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Educational Funds Available Through DuTrac

With its ongoing commitment to education, DuTrac Community Credit Union, in conjunction with its business partners, is pleased to announce multiple funding sources currently being made available to qualified persons:

  • 2010-2011 DuTrac Academic Scholarship Program offers four, $500 and three, $1000 non-renewable academic scholarships.  For entry requirements and additional information, you may click here for a PDF version or stop at any of DuTrac's ten convenient office locations for an application.
  • In partnership with the Dubuque Area Labor-Management Council, an exclusive $1000 grant is being made available through the 2010 Education-to-Employment Grant Program.  For entry requirements and additional information, please visit their website at www.dalmc.com.
  • Through the Iowa Credit Union Foundation, the 2010 Family Involvement Board Scholarship Program is being offered for high school students planning to enter college.  Awards totaling $3750 will be given.  In addition, two non-traditional scholarships in the amount of $1000 are being awarded.  For entry requirements and additional information, please visit their website at http://www.iowacreditunions.com/asp/fib/FIBApp.asp or stop at any of DuTrac's ten convenient office locations for an application.

If you have additional questions, please contact Karen Tegeler at (563) 585-8584 or 1-800-475-1331, ext. 8584.

Sustainable Relationship Account Offered by DuTrac

Created with Dubuque's Sustainability Initiative in mind, DuTrac Community Credit Union is doing its part to provide long-term financial sustainability for its members and the communities it serves by introducing a new relationship account called EcoPlus.

The EcoPlus Account is a comprehensive relationship account that can be utilized by any DuTrac member or any consumer within DuTrac's 14-county charter area.  To qualify, consumers need only have a direct deposit relationship with DuTrac and subscribe to e-statements.

After qualifying for the EcoPlus account, members will receive no-charge checking that is fully automated - or "green" in the sense that all transactions may be done online through DuTrac's newly re-invented website and through the use of DuTrac's EcoPlus Debit Card.  EcoPlus can be a paperless account.  Even the switch kit, for consumers wanting to switch to DuTrac to take advantage of EcoPlus' benefits, is automated, online and paperless - completely green.

"Sustainability means providing consumers with affordable financial services; financial services that change with their ever-changing needs.  Hence, DuTrac is offering a no-cost checking solution that is not only green, but is also flexible enough to change as members' needs change," states Andrew Hawkinson, president and CEO.  "It's more than just a checking account, it affects members' loan and deposit relationships with DuTrac."

"EcoPlus is a forward-thinking product for the area's consumers.  This account will help put more money back in members' pockets to continue the course of sustainable economic development in the region," sums up Hawkinson.

"According to DuTrac's internal analysis, a 'typical member' subscribing to DuTrac's EcoPlus Account will save approximately $300 the first year.  DuTrac is rekindling its long history of being innovative and meeting the needs of its members," adds Jason Norton, senior vice president of marketing and business development.  "EcoPlus Account holders receive a complete review of their financial situation, keeping EcoPlus in line with the smarter sustainable initiative in the area that truly fits the needs of every consumer.  It's a win-win for all involved."

Consumers or members of DuTrac wanting more information about the EcoPlus Account should contact any of DuTrac's highly qualified financial services consultants by calling 1-800-475-1331.

DuTrac Entry Wins People's Choice Award 

DuTrac Community Credit Union participated in the Dubuque Arboretum & Botanical Gardens' Autumn Festival by providing a scarecrow entry for the silent auction.  In addition DuTrac staff, with magic scratch-off scarecrows in hand, assisted over 120 children with creating their own Halloween ornaments.  Sunny the Savasaurus was on hand to greet young people and to share with children and parents the benefits of having a savings account.

DuTrac's "Hooked On DuTrac" themed scarecrow won the People's Choice Award by a landslide according to Arboretum officials.  It featured father and son scarecrows sitting on lawn chairs while fishing.  DuTrac's scarecrow also earned the highest silent bid raising $250 for the Arboretum.

"In keeping with its role of giving back to the communities it serves, DuTrac wanted to share in the event with the Arboretum.  We had no expectation of winning," said Jason Norton, senior vice president of marketing and business development.  "The Arboretum is a beautiful gathering spot for members and families in the community."

DuTrac Community Credit Union, headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 40 thousand members.  DuTrac has $420  million in assets, serving 14 counties in the Tri-State region with ten office locations. 

Area Residents Receive Backpacks and Cash

DuTrac Community Credit Union partnered with Radio Dubuque 92.9FM to provide the annual "Back to School Backpack Give-Away."  Community members listened to Radio Dubuque and called in to answer grade school math, science, history, English or current event questions for their chance to qualify for one of 50 backpacks, of which ten backpacks also contained a $92 VISA gift card.  Those interested in the promotion could also qualify by stopping in and signing up for the give-away at any of DuTrac Community's branch offices in the Dubuque area.

Each of the 50 backpacks contained much-needed school supplies for the back-to-school season.

"Both the qualifiers who receive the backpacks and the winners of the VISA gift cards were happy to win needed school supplies and VISA gift cards.  It was another example of how DuTrac Community and Radio Dubuque partner together to participate in community involvement activities for all ages," states Karen Tegeler, project coordinator.

DuTrac Community Credit Union, headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 40 thousand members.  DuTrac has $420 million in assets, serving 14 counties in the Tri-State region with ten office locations. 

DuTrac's Youth Program Donates 400 School Supply Items

DuTrac Community Credit Union's youth program members embraced a school supplies drive for area schools and their students in need.

Savasaurus Club members accumulated and donated new or used school supplies in good condition.  Supplies were then distributed to local area schools.

"Our youth members really came through in helping out fellow students with the school supplies drive.  It was another example of how DuTrac educates community youth about the value and importance of "people helping people" - the credit union philosophy," states Karen Tegeler, Savasaurus Club coordinator.  Club members making donations had their names entered into a drawing for a $50 savings bond.

Savasaurus Club is made available to all younger people age 12 and under with a membership at DuTrac.  The Club teaches children the value of saving and begins them on a journey that will take them far beyond the limits of a traditional savings account.  DuTrac partners with local area elementary and middle schools in order to bring financial education to children.

DuTrac Community Credit Union Savasaurus Club is a registered trademark.  For additional information on the Savasaurus Club please contact Karen Tegeler at 1-800-475-1331, ext. 7326.

DuTrac Community Credit Union, headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 40 thousand members.  DuTrac has $420 million in assets, serving 14 counties in the Tri-State region with ten office locations.

U.S. Sen. Grassley Urged to Maintain Credit Card Interchange System, Independent Federal Credit Union Regulator

During a Dubuque County Town Hall Meeting Tuesday, credit union leaders urged U.S. Sen. Charles Grassley (R-Iowa) to preserve current credit card interchange rules and safeguard credit unions’ independent federal regulator.

More than 125 people attended the standing-room-only public event, which happened at the Dupaco Community Credit Union branch in Asbury, Iowa. Other issues discussed included health care reform, energy, education and immigration.

Among Tuesday’s issues, Iowa credit union representatives asked Grassley to not support proposed federal legislation (H.R. 2695, H.R. 2382 and S. 1212) that would unfairly shift the costs of providing credit card transactions (called interchange) from merchants—who benefit from the service—to financial institutions like credit unions, who provide it. 

Credit union leaders also asked Sen. Grassley to maintain the National Credit Union Administration (NCUA) as a competent and independent regulator while Congress looks to overhaul the financial services regulatory system.

More than 25 credit union folks representing three Dubuque-area credit unions attended the event: Dupaco Community Credit Union, DuTrac Community Credit Union, and Alliant Credit Union.

Julie Vande Hoef, director of government affairs for the Iowa Credit Union League, said Tuesday’s event reflects the strong support of Iowa credit unions in our legislative advocacy efforts.

"The future of credit unions depends on their ability to engage lawmakers and articulate the credit union message," she said. "Elected officials' decisions can influence greatly the future direction of credit unions and their ability to serve members."

Program offers money match

For Iowans plagued by economic hardship and fallout from recent floods and tornados, credit unions around the state are offering some help with efforts to save.

Individual development accounts, which include a match of up to $4000 per family and $2000 per individual from government and nonprofit organizations, are available at nine credit unions.  That includes DuTrac Community Credit Union in Dubuque.

Although the program has been operating for several months, Jason Norton said participation has been slow so far.

"There’s money, we just need to get folks to take advantage of it," said Norton, senior vice president of marketing and business development at DuTrac.

Statewide, there are 30 people enrolled.  At DuTrac there is one participant.

Marybeth Foster, executive director of the Iowa Credit Union Foundation, said the six months the program has been open isn’t long enough to generate a lot of awareness.

"There is a learning curve, not only for our credit unions, but the public in general," she said.

Involvement requires the assets be used for certain purposes, including buying a home, starting or expanding a small business, paying for post-secondary education or job training, and in some cases, purchasing a vehicle.

Foster said the application process takes about an hour.

To be eligible, applicants must meet one of the following requirements:

  • Be eligible for the Temporary Assistance for Needy Families program, called FIP in Iowa.
  • Be eligible or receiving the Earned Income Tax Credit, or be at or below two times the federal poverty limit.  Generally, that includes families that qualify for the Hawk-i children’s health care program.

Foster said the changes to the program include $250,000 the Iowa Legislature set aside last session for people who live in disaster-affected counties that had some kind of material loss from flooding or tornadoes.

The savings goal has to be met in two years, or five years for home buyers.

For additional information on this program, please feel free to contact Beth Weiland by e-mail at bweiland@dutrac.org or by phone at (563) 557-5001, ext. 7520 or 1-800-475-1331 or Kristi Horan by e-mail at khoran@dutrac.org or by phone at (563) 652-4400, ext. 7702 or (800) 475-1331.

To your credit: Cardholders beware

The law, “Credit Card Accountability, Responsibility and Disclosure Act of 2009,” is intended to create transparency and openness in the credit market.  Provisions of the law, including banning retroactive rate hikes and double-cycle billing, should go into effect after February 2010.

Jason Norton says DuTrac Community Credit Union is receiving a lot of calls, although the details of the legislation are overwhelming some.

Norton, DuTrac’s senior vice president of marketing and business development, offers some credit card suggestions to consumers:

  • Read the fine print regarding any changes or disclosures regarding your credit card account and don’t hesitate to contact your credit card issuer or local financial institution with questions.
  • Question any unexplained finance charges or fees that may appear on your statement.
  • Shop around for lower rates and require fewer or reduced fees on cards.

Credit Union named leading lender by Culver

DuTrac Community Credit Union has been recognized by Governor Chet Culver as a “Leading Lender” for its participating in the Iowa Finance Authority’s FirstHome Program during 2008 and for promoting affordable homeownership for Iowans.

In recognizing DuTrac Community, the governor noted, “DuTrac’s continued commitment to the Iowa FirstHome Authority’s homeownership programs is vital to the continued growth of our state…I commend you for your outstanding dedication to our state.”

“We are honored to have been recognized by Governor Culver in our efforts to make homeownership available to all Iowans.  DuTrac Community Credit Union’s First Time Home Buyers program strives to offer federal and state programs combined with the most attractive rates to help Iowans achieve their dreams of home ownership,” stated Andy Hawkinson, president and CEO of DuTrac Community Credit Union.”

DuTrac Community Credit Union, headquartered in Dubuque is a full-service community credit union owned by and serving 39 thousand members.   DuTrac has $400 million in assets, serving 14 counties in the Tri-State region with ten office locations.

New Officers Elected at DuTrac’s Annual Meeting;
Attendance Triples

DuTrac Community held its 62nd annual meeting at a new venue - the Mississippi Moon Bar & Theatre located at the Diamond Jo Casino in Dubuque. The new venue was attended by approximately 800 members… nearly tripling the number of regular attendees at the annual meeting.

Presenting a review of the previous year’s financial results, chairman of the board, Michael Ready, highlighted the performance of DuTrac Community’s newly-hired President and his staff. Ready stated, “Staff have developed and communicated a strong market presence while providing more convenient channels of delivery for services to members and potential members.”

President and CEO Andrew Hawkinson highlighted significant positive developments in many areas including an increase in net income to $3.2 million, an overall increase in loan growth volume of $30.0 million as well as an increase in share deposits of $31.3 million. Real estate lending saw the largest increase of all lending services increasing by $19.5 million compared to the previous year. Hawkinson concluded, “Each increase reflects DuTrac Community’s ongoing commitment to serve our members’ needs during changing economic environments. For DuTrac, it is “business as usual!””

“Progressive thinking, innovative ideas, aggressive sales strategies and valued partnerships were the key to our success this year," stated Ready. "With the support of our President Andrew Hawkinson, our staff and our strategic partners, we are committed to bringing continued growth and success to DuTrac Community."

Hawkinson also reviewed several sales and marketing initiatives for the new fiscal year including a stronger internet presence, stronger electronic delivery and automation of products and services, customizable products and services to fit members’ changing needs, bundled services, and DuTrac staff striving to always find better ways to serve members and the public.

During the Annual Meeting Russell Kuennen, Robert Mueller, and Vonda Hosch were re-elected to three-year terms to the board of directors of DuTrac Community Credit Union.

At the board’s reorganization meeting, the following officers were elected: Russell Kuennen, chairman; Donald Pfohl, vice chairman; Kelan Manning, chief financial officer and treasurer; and Linda MacDonald, secretary. Other members of the board include Chris Dibbern, Harlan Pedretti, Gerald Osterhaus and Michael Ready.

Donald Pfohl was appointed credit committee chair and will serve with Michael Ready and Robert Mueller. Kelan Manning and Linda MacDonald will serve as alternates. Gerald Osterhaus was appointed audit committee chair serving along with Vonda Hosch, Chris Dibbern and Harlan Pedretti.

DuTrac  Community Credit Union headquartered in Dubuque, Iowa is a full-service community credit union owned by and serving 39 thousand members. DuTrac has $386 million in assets, serving 14 counties in the Tri-State region with ten office locations.

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