Origins
The first known Christmas club started in 1909, when Merkel Landis, treasurer of the Carlisle (Pennsylvania) Trust Company, introduced the first Christmas savings fund. The club generated 350 customers who saved about $28 each, and the money was disbursed on December 1 of that year. The January 2, 1920, edition of the Belvidere, Illinois Daily Republican announced that the town's State Farmers Bank was encouraging parents to enroll their children in the Christmas Banking Club "to develop self-reliance and the saving habit".
Read more about this topic: Christmas Club
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