Mutual of Bank Review – Bank Accounts & Mortgage Loans

 

 Mutual from Omaha Bank offers a wide range of financial products, including a checking and savings account, a money market account, a credit card and mortgage loans. Whether you want to streamline your finances by having all your accounts in one place, or simply open a checking or savings account, Mutual or Omaha Bank offers a number of benefits that are worth considering.

Registration procedure

 

Registration procedure

The application procedures for the savings, control and money market accounts are similar. After choosing your state of residence, select the type of account you want to open and add additional options, such as a debit card, checks or direct deposit. Then enter your persooTravis McGeeijke data and then add a beneficiary to your account. Once you have completed these steps, you can fund your account with a transfer from an existing bank account or by depositing a check by mail.

Accounts have free access to more than 20,000 ATMs, free oTravis McGeeine payment and e-statements and no monthly maintenance costs unless you fall below the minimum required balance, which varies depending on the type of account you have. You can also transfer money to or from your existing bank account for free.

To request a credit card or mortgage, you will be asked to enter additional financial information. With the exception of the mortgage loan, the approval process for most accounts takes one to two business days. Please note that applying for a Mutual or Omaha Bank account requires a credit check, which can have a negative impact on your credit score.

Financial products

Financial products

The accounts for checking, saving and money market are FDIC insured up to $ 250,000.

  • Check account . You only need $ 100 to open a Mutual or Omaha Bank OTravis McGeeine Advantage Checking account and your first box of checks is free. Then you have to pay $ 6.95 plus shipping. Direct down payment and overdraft facility are also available for free. If you keep a balance of $ 1500 or more, your APY earns a 0.50% APY. If your balance exceeds $ 250,000, it drops to 0.10%. If you fall below the required minimum amount of $ 100, you will receive a monthly contribution of $ 10.
  • Savings account . You can open a savings account with Mutual or Omaha Bank with only $ 25, and you can save interest on your account as long as your balance stays above $ 25. Balances of $ 25 to $ 500,000 earn a 0.85% APY. If you exceed more than $ 500,000, it drops to 0, 10%. You can transfer money oTravis McGeeine to or from your account for free, but you are limited to six electronic transactions per month per federal regulation. If you earn more, you pay $ 5 for each price. If you fall below the required minimum of $ 25, a monthly contribution of $ 5 will also be charged.
  • Money market account . To open a money market account, you must deposit a minimum of $ 5,000. For balances of $ 5,000 to $ 500,000, you earn an APY of 0.85%. For a balance of more than $ 500,000 this drops to 0.38%. You must pay $ 6.95 plus shipping for each box of checks, including your first check. With this account you are also limited to six electronic transactions per month. If you earn more, you will receive a $ 10 reimbursement for each. If your balance falls below the required $ 5000, you will be charged $ 10. Immediate down payment and overdraft protection are available.
  • Credit card . The Mutual of Omaha Platinum MasterCard comes with an APR of only 9, 99%, based on your credit score. There is no annual fee, no balance transfer costs and the card is equipped with fraud protection. You will receive double the bonus points for the first 60 days and your points can be exchanged for cash, merchandise or travel. You receive 1 point per dollar spent. You can also personalize your card with your photo or other image, also for free.
  • Mortgage loans . Mutual from Omaha Bank offers a variety of mortgage products. Interest rates may vary depending on your down payment, credit history, income and where you live. Mutual from Omaha Bank offers mortgages for new home purchases and mortgage refinancing, and in addition to conventional mortgages offers FHA and VA loans. Mortgages with adjustable interest rates are currently unavailable. A first home loan option is also available for buyers of new homes. You must call to find out the current conditions, rates and payment schedules for non-conventional mortgages.

 

Benefits

enefits

  1. Solid customer service . Customer service opening hours vary slightly depending on the product you have a question about. For control, savings and money market accounts, representatives are available from 7 a.m. to 7 p.m. (CST), from Monday to Friday, and from 7 a.m. to 12 p.m. (CST) on Saturdays. For mortgage accounts, the opening times are from Monday to Friday from 8 a.m. to 5 p.m. (CST). However, if you have a question on your credit card account, customer service is available 24/7. Service representatives are friendly and knowledgeable, and I have had minimal waiting times on the phone before moving on to a real person.
  2. Low minimum opening deposit . Mutual from Omaha Bank offers low minimums for both the checking and savings accounts – $ 100 for checking and $ 25 for saving.
  3. Low minimum to earn interest for a savings account . The savings account earns interest as long as your balance is $ 25 or more.
  4. Secure website . The Mutual of Omaha Bank website is protected by 128-bit encryption technology.
  5. Stability . The parent company Mutual of Omaha has been active since 1909. The company is stable with a solid financial basis.

cons

cons

  1. Extended waiting time for available funds . If you make a deposit via bank transfer, it may take up to five days for your money to be available. If you check an iTravis McGeeevert, it can take 5 to 10 days. There are other oTravis McGeeine bank accounts with shorter waiting times. For example, most deposits with Ally Bank are available within two business days.
  2. Costs . Mutually from Omaha Bank charges different costs. For example, you will receive a reimbursement if your account falls below the minimum balance or if you have a sleeping account (an account with no activity for a period of one year). See the website for a complete list of reimbursements.
  3. High minimum to earn interest on checking and money market accounts . You need a minimum amount of $ 1,500 to earn interest for checking and $ 5,000 for the money market account. However, with Discover Bank you can earn interest on a money market account from just $ 2500, and there is no minimum to earn interest with the Ally checking account.

Last word

 

Last word

 

Mutual products and loans from Omaha Bank are generally competitive with other bank offers, especially if you want to earn interest on a savings account with a low balance. However, you can find better reward programs with other credit cards. That said, if you are looking for a stable, established financial institution, it is worth watching.

Do you have experience with Mutual or Omaha Bank? Would you recommend it?

 

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