Yes, we still offer them.
Currently, in order to fund the account, the customer opts for a coupon book of a certain denomination ($5, $10, $20, etc.) with 50 weeks of deposits, OR the customer opts for automatic transfer from another deposit account with us. The automatic transfer amount and frequency is up to the customer then calculated and disclosed on the TISA.
Here is the dilemma: the bank wants to eliminate the maintenance of the machine that is used to print the coupon books, thus eliminating the coupons altogether. So, a couple of suggestions have been made: 1) require all deposits by automatic transfer from another account of the same owner(s), OR 2) use a regular savings deposit ticket with a special trancode for Christmas Club accounts. (I'm going to advise against funding from an outside source (i.e. payroll deduction), as allowing that will require us to send a monthy statement.)
Also, is there any reason why we have to "close" the club account when it matures and the funds are paid out? This has been our practice for years and it's quite the inconvenience to the customer to have to come in every year to open a new one.
I would appreciate any feedback or suggestions you all may have. Thank you!