Christmas clubs had heyday in early 20th century

U.S. Stamp Notes by John. M. Hotchner

There may still be Christmas clubs here and there, but their heyday was in the early part of the 20th century when banks were happy to encourage small savings accounts. The Carlisle Trust Co. of Pennsylvania introduced this saving method in 1909.

The idea was that the saver would deposit a given amount each week, month or quarter. Then at the end of the year, the bank would write a check to the saver for the amount in the account, plus interest. The saver was then ready to go Christmas shopping.

Sometimes, fancy checks would be used, such as the one shown here from the Negaunee (Mich.) State Bank made out for funds accumulated in 1923. 

While it doesn’t have a postage stamp on it, I’m still happy to include it in my Christmas collection.

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