Christmas Club Account Closing FAQ

The FECU will close all Christmas Club Accounts after the automatic transfers on October 10, 2023. The change will allow members to get more use from existing savings accounts and allow FECU to offer a single savings account that better meets the needs of our members. Please read the information provided, then contact us by emailing fedecu@fedins.com or calling 507-455-5430 with any additional questions.

When will the account be closed?

The Christmas Club balances will be transferred to your FECU Checking by the close of the day on October 10, 2023. If you do not have a checking account at FECU, it will be transferred into your Primary Share savings account. After the transfer, your Christmas Club account will be closed. 

Is there a deadline to change deposits going into the Christmas Club account?

All deposits will redirect to the Primary Savings if no changes are done. If you choose to make payroll changes, you may contact us to request a Salary Deduction form. It may take up to two weeks for payroll updates to process. Transfers to and from the Christmas Club savings to another account can be done in online banking prior to the automatic transfer on October 10, 2023.

What alternative accounts are available to members after closing the Christmas Club account?

The new Choice Savings account is available for all your saving and budgeting needs, not just for Christmas. The online banking tools can be used for setting up automatic transfers into the account to make saving even easier. If you're interested in opening a new Choice Savings account, simply contact us to request a New Account Form. 

What other services does the credit union offer for holiday shopping?

The FECU offers a variety of products and services to help you stay on track this holiday season. Learn more about online banking and mobile banking apps, financial calculators, mobile wallet, travel and gift cards, credit cards, and how these tools can help you track and monitor spending.  

Note: Some benefits and services described here are provided by third parties wholly independent of Federated Employees Credit Union.