MutualOne Bank is headquartered in Framingham and is the 47th largest bank in the state of Massachusetts. It is also the 857th largest bank in the nation. It was established in 1889 and as of December of 2019, it had grown to 93 employees at 3 locations. MutualOne Bank has an A+ health rating.
Related Posts
12/13 - MutualOne Bank Hikes 7-Month CD Rate
11/29 - MutualOne Bank Raises 13-Month CD Rate
10/5 - MutualOne Bank Hikes 19-Month CD Rate
9/5 - MutualOne Bank Hikes Online Savings APY
6/28 - MutualOne Bank Ups 13-Month CD
5/31 - MutualOne Bank Boosts 19-Month CD Rate
3/22 - MutualOne Bank Boosts 30-Month Online CD Rate
2/6 - MutualOne Bank Adds New Online Savings Account
1/25 - MutualOne Bank Ups 24-Month CD Rate
1/6 - MutualOne Bank Has Nationally Available 19-month CD
A Real Community Bank
Mutual One Bank has gone through some revisions. Until a couple years ago it was a two branch bank in my town. I loved it because you get to know people, and if you don't have your ID, it's no big deal. They have fairly decent CD rates. If you deposit a local check, it's available the next day. If they have a problem, they call you and give you a chance to make things right before hitting you with a hefty fee for something that's not even your fault. It recently merged with two local banks from a neighboring town, and changed names, but the service is still the same. They give you free money orders if you withdraw from your account, even if you don't, if they know you have an account they will give it to you for free, whereas larger banks charge up to $5. Customer Service is friendly, and accommodating. They're online service is very good, and they recently changed platforms so you no longer need to have a funky user name or password. In addition to free candy at the teller windows, which changes with the season, they also have a coffee station, and a popcorn machine. This is a very good, fun local bank.
Problematic Online Deposit System.
Verification of deposit application is inefficient.
Poor, late, inconsistent and misleading communications.
Example of response from bank was '0ur system is currently not set up to correct problem with ACH funding'!
Procedures are lacking in maturity fo conduct a fair and efficient Online business.
Not confidence inspiring experience.
HUGE SECURITY RISK--Do Not Sign-Up Online!
This bank has the least-secure online application I've ever seen. They ask for personal info, ssn, mother's maiden name, drivers license # and then challenges to where you lived just for a checking/savings account!
To top it off, they then ask you to MAIL them a signature card, but wait...guess what info is printed on the page you're printing (with no warning)? Your full, un-redacted ssn, mother's maiden name, drivers license number & full address. If their application is this insecure, I can't even imagine how outdated their online system must be. STAY AWAY!!!
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26395 |
| Year Established | 1889 |
| Employees | 93 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.72% |
| Return on Equity - YTD | 10.01% |
| Annual Interest Income | $47.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $942.6MM$887.6MM |
| Loans | Q4 2019vs Q4 2018 | $783.7MM$737.9MM |
| Deposits | Q4 2019vs Q4 2018 | $749.2MM$703.1MM |
| Equity Capital | Q4 2019vs Q4 2018 | $171.0MM$153.0MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $13.0MM$12.9MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $5.0MM$6.9MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$0 |