Mutuals that allow for remote online sign up

bkp360 · Mar 03, 2026 at 03:41 AM

I just started looking into mutual conversion, and have been trying to find some that I could get an account via a online sign up (there aren't many in the west - and zero in Utah where I am). Has anyone had any luck with online account sign ups?

Dirt Cheap Banks · Mar 05, 2026 at 10:56 PM

I have tried in the Midwest and haven't had much luck. Most require you to head into the bank to open an account in person. However, I was told that some on the east coast allow for online openings. Connecticut area. Also curious if anyone else has experience opening online.

bkp360 · Mar 05, 2026 at 11:13 PM

After a few days or work and trial and error by logging into the mutuals you have tagged on your map I have been approved and funded 5 mutuals (a few are secondary). Claude has it a 76 percent of at least one of the converting in the next 5 years! (In MA, Me, WA, and WY)

Dirt Cheap Banks · Mar 05, 2026 at 11:15 PM

Wow were those all online too? Did you have to show proof of where you lived?

bkp360 · Mar 05, 2026 at 11:50 PM

All online. Yes, I used my current out-of-state address and out of state ID. Most require you to be in state. I have one pending that came back and asked if I am planning to move to their service area.

bkp360 · Mar 06, 2026 at 02:58 AM

Tried for one more at Bangor. No ZIP code requirement, but was declined secondary to ChexScore (never heard of it). Claude says this: What this means going forward:
You've likely hit your ceiling for remote account openings for now. ChexSystems inquiries from each application accumulate, and Bangor's algorithm is clearly more sensitive to it than the banks that approved you. Future remote applications will probably hit the same wall until the inquiry pattern ages out (typically 12-24 months).
The honest strategic call: You have a strong 6-bank basket already. Chasing more remote accounts right now carries real risk of more declines piling onto your ChexSystems file, which could even threaten your existing accounts if those banks re-review. I'd stop here and let the basket work.

So I'll probably follow this advice and watch the mutuals I have and any news that they may covert, then I'd add funds to hopefully be able to grab a higher amount of shares.