I verified .bash_logout is working on FC3 (was curious to see if it was a bug)
Since you have created these files for those users, do make sure the appropriate permissions are applied. Obviously, read access is necessary, but it appears execute is not as this script is a function of bash.
Here is a default one from /etc/skel
# invalidate the gpm selection buffer iff logging out from a
# virtual terminal
if test -x /sbin/consoletype && /sbin/consoletype fg
then if test -r /var/run/gpm.pid && test -d "/proc/$(/bin/cat /var/run/gpm.pid)"
then kill -USR2 "$(/bin/cat /var/run/gpm.pid)"
Though my root one only contains the header and clear. I don't know what would happen if you used #!/bin/bash as the header, but it may not be a good idea. (Though I haven't tested to see what happens... I suspect nothing)
I want a video of Balmer running around screaming, "Permissions, permissions, permission."