What do I need to open an account?
When opening an account, you will be asked to provide the New Accounts Representative with two forms of ID. We require a photo ID with your current address. Should the address on your ID not match your current address, two pieces of mail with your current address will be requested. Bills and a copy of your lease are both acceptable.
You will also need to provide basic information such as your birth date, Social Security number, phone number, and other personal information.
All accounts with Mutual Federal require an initial deposit to open. You may transfer money from an internal account, or fund your new account with a cash or check.
If you're opening a joint account, identification details for all owners will be required.
All applicants will be verified through ChexSystems, a nationwide specialty consumer reporting agency under the federal Fair Credit Reporting Act (FCRA).
Do you have CD specials?
Periodically, Mutual Federal will offer special rates and terms on Certificates of Deposit (CDs). To see current rates, terms and specials, click here.
Who is eligible for a Health Savings Account?
HSAs are an increasingly popular choice for people looking to manage the rising cost of individual health care. If you are unsure as to whether or not you qualify, we suggest checking with your insurance carrier. Carriers will label their plans as HSA eligible.
For more information about HSA eligibility and requirements, check with your tax preparer, employer, or click here for the IRS publication on HSAs.
Can I make withdrawals from my Christmas Club account before October?
Yes; however you will need to close the account which will result in a $25 penalty for early withdrawal, plus the loss of all accrued interest.
Do I have to reside locally to open a deposit account?
Mutual Federal will not accept new deposit accounts outside of our local market area unless the customer has a previous transactional account. The market area is defined as any of the counties we have a branch in or a contiguous county to a branch location.
