Please join us in welcoming Alexa Jerkins to the Marion County Bank family!
Alexa joins our teller team in our Knoxville location. Be sure to say hello when you see her. Welcome to the family, Alexa!
Join us in congratulating Dawn Kleis on 10 years of service with Main Street Advisory Group (MSAG) and Marion County Bank!
Join us in congratulating Deb Linn on 10 years of service with Marion County Bank!
Join us in congratulating Vickie Heerema on 15 years of service with Marion County Bank!
04/27/2023--ACH TRANSACTION ISSUE CORRECTED
Duplicate ACH files have been reversed. Account balances have been corrected.
04/26/2023--ACH TRANSACTION UPDATE
Duplicate ACH files are being reversed. Please continue to monitor your accounts today and tomorrow.
We will continue to commmunicate any other details as they become available.
04/25/2023--ACH TRANSACTION ISSUE
Your account may reflect ACH transactions that you may not have been anticipating today. We have been notified by Shazam that they generated duplicate ACH files from 2015 and 2016 in error. This impacts all Shazam based customers and is not an issue isolated to Marion County Bank.
We have been advised by Shazam that they are working on generating reversals for these ACH transactions.
We apologize for the impact this could have for our customers and will communicate any other details as they become available.
5 Ways to Teach Savings
April 27 is Teach Children to Save Day. What a perfect day for all of us to talk to our kids about savings. If you’re not sure where to start, you’re in the right place.
10 Potholes to Avoid When Building Your Credit
Building a good credit history and maintaining a high credit score can open doors to higher credit limits and lower interest rates. Avoid these potholes on your credit journey.
Too Many Subscriptions?
Some Spring Cleaning Could Improve Your Finances
There are subscriptions for everything these days. With so many subscriptions, it can be easy to sign up for one and lose track of it as you stop using it. That can do some serious damage to your finances.
Join us in congratulating Jen Van Gorp on 10 years of service with Marion County Bank!
April is Financial Literacy Month and April 27 is Teach Children to Save day.
Teaching our children to save is one of the best ways we can set them up for a lifetime of financial success.
Our "Savings Made Sweet" coloring contest is a simple way to have fun talking about savings. Read on for the full details.
Join us in congratulating Julia Caldwell on 35 years of service with Marion County Bank!
During National Ag Week, Marion County Bank recognizes and celebrates the contributions that farmers and their families provide to our local communities and the broader economy.
For over 85 years, and now as one of Iowa’s largest banks, Marion County Bank is committed to sound community banking. We work hard to build relationships with people and businesses that share our passion to serve others and build community. Those relationships are built on trust.
Our bankers have turned “bracketologists.” Check out these five banking/bracketology take-a-ways and tips as we look forward to the tournament.
Congratulations to our 2023 Leadership Red Rock graduates!
Shannon Long (Retail Banker – Lead), Josh Nelson (Residential Loan Officer), andTrey Sathoff (Agricultural Loan Officer) completed the program hosted by the Marion County Development Commission. They join a number of current bank staff as alumni of the program.
Traveling for Spring Break? Don’t forget to let us know so we can help keep your debit card safe. Read on for more travel tips.
Thinking of buying a home? Check out these five tips from our home loan experts as you prepare for the purchase.
Home starts here, at Marion County Bank.
Digital tax documents are now available through our mobile app and online banking.
Read more for instructions on accessing digital tax documents.
Today we celebrate 10 years of service at Marion County Bank for Ryan Vos!
Ryan has worked as a Loan Officer for most of his tenure, but most recently taken on the role of Marketing Director for Marion County Bank. As we celebrated him, many memories were shared, but all came back to a common theme of serving his customers well and having a true passion for Marion County Bank and the communities we serve.
Thank you for all you do for Marion County Bank and our communities, Ryan! Congratulations!
Congratulations to Dawn Rankin on 10 years of service with Marion County Bank! Dawn is our Senior Vice President, Controller, and though she may not serve customers directly, she plays an integral role in maintaining our banks daily operations and is always been willing to jump right into the next project on her plate with a smile. She is known and appreciated for her skill (and enjoyment) of working with data. Thank you for all you do to make Marion County Bank such a great bank. We are so happy to have you here, congratulations!
This year's American Bankers Association Banks Never Ask That campaign has officially kicked off. Check out the link to the official website below or follow us all month long on Facebook and Instagram to learn about what your bank will never ask you. This campaign is geared towards teaching consumers how to keep their own bank accounts safe from fraud. Check out the link below or follow us on social media to learn more!
https://www.banksneveraskthat.com/
Please join us in welcoming Becca Caldwell to our Marion County Bank team! Becca joins us in our Customer Service department and has previous experience in Special Education. She and her husband live in Pella with their two children and are currently house-hunting in the Pella area. In her free time she enjoys kayaking, DIY projects, watching movies and drinking coffee. If you see Becca in our Pella office, be sure to say hello and welcome!
Please join us in welcoming Erica Egesdal to our Marion County Bank family. Erica joins our Knoxville branch as a teller with previous customer service experience at Scooters in Pella. Erica is from Knoxville where she lives with her boyfriend, another friend, two cats and puppy. In her spare time you'll find her trying out new recipes from Pinterest and spending time with friends. Be sure to tell Erica hello and welcome next time you see her. We're glad to have you, Erica!
We are excited to announce that The Report Card Rewards Program has allowed Marion County Bank to donate over $346,000 to local schools!
Congratulations to Ruth Kuiper as she celebrates 35 years of working for Marion County Bank, formerly Iowa State Savings Bank. Ruth began her career as a receptionist and moved into an administrative assistant role later where she still serves today. Ruth has seen many changes at the bank during her tenure, and we appreciate her work ethic, flexibility and dedication to her work. She's always quick to offer a smile and a helping hand. Congratulations, Ruth!
It's back to school time for many area schools. To celebrate these new beginnings we are holding a photo contest on our Facebook and Instagram social media pages. Visit your favorite social site to enter for your chance to win. Good luck and we wish you all the best this school year!
Join us in welcoming Jennifer Kocour to the Marion County Bank team! Jennifer joins us in Teller Operations and with over 20 years of experience in finance and over 30 years of experience in customer service. She lives in Pella and has 3 sons who keep her busy with their school activities. In her free time, you might find her taking in a movie or spending time with family and friends. Welcome to our team, Jennifer!
Today we celebrate Patti Van Zante's 10 years of service with Marion County Bank! Patti is a Teller in our Pella locations and brings a lot of joy to our bank. She always spends a little extra time connecting with each customer she serves and shares a little bit of life with each of them. Thank you Patti for being so kind and always taking the time to make each customer feel special! You are part of what makes Marion County Bank so great! Congratulations!
Help us welcome Morgan McQueen to the Marion County Bank team! Morgan is a 2021 graduate of Iowa State and is currently living in Pella where you may have seen her working at Smokey Row. In her free time Morgan likes to do arts and crafts or play volleyball and softball. Morgan will be serving customers as a teller in our Knoxville location, so say "hello" the next time you're in the Knoxville branch. Welcome, Morgan!
Join us in congratulating Beth Caikoski on 5 years of service with Marion County Bank! Beth works in our Melcher-Dallas office. She is always smiling and very welcoming to our customers. Thank you for everything you do for Marion County Bank and our customers!
Join us in welcoming our newest team member to Marion County Bank, Breanna Lee! Breanna joins us as a Teller in our Knoxville locations with previous office experience at Pella Regional Health Center. She and her husband live outside of Knoxville with their 5 kids. Outside of work, you can find Breanna spending time with family and keeping up with her daughter who loves horses. Be sure to say hello next time you see Breanna!
Congratulations to Diane Roose on 15 years of service with Marion County Bank! Diane is our Senior Vice President of Residential Loans and works in our Pella office. She is phenomenal at helping our customers with every detail of the homebuying process and is great at keeping them involved every step of the way. We appreciate all that you do for Marion County Bank and our customers, Diane!
Marion County Bank will be hosting a Cash for Coins contest from May 26, 2022 through June 22, 2022. Bring in your coins and exchange them for cash to be entered into a drawing for one of two $50 Visa gift cards. For every $25 in coin exchanged for cash, you will receive one entry.
Congratulations to Rob Judkins on 10 years of service with Marion County Bank! Rob works in our Pella office as a Commercial Loan Officer. If you know Rob, you'll know he has a great sense of humor, and that combined with his dedication to his customers makes us appreciate all he does for Marion County Bank. Congratulations Rob!
Teaching our children to save is one of the best ways we can set them up for a lifetime of financial success, but how do we do that in an engaging way? Start simple and don't overcomplicate it.
Today we celebrate Danielle Benge's 5 years of service at Marion County Bank! Danielle is our Lead Loan Processor and works in our Pella office. We appreciate the expertise she brings to our Real Estate department and the fun her personality adds to our team. We enjoy working with you, Danielle. Congratulations!
Your credit score is one of the most important numbers when it comes to getting a credit card, borrowing money or even renting an apartment, but what exactly is it? How is it calculated? How do you improve it? Check out the pdf below for more insights to understanding and improving your credit score.
Today we celebrate the retirement of Rhonda Nemmers. Rhonda has been a teller in our Knoxville locations for nearly 4 years. We're very thankful for all that she has brought to Marion County Bank and we will miss her kind hearted spirit. Thank you for serving Marion County Bank and our customers so well, Rhonda. Congratulations!
Marion County Bank’s halftime entertainment at the Pella vs. Pella Christian basketball game on Thursday night earned the schools a $5,375.00 donation from Marion County Bank.
Students from both schools worked together in the event by shooting layups, free throws, three pointers and half court shots to earn a donation from Marion County Bank.
Marion County Bank’s halftime entertainment at the Knoxville vs Centerville basketball game on Friday night earned the Knoxville school a $1,975 donation from Marion County Bank.
Today we celebrate the retirement of David Hoke as Vice President of Marketing. David has spent the last 21 years in Marketing at our Knoxville location and has become known as a
We would like to welcome Amanda Schwerdtfeger to our Marion County Bank team. Amanda joins our Operations and IT team after working at Pella Regional Health Center for 12 years in healthcare quality and performance improvement.
We would like to welcome Lela McKinney to our Marion County Bank team. Lela joins us as a receptionist in our Knoxville office and has previous customer service experience. Lela and her husband, Dave, live in Knoxville and have enjoyed 25 years of marriage. In her spare time she enjoys traveling, and most notably has visited all 99 Freedom Rocks in the state of Iowa. Be sure to welcome Lela next time you're in our Knoxville office.
Today we celebrate 35 years of service for Kathy Arkema. Kathy started out working as a Teller in our Pella drive up bank and is now in our loan processing department. We appreciate all that Kathy does to serve our customers and go above and beyond in all that she does. Congratulations, Kathy!
We would like to welcome Josh Nelson to our Marion County Bank team. Josh joins us as a Residential Mortgage Loan Officer in our Pella office, and prior to Marion County Bank he worked as a Financial Aid Administrator at Aveda Institute in Des Moines. He and his wife, Angela, live in Pella with their three children and their dog. When he’s not working, Josh enjoys golfing, playing outside with his kids and watching sports. Be sure to welcome Josh next time you’re in our Pella office.
Today we are celebrating the retirement of Bonnie Boot! Bonnie has been with Marion County Bank for 43 years and has nearly done it all. Many of you might best remember Bonnie from working at our Loan Reception Desk here in Pella and most recently in our Operations department. She has always been kind to our customers and will be missed very much. Thank you for all you have done for Marion County Bank, Bonnie!
Today we celebrate the retirement of Donna Van Weelden. Donna began her career as a Teller 45 years ago, and has worked in several departments and roles throughout her service. She is known for always being willing to go above and beyond for our customers and is always smiling. We will miss you very much, Donna. Congratulations on your retirement!
We would like to welcome Kayla Post to the Marion County Bank team! Kayla joins us as a Teller in our Knoxville locations and has 12 years of customer service experience at Casey's General Store. She lives in Monroe and has three sons, Ian, Tayten & Jensen. In her free time, she enjoys spending time with family and friends, camping, bonfires and anything outdoors. Please help us welcome Kayla to Marion County Bank.
It's the season of giving! At Marion County Bank, we love to support local and are excited to announce our 12 Days of Local Giveaways are back!! Visit our Facebook page or Instagram page each weekday starting December 1 to see what we're giving away and how to enter.
Congratulations to Deb Leppert on 10 years of service with Marion County Bank! Deb began in our Knoxville branch as a new accounts representative and has worked in a variety of positions since. She currently serves our customers as a Consumer Loan Officer and is fantastic at helping customers make sound financial decisions. Thank you Deb for everything you do for Marion County Bank!
We would like to welcome Bailey Parks to the Marion County Bank team. Bailey is a Teller in our Knoxville branches and comes to us with previous customer service experience. She enjoys watching movies, specifically Disney, and spending time with family in her spare time. Be sure to tell Bailey welcome the next time you see her. We're excited to have you on our team, Bailey!
Marion County Bank will be hosting a Cash for Coins contest from November 4, 2021 through November 24, 2021. Bring in your coins and exchange them for cash to be entered into a drawing for one of two $50 Visa gift cards. For every $25 in coin exchanged for cash, you will receive one entry.
Congratulations to Debbie Shaw on 30 years of service with Marion County Bank! Debbie began in our Knoxville branch as a teller at our drive up bank. She is now a Customer Service Representative and is wonderful at helping answer questions for customers and helping with their account needs. Thank you Debbie for everything you do for Marion County Bank & our customers!
Congratulations to Carol Jochems on 5 years of service at Marion County Bank! Carol is a teller at our Pella locations and is known for always helping customers with a smile and having a great sense of humor! We appreciate all that you do for our customers! Thank you, Carol!
Congratulations to Lisa Ridnouer on her 35 years of service at Marion County Bank! Lisa began her career in our Knoxville branch in a bookkeeping role. Over the years she has worked in multiple departments in the bank. She currently provides loan support in our lending area and assists loan customers with any questions they may have. Thank you Lisa for everything you have done during your amazing career!
We are excited to announce that The Report Card Rewards Program has allowed Marion County Bank to donate over $286,000 to local schools!
Marion County Bank believes that the key to success is great people. We strive for the highest of customer service and it's noticed! Marion County Bank received the awards Best Bank in the Red Rock Area and Best Business
It's back to school time for many area schools. To celebrate these new beginnings we are holding a photo contest on our Facebook and Instagram social media pages. Visit your favorite social site to enter for your chance to win. Good luck and we wish you all the best this school year!
Marion County Bank now offers the convience of a mobile app for mortgage loans. The MCB Mortgage app allows you to apply for a mortgage loan, get preapproved so you're ready to shop for your dream home or refinance your current mortgage loan all with Marion County Bank's experienced lending team. You can use the app to communicate directly with your loan officer, upload all documents and files needed to complete the loan process and track your loan's progress start to finish.
We would like to welcome Zach Vande Weerd to the Marion County Bank Team! Zach is joining us this summer as a teller in our Pella locations while finishing up his CPA exams. He graduated from UNI with an Accounting degree and is currently studying at Mizzou for his Masters of Accounting and Data Analytics. This fall, he will begin his full-time job at KPMG as an Audit Associate. Zach and his fiance, Hannah, will be getting married in November and plan to live in Waukee. In his free time, he enjoys golfing, biking, and trying new restaurants. Be sure to welcome Zach next time you see him at our Pella locations!
We would like to welcome Vanessa Szlachetka to the Marion County Bank team. Vanessa joins us as a Real Estate Loan Officer in our Knoxville office with 18 years of previous banking and real estate experience. She lives in Knoxville with her husband, Jason, and their son, Jayden. When she’s not working, she enjoys time with family and friends, playing mini golf, watching movies or just being outdoors and traveling. Please be sure to welcome Vanessa and say hello next time you’re in our Knoxville office. Welcome Vanessa!
Congratulations to Greg McCulla of Main Street Advisory Group on his retirement. Greg has been with MSAG for the last 3 years and has been a key role in client relationships throughout his career. He has always focused on ensuring he does the most to make his clients great stewards of their finances. Thank you for your commitment to your clients and our office. Best wishes in retirement, Greg!
Help us congratulate Diane Wilson on her retirement after a tremendous 30-year career in Real Estate Lending! She was instrumental in establishing the department in Knoxville with Iowa State Savings Bank and continued to lead it at the Knoxville office of Marion County Bank. We wish her the best in her retirement and sincerely thank her for her many contributions during her career!
Congratulations to Sandy Stoner on 15 years of service with Marion County Bank! Sandy is one of our Tellers in Pella and is always happy to greet our customers with a warm smile. Sandy is great at what she does, and we are thankful to have her. Congratulations, Sandy!
Congratulations to Julie Varner on her 40 years of service with the bank! Julie started in the Knoxville office in the Spring of 1981 in the Bookkeeping department. Over the years she managed the Operations department as it grew when many services moved in-house along with customer service. She now manages card operations along with customer service needs. Thank you Julie for everything you have done during your remarkable career!
We're happy to have Erika Olson joining our team of tellers! Before coming to Marion County Bank, Erika worked in the Pella Community School system for 8 years and she has two daughters. In her spare time you'll find Erika watching her younger daughter cheer for the Dutch or spending time with family. Welcome Erika!
Today we celebrate Allison Van Wyngarden's 5 years of service at Marion County Bank. She works in our Loan Processing department and is always lending a helping hand around the bank to anyone who needs it. Congratulations Allison, we're so happy to have you at Marion County Bank!
National Teach Children to Save Day is April 22. Below are some simple ways to engage your children and start the discussion about the importance of strong saving habits today!
Help us congratulate Leslie Miller on her retirement after a tremendous 29 year career in Ag Lending! She has been instrumental in supporting agriculture and youth service clubs like 4-H and FFA. We wish her the best in her retirement and sincerely thank her for her many contributions during her career!
April is National Financial Literacy Month and to celebrate we've gathered some helpful financial wellness tips below to consider in your own personal financial journey. As always, if you have any questions contact us and we'll help you with any part of your financial journey.
Thank you to all of our local farmers today and every day! If you have any Agricultural banking questions or needs, we invite you to meet with one of our experienced Ag Loan Officers in our Pella or Knoxville office today.
Are you traveling soon? Do you have a Marion County Bank debit card? Don't forget to let us know so we can help keep your debit card safe from fraudulent activity. Simply complete the Debit Card Travel Form and get ready to enjoy your trip!
If you have a Marion County Bank credit card, please call the number on the back of the card to notify us of your travel plans.
January 28 is Data Privacy Day! This day is an international effort to provide online privacy education and increase date protection awareness. What can you do to make protecting your data?
Congratulations to David Hoke on 20 years of service! David has been in Marketing for his entire tenure and is well connected with the Knoxville community. If you bank at our Knoxville location, you've probably seen David's smiling face around the bank lending a helping hand wherever & whenever needed. Congratulations David, and thank you for all you do!
We are excited to welcome Stephanie Ramsey to the Marion County Bank team! Steph comes to us as a teller with previous banking experience. She will be located primarily in our Knoxville locations and is very excited to be working at Marion County Bank. When she isn't working, Steph enjoys hanging out with friends and family, coaching soccer, crafting, and watching Disney movies. She lives in Knoxville with her husband and two dogs! Please help us in welcoming Steph to our Marion County Bank family!
Please help us in congratulating Dianne Danner on her 15 years of serice with Marion County Bank. You make recognize Dianne as part of our Real Estate Lending Team in Knoxville. From her start as a loan processer to now being a Real Estate Loan Originator, she's been very helpful in serving our customers during her career. Be sure to congratulate Dianne the next time you are in our Knoxville office. Thank you Dianne for all you do!
Please help us in congratulating Kathy Turner on 5 years of service at Marion County Bank. You may recognize Kathy as one of our helpful Customer Service Representatives, or from her previous tenure as a Teller. Be sure to congratulate Kathy next time you’re in our Pella office. Thank you for all that you do, Kathy!
On December 29, 2020 the IRS began delivering a second round of Economic Impact Payments (EIP) as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to the same Americans who received the first payment earlier this year.
The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed Wednesday, December 30.
Merry Christmas and a Happy New Year from the staff at Marion County Bank! Please take note of our hours and cut off times for your banking needs. As always, our ATMs and priviledged status network is always available for cash and our convenient mobile banking app and internet banking are available to assist with your banking even when our lobby is closed!
Please help us in welcoming Payson Vande Lune to the Marion County Bank lending team. Payson joins us with previous experience as a Materials Coordinator at John Deere in Waterloo, IA and now lives in Altoona with his wife, Taylor. Outside of work, he enjoys basketball, golf and history. Payson is located in our Pella office, so be sure to welcome him and say hello next time you stop in!
Congratulations to Kayla Pothoven on 5 years of service at Marion County Bank. Kayla is one of our Tellers in Pella at both the Windmill drive up and the main bank, though you may also see her at our Knoxville locations from time to time. Kayla always has a smile on her face (even behind her mask) and can brighten anyone's day! Be sure to wish Kayla congratulations next time you see her! We're so happy to have you as part of the Marion county Bank Family, Kayla!
It's the season of giving! At Marion County Bank, we love to support local and are excited to announce our 12 Days of Local Giveaways are back!! Visit our Facebook page or Instagram page each weekday starting December 1 to see what we're giving away and how to enter.
Official Contest Rules:
Entries will be accepted until midnight of the following business day. Winner will be announced and notified by noon the third business day. Must be 18 years or older to enter. One entry per person. Chances of winning are dependent on the number of entries. Need not be a bank customer to win. Prize must be picked up from Marion County Bank at 800 Main Street in Pella or 222 E Robinson Street in Knoxville by Saturday, January 2, 2021. Giveaways are in no way sponsored, endorsed, administered, or associated with Facebook or Instagram. Employees and spouses not eligible to win but are able to participate.
Please help us in welcoming Trey Sathoff to the Marion County Bank lending team. Trey comes to us with previous experience as a Sales Agronomist in the Knoxville and Marion County area. Trey grew up in Packwood, IA and currently lives in Knoxville with his fiancé, Lacie and their two yellow labs, Trigger & Trixie. In his spare time, you’ll find Trey hunting, fishing, playing cards and watching sports. Be sure to stop in our Pella office and say hello and welcome to Trey!
Please join us in welcoming Amy Fouch to the Main Street Advisory Group team. Amy and her husband Matt recently moved to Pella from Tipton, IA and have two young children, Grayson and Adalyn.
Please help us welcome Robert Poppe to our Marion County Bank team. Robert comes to us from Amery, WI with over 8 years of banking and Ag lending experience and will be in our Knoxville office as an Agricultural Loan Officer. Robert lives in Knoxville and when he is not in the office, he enjoys spending time with family, riding motorcycle and golfing. Stop by our Knoxville office and say hello and welcome Robert to our team!
We are excited to announce that The Report Card Rewards Program has allowed Marion County Bank to donate over $200,000 to local schools!
Today, September 21, 2020, marks 85 years for Marion County Bank! Stop in and join the celebration today at any of our locations or drive ups and receive a sweet treat as our way of saying thank you for being our customers, we couldn't do it without you!
Congratulations to Brian on graduating from Leadership Red Rock! Leadership Red Rock is a 6 month training program for leadership development focused around growth and forward thinking within Marion County. We are excited to have another graduate of the program in the Marion County Bank Family. For more information on Leadership Red Rock visit the Marion County Development Commission website through the link below.
Congratulations to Amber Angove on 5 years of service! Amber worked at Iowa State Savings Bank and now Marion County Bank. Amber is one of our Customer Service Representatives and is always a helpful smile when our customers come in to open accounts or need help with anything. We are happy to have Amber in the Marion County Bank family and appreciate the wonderful job she does. If you're in our Knoxville office, be sure to tell her congratulations. Congratulations, Amber!
Congratulations to Chris DeMoss on 25 years of service! Chris has spent her tenure working for Iowa State Savings Bank and now Marion County Bank. She is a Customer Service Representative who help open and manage our customers' accounts. We are happy to have Chris in the Marion County Bank family and are thankful for the wonderful job she does. If you're in our Knoxville office, be sure to tell her congratulations. Thank you for all that you do, we appreciate your service and smile!
For up to date information provided by Marion County Bank to all Paycheck Protection Program Loan recipients, please follow the link below.
For any additional information or questions, please contact your Marion County Bank Loan Officer.
It's back to school time for many area schools. To celebrate these new beginnings we are holding a photo contest on our Facebook and Instagram social media pages. Visit your favorite social site to enter for your chance to win. Good luck and we wish you all the best this school year!
Congratulations, Janet Overbergen on 5 years of service to Marion County Bank! She serves as a teller, primarily at our Windmill Bank location and is known for her sweet smile and the servant-hearted way she serves our customers.
Due to COVID-19, there has been less coin coming into banks from businesses and less coin being made by the US Mint. As a result, banks are experiencing a coin circulations slowdown. To help us manage this slowdown, we are offering a free treat to anyone who brings in $25 or more in unrolled coin to be exchanged for bills or deposited into an account.
Recently, two pieces of legislation were signed into law that may have an impact on your personal, business and/or retirement financial planning. Please see the highlights of each act below.
SECURE ACT HIGHLIGHTS
The Secure Act was signed into law on December 20, 2019 and includes reforms that will be impactful and beneficial for Americans who are saving for retirement. The legislation includes policy changes to defined contribution plans (such as 401(k)s), defined benefit pension plans, individual retirement accounts (IRAs), and 529 college savings accounts. Most provisions in the law went into effect on January 1, 2020.
As it relates to your retirement planning situation, here are some key provisions of the Secure Act:
Required minimum distributions: RMDs now begin at age 72 for individuals who turn 70½ in the calendar year 2020. If you turned age 70½ in 2019 and have already begun taking your RMDs, you should generally continue to take your RMDs. If you are turning 70½ in 2020 and had planned on taking an RMD, you may want to work with your tax advisor to determine next steps for your withdrawal plans.
IRA contribution age: Under the act, you can continue to contribute to your traditional IRA past age 70½ as long as you are still working. That means the rules for traditional IRAs will align more closely with 401(k) plans and Roth IRAs.
Beneficiary IRA distributions: If you inherit an IRA or 401(k), previously you could stretch the distributions from the inherited qualified plan over your single life expectancy. However, the Secure Act has changed this to require many beneficiaries to withdraw assets from an inherited IRA or 401(k) plan within 10 years following the death of the account holder.
Qualified distributions: The law now permits a retirement account holder the option to withdraw a "qualified birth or adoption distribution" up to $5,000 from their defined contribution plan (401(k) or IRA). The normal 10% early withdrawal penalty is not applicable to these types of withdrawals and you can choose to repay them as a rollover contribution into an applicable defined qualified plan.
We encourage you to work with your financial investment advisor or tax advisor to determine how the legislation and policy changes could impact your retirement planning objectives.
CARES ACT HIGHLIGHTS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 and has key provisions which are intended to have a positive impact for Americans. The $2+ trillion emergency fiscal stimulus package is intended to mitigate some of the economic effects of dealing with COVID-19.
As it relates to your personal financial situation, here are some key impactful provisions of the CARES Act:
Direct payments: Americans who pay taxes will receive a one-time direct deposit of up to $1,200, and married couples will receive $2,400, plus an additional $500 per child. The payments will be available for incomes up to $75,000 for individuals and $150,000 for married couples.
Use of retirement funds: The bill waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes, retroactive to January 1, 2020. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayer has the three-year period to roll it back over.
401(k) Loans: The loan limit is increased from $50,000 to $100,000
RMDs suspended: Required Minimum Distributions from IRAs and 401(k) plans (at age 72) are suspended. Investors who have already taken an RMD for 2020 have options that may include returning the amount or rolling it over, up to August 31, 2020, as long as the distribution was not made from a beneficiary IRA.
Charity. There is a new provision that provides an above-the-line deduction for charitable contributions, plus, the limits on charitable contributions are changed.
Expanded unemployment benefits: Unlimited funding to provide workers laid off due to COVID-19 an additional $600 a week, in addition to state benefits for up to four months. This includes relief for self-employed individuals, furloughed employees and gig economy workers who have lost work during the pandemic.
Small business relief: $350 billion is being dedicated to preventing layoffs and business closures while workers have to stay home during the outbreak. Companies with 500 employees or fewer that maintain their payroll during coronavirus can receive up to 8 weeks of cash-flow assistance. If employers maintain payroll, the portion of the loans used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.
Coronavirus testing: All testing and potential vaccines for COVID-19 will be covered at no cost to patients.
Effective April 24, 2020, Regulation D was amended by the Federal Reserve Bank to remove the limitation of six transactions per month in Savings accounts or Money Market accounts. With this change, Marion County Bank customers are now enabled to make an unlimited number of transfers and withdrawals from Statement Savings accounts and Money Market accounts per monthly
When it comes to preventing phone scams and avoiding fraud you can never be too careful. Check out the article below from the Federal Trade Commission on phone scams and how to avoid them. Please remember that Marion County Bank will never call you and ask for your card information or
Please help us welcome Lisa Boyd to our Marion County Bank team! Lisa joins us with 18+ years of banking experience and is part of our Loan Administration team. She currently lives in Otley with her husband, Wes and their two children, Bryce and Brooklyn. In their spare time they enjoy camping, hiking, being outdoors and spending time with family and friends. Welcome, Lisa!
Pella Office - 800 Main Street, PO Box 105, Pella, IA 50219 | 641.628.2191
Knoxville Office - 222 E. Robinson Street, PO Box 438, Knoxville, IA 50138 | 641.828.8000
Melcher-Dallas Office - 115 Main Street, Melcher-Dallas, IA 50163 | 641.947.2181
Routing # 073913674
NMLS # 401434
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