Use the equity in your home to get the CASH you NEED.

April 2023 QuickNote

Mortgage Loans

Loan Application

Certificate Rates

Auto Rates

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*APR* = Annual Percentage Rate. See credit union for full details. Some restrictions apply. Rates, terms, and offers subject to change without notice. All loan financing is based upon credit qualifications. Rates are applicable to new money only. Federally insured by the NCUA. Equal Housing Opportunity.

NO annual fee.
NO balance transfer fee.*
NO charge for a cash advance.
Fixed interest rate as low as 10.99% APR.*
25-day interest-free grace period on purchases.
Payments are only 4% of your balance each month or a minimum of $10.00 per month.

Need a Quaker Oats Credit Card? Apply online today!

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*Annual Percentage Rate. Credit Card offered with approved credit. Not all members will qualify.. No balance transfer fee when doing a cash advance using a Quaker Oats Credit Union Mastercard.

WHY GET PRE-APPROVED

A pre-approval gives you a good estimate as to how much you can afford.
A pre-approval puts you a step ahead of your competition when putting in an offer.
A pre-approval makes for a smoother loan process.

Get pre-approved before you start shopping!

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71st Annual Meeting

Please join us for the 71st Annual Membership Meeting of your credit union!

Monday, April 17^th at 5 pm

New Covenant Church

3090 N. Center Point Rd, Cedar Rapids

The business meeting will start promptly at 5 pm, and we’ll wrap up by drawing names for the door prizes. Each family that RSVPs and attends will receive one “Meal-To-Go” to share.

Please RSVP by April 5^th with the first and last names of everyone from your family planning to attend.

RSVP

*RSVP is required for meal-to-go and to be eligible for the prize drawings. One prize winner per account number.

Candidate Biographies

The following individuals are candidates for the credit union Board of Directors. There are four positions up for election on the Board. Each position is for a three-year term. Additional nominations will be taken from the floor at the annual meeting. (Candidates are listed in alphabetical order.)

Ron Dearborn

Ron is a retiree who spent 40 years at Quaker. During his time there, he helped design and launch the on-site training department, served as both a team member at the plant and as a Loan Executive for the United Way, and was voted Site Coordinator of the Year in 2009. Ron was the Chairman of the Benton County Volunteer Program for 3 years, serving during both the Pandemic and the Derecho. Ron is currently serving on the Audit Committee for QOCU. In his free time, Ron likes to travel and spend time with his family and his new dog.

Brad Dvorak

Brad has been a QOCU member for 21 years and a QOCU board member for 12 years. Brad has been the Secretary of the Board for the last 11 years. He has worked at Quaker Oats for 21 years holding various leadership positions within the Maintenance and Engineering departments and is currently part of the Quaker Divisional Engineering team supporting all 5 Quaker plants across the country. Brad, along with his wife Kristina and daughter Stella live in rural Lisbon. In his spare time, Brad enjoys hunting, fishing, golfing and working on cars.

Justin Jones

Justin grew up in Cedar Rapids IA and attended Jefferson High School. He attended Morehouse College in Atlanta, GA, where he earned his BA in Accounting. After college, he went on to work in numerous fields including banking and accounting. Justin spent time overseas working as an international missionary in Ghana West Africa. Upon his return to the states, Justin worked as a Sales Tax Accountant, Iowa State Auditor, and is currently a Senior Accountant at Collins Aerospace. Justin has been a member of the credit union for 10+ years. Justin has been closely related to the CU because his mother is a 40-year-plus employee of Quaker Oats. For the past 6 years, Justin has served on the Audit Committee for the credit union board. In his spare time, Justin coaches basketball at Jefferson High School, refs high school football, and is a part-time baseball umpire. Justin enjoys spending time with his 3 kids and relaxing.

Ellen Sennett

Ellen graduated from Williamsburg High School. She attended Kirkwood Community College where she earned her AA in Liberal Arts with a focus on business and accounting. She then attended Hamilton College where she earned her B.S. in Business Administration and Management. Ellen worked at Amana Refrigeration for 10 years where she was a Team Lead and earned her Lean Six Sigma Greenbelt certification. After her work at Amana Refrigeration, she worked as a Root Cause Analysis Lead at Clipper Windpower for 5 years and earned her Lean Six Sigma Black Belt certification. She also had an article published in ASQ magazine for a project she worked on with a supplier to improve their product. After her 5 years at Clipper Windpower, Ellen accepted a position with Mercy Hospital in Cedar Rapids where she worked for 10 years. Ellen led many cost-saving projects that saved the organization several million dollars. While at Mercy she accepted the position as the Director of Labor Resource Management. Cost savings, strategic planning, budgeting, and labor management were her areas of responsibility. Ellen is currently employed with Collins Aerospace where she is a Senior Quality Engineer. Ellen and her husband Jared have been members of Quaker Oats Credit Union for 10+ years. Ellen has been married to Jared for 17 years. They have 3 kids, Kaitlyn 22, Brayden 16, and Addyson 12, and 3 dogs Kimber, Lulu, and Jasmine.

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Deposits

A few things to remember about making a deposit:

Checks deposited at a Shared Branch location will have a 5 business day hold.
Checks and cash deposited at an ATM will have a 3 business day hold.

To avoid a multiday hold, we encourage members to make the deposit at the credit union during business hours or after hours by using our night deposit drop which is located in the drive-up.

Questions

50 and Older? Here's Your Chance to Catch Up on Retirement Saving

If you are age 50 or older and still working, you have a valuable opportunity to super-charge your retirement savings while managing your income tax liability. Catch-up contributions offer the chance to invest amounts over and above the standard annual limits in IRAs and workplace retirement plans.

2023 Limits

In 2023, the IRA catch-up limit is an additional $1,000 over the standard annual amount of $6,500. Participants in 401(k), 403(b), and government 457(b) plans can contribute an extra $7,500 over the standard limit of $22,500. For SIMPLE plans, the catch-up amount is $3,500 over the standard limit of $15,500.1

Tax Benefits

Contributions to traditional workplace plans are made on a pre-tax basis, which reduces the amount of income subject to current taxes. Contributions to traditional IRAs may be deductible, depending on certain circumstances.

If you are not covered by a retirement plan at work, your traditional IRA contributions are fully tax deductible. If you are covered by a workplace plan, you may deduct the full amount if your adjusted gross income is $73,000 or less as a single taxpayer or $116,000 or less if you're married and file jointly. If you are not covered by a workplace plan but your spouse is, you are eligible for a full deduction if you file jointly and your income is $218,000 or less.2

Contributions to Roth accounts do not offer immediate tax benefits, but qualified distributions are tax-free at the federal, and possibly state, level. A qualified distribution is one made after the account has been held for five years and the account owner reaches age 59½, dies, or becomes disabled.

Distributions from traditional accounts prior to age 59½ and nonqualified distributions from Roth accounts are subject to ordinary income taxes and a 10% penalty unless an exception applies.

Still Time for 2022 Contribution

If you qualify, you can make a deductible IRA contribution for 2022 up until the tax filing deadline on April 18, 2023. The total contribution limit for someone age 50 or older in 2022 is $7,000. You can open a new IRA or invest in a current one, but be sure to specify the contribution is for the 2022 tax year. The income limits for a full deduction in 2022 are $68,000 for single taxpayers, $109,000 for married taxpayers filing jointly, and $204,000 for taxpayers who aren't covered by a workplace plan but their spouse is.2

1) Participants in 403(b) and 457(b) plans may benefit from other catch-up contributions specific to each plan type. Participants in government 457(b) plans cannot combine age 50 catch-up contributions with other catch-up contributions. When calculating allowable annual amounts, contributions to all plans except 457(b)s must be aggregated.

2) Phase-out limits apply. Married couples filing separately cannot take a full deduction. You must have earned income at least equal to your IRA contribution. Talk to a tax professional.

Gabe A. Rohwedder, CRPC®,AIF®

Financial Advisor

Securian Advisors, MidAmerica

Updates

We do our best not to charge fees. However, when fees are necessary, we try to keep them as low as possible. Please click the following link to review our new fee schedule that will take effect on June 1, 2023.