did, either. I thought that the focus on employee selling took away from focusing on customer service and satisfaction. Irritating the customers seems to be an acceptable by-product of getting a few live ones signed up.