This study investigates the use of the consumer buying club concept in the savings and loan industry. The major purposes of the study were to determine the effectiveness of savings and loan clubs as promotional tools and to reveal some broader marketing implications of the savings and loan club concept. The study's findings provided support for the following hypotheses: I. If savings and loan clubs were independent business operations in the channels of distribution for the goods and services they offer members, these clubs, based upon the marketing functions they perform, would be classified as two or more different types of distinct marketing institutions. II. Rather than being temporary promotional tools, savings and loan clubs are permanent organizational units of some savings and loan associations. III. Savings and loan clubs offer access to a large market for manufacturers and middlemen of certain goods and services. Primary data on the operations and activities of savings and loan clubs were collected in semi-structured interviews with executives of ten clubs that are believed to represent every type of club program existing in the fall of 1973. A mail survey of selected regulatory authorities provided information about the present and future regulatory environment in which clubs operate. Analyses of the data suggest that there are qualitative and quantitative differences in club programs based upon the geographic scope of a club's operation and the size of the sponsoring savings and loan association; however, the club concept appears to be an effective and relatively inexpensive promotional tool when matters of club objectives and design are carefully considered. The regulatory environment for club operations may be described as a passive one, and the findings indicate that this environment will not change in the near future. Savings and loan clubs are consumer-oriented and service-oriented promotional tools indicative of a recent marketing awareness in the savings and loan industry. Clubs both require and facilitate the planning of marketing strategies and objectives, including the use of market segmentation and product differentiation. The study's findings suggest the club concept is growing in popularity in the savings and loan industry, and the use of clubs as promotional tools will continue to grow in the future. Savings and loan clubs function as facilitating agencies in the marketing process by arranging for members to receive special discounts from established sellers of a wide variety of consumer goods and services. Some clubs function as merchant middlemen, either as retail stores or as mail order retail establishments, based upon their practices of buying merchandise to be sold to club members at cost. Savings and loan clubs are not profit-making organizations, with the exception of franchising activities by some national clubs. A functional analysis of club operations suggests that these clubs may be more effective than American consumer cooperatives have been. The savings and loan club market is a large and growing one offering manufacturers and middlemen, particularly retailers, access to an affluent market. The findings indicate that merchandise offers, involving buying and re-selling items to members, is an unpopular and unsuccessful type of club benefit. For this reason, manufacturers and wholesale middlemen derive indirect benefit from the club market through increased sales that established retailers may obtain by participating in a club's discount program.