About a week and a half ago, Santa Claus went back up the chimney, certain to reappear.

But virtually inevitable never to be seen again? Christmas Club savings accounts, in which people put aside a set amount each month for holiday gifts.

Don’t blame the Grinch.

The real culprits are a combination of low consumer interest and a realization by most banks that these special savings vehicles were unprofitable, said Consumer Federation of America Executive Director Steve Brobeck.

To the consumer advocate, this is a bygone Christmas tradition worthy of being mourned.

“The disappearance of Christmas Club accounts and other savings promotions is unfortunate, given the pressing need of most of those with low incomes and deposits to save at least several hundred dollars to help cover emergency expenditures, ranging from a car repair to a dental visit to a new pair of shoes for a child,” said Brobeck, a founder of CFA’s America Saves.

Some small banks and credit unions still offer the Christmas Club service. “Savvy consumers should talk to their banker about a customizable plan to set aside money throughout the year,” said American Bankers Association spokesperson Mike Townsend.

On average, adults were planning to spend $929 on Christmas gifts last month, according to the American Research Group.