BBB Accredited Business since

Think Mutual Bank

Additional Locations

Phone: (800) 288-3425 Fax: (507) 536-5730 View Additional Phone Numbers 5200 Members Pkwy NW, Rochester, MN 55901

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Think Mutual Bank is headquartered in Rochester, MN, with 10 full-service offices in Rochester, Apple Valley, Eagan, Edina and St Paul. The bank is mutually owned by its customers, allowing it to focus on customer care rather than investor return.

BBB Accreditation

A BBB Accredited Business since

BBB has determined that Think Mutual Bank meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for Think Mutual Bank include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 3 complaint(s) filed against business
  • Resolution of complaint(s) filed against business

Customer Complaints Summary Read complaint details

3 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 3
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 3

Customer Reviews Summary Read customer reviews

0 Customer Reviews on Think Mutual Bank
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 0
Total Customer Reviews 0

Additional Information

BBB file opened: September 28, 1998 Business started: 02/06/1961 Business started locally: 02/06/1961
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Minnesota Department of Commerce
85 7th Pl E Ste 500, Saint Paul MN 55101
Phone Number: (651) 539-1500

Type of Entity


Business Management
Amy Franqueira, Customer Support Manager Paul Mackin, CEO Kari Jo Pugh, Chief of Staff Delcy Rodriguez, VP, Customer Support
Contact Information
Principal: Amy Franqueira, Customer Support Manager
Business Category



Think Mutual Bank is a Federally Chartered Organization and is regulated by the Office of the Comptroller of the Currency (OCC), 222 South 9th Street, Suite 800, Minneapolis, MN, 55402-3371, (612) 332-3071.

Products & Services

Think Mutual Bank offers a full range of deposit, lending, credit, investment, and insurance products and services.

Additional Locations

  • 15751 Emperor Ave

    Apple Valley, MN 55124

  • 1698 Greenview Dr SW

    Rochester, MN 55902

  • 221 1st Avenue SW, Suite 101

    Rochester, MN 55902

  • 3605 Highway 52 N

    Rochester, MN 55901

  • 400 Robert St N Ste 240

    Saint Paul, MN 55101 (651) 288-1010

  • 4001 W River Pkwy NW

    Rochester, MN 55901

  • 4245 Johnny Cake Ridge Rd

    Eagan, MN 55122

  • 4638 Maine Avenue SW

    Rochester, MN 55904

  • 5200 Members Pkwy NW

    Rochester, MN 55901 (800) 288-3425 (507) 288-3425

  • 5201 Members Pkwy NW

    Rochester, MN 55901

  • 6868 France Ave S

    Edina, MN 55435 (952) 920-1774

  • PO Box 5949

    Rochester, MN 55903


BBB Customer Review Rating plus BBB Rating Overview

BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

1/29/2015 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: Think Bank keeps changing their fees without proper and complete disclosure and verification that customers received acknowledged the notification. I have been a Think customer for over 12 years since the IBM CU days. A Line Of Credit for overdraft protection has been in place since the very beginning. This process has been working fine until this month when Think charged me $5.00 for 'auto transfer' from LOC. I was not aware of this recent change and they wouldn't reverse the charge even for the first time for me. Customer service was rude, understaffed and didn't appear to have any accountability. When we first became members of IBM CU it was because they were a CU and not a Bank. It's sad to see that ever since Think became a Bank they have been slowly but steadily chipping away with 'nickel-and-diming' the customer. This last episode (although just $5.00) was the game-changer for me. I'm actively working to take my business away from this company.

Desired Settlement: Listen to your customers and (vastly) improve customer service.

Business Response: Initial Business Response /* (1000, 5, 2015/01/09) */ On December 28th, Mr. ****** contacted Think via e-mail to inquire about a $5 Automatic Advance Fee that was assessed to his account. He was provided information on what the fee was and ways to avoid being assessed this fee in the future. In addition, he was also provided with a copy of the notice that was sent to customers in October regarding the implementation of this new fee. On the evening of December 30th Mr. ****** contacted our Customer Support Center to further discuss the fee. The Customer Service Representative explained the fee to the customer and again discussed some options for avoiding this particular service fee in the future. Mr. ****** expressed frustration about the fee and that fact that it was not refunded, and requested to speak with a supervisor. He was forwarded to the Customer Support Assistant Manager, and again expressed his frustration and stated that he had not been informed of this new fee. He also requested that we waive the fee, but this request was denied as it was not assessed as a result of a bank error. At this point Mr. ******requested to speak with the manager of the Customer Support Center, but that individual was out of the office for the day. The customer was informed that the Customer Support Manager would contact him when she returned to the office the next day, but Mr. ****** felt that this was unacceptable and requested that the manager be paged immediately to speak with him. When this request was declined Mr. ****** continued to call the Customer Support team multiple times over the course of the next hour to demand to speak with the Customer Support Manager immediately. As the manager was not available that evening, the team continued to inform the customer that he would receive a call back the next day. Upon her return to the office, the Customer Support Manager reached out to the customer on 12/31 and left a message with her contact details. Mr. ****** did not return her call. We take customer feedback seriously and do not take the addition of fees lightly. In this instance multiple Customer Service Representatives attempted to work with Mr. ****** to discuss his concerns and offer alternative ways to manage his Line of Credit to avoid future fees. In regards to the customer's concern that he was not notified of this new fee, notification was sent to Mr. ****** on October 6th in the form of a letter sent to his home address on file. As the customer was notified in advance of this new fee and it was not incurred as the result of a bank error, his request for a fee waiver was denied. In addition, it is not our policy to page employees who are on personal time off to request that they assist with non-emergency situations. We make every effort to ensure that customers who request to speak with a supervisor or manager are able to do so in a timely fashion, and in this instance Mr. ****** was able to speak with the Assistant Manager on duty to discuss his concerns within 10 minutes of his initial call. Initial Consumer Rebuttal /* (3000, 7, 2015/01/12) */ (The consumer indicated he/she DID NOT accept the response from the business.) "In this instance multiple Customer Service Representatives attempted to work with Mr. ****** to discuss his concerns and offer alternative ways to manage his Line of Credit to avoid future fees." I have been on hold or on the phone with Think OVER AN HOUR and majority of this time was basically with the same rep as Think did not appear to have ample support personnel to handle calls during the Holidays. Again, the issue has never been about how to avoid future/further fees. This was not a repeated occurrence of the same fees, the issue has been (and still is) about the disclosure and the Bank's refusal to reverse the fee for the very first time for someone who was genuinely unaware of this charge. I would have never called had this been a repeat issue. I strongly believe, as a financial institution, Think did not ensure the complete disclosure of this new fee structure. There has to be much more efficient way of delivering these critical changes to customer with online banking and e-statements. For example, most brokerage institutions implements a messaging/notification solution that customers must read and acknowledge upon login to proceed further when they login to the site. Merely slipping this inside statement a gimmicky move designed to maximize collection of these fees. "Upon her return to the office, the Customer Support Manager reached out to the customer on 12/31 and left a message with her contact details. Mr. ****** did not return her call." There was NO message in my answering machine, nor was there any call made to my home phone; NO call from Think on my cell phone either. There has been no email or any other form of contact from/by Think. This is a flat out lie. As stated before, I have been a customer for many years and currently in the process of moving my business away from this company. As evident from this complaint, I will also try my best to share my experience with as many as consumers as I possibly can. Thanks. Final Consumer Response /* (3000, 12, 2015/01/17) */ (The consumer indicated he/she DID NOT accept the response from the business.) "During an earlier phone conversation with Mr. *******, our representative asked for his callback number but he refused to provide it. It is possible that an outdated phone number was used when the Customer Support Manager returned his call. If Mr. ******feels that this information is incorrect we encourage him to contact us to update the number on file." -- As I mentioned during the conversation with the rep, I was on vacation and out of town 12/31 and I am not willing to share my mobile phone information with this employee. The contact number in the record as read to me was accurate and no update is needed. "In regards to the phone call from our Customer Support Manager, this manager telephoned Mr. ****** on December 31st at 9:55am and left a voicemail message which included contact information for his return call." -- While this appears eerily similar to Think's fees disclosure they claim to have performed, this is claim is completely baseless. My internet based home telephone was shut off during the time I was on vacation. It is fairly difficult to leave voice message on a home answering machine when it's turned off. "Letters were sent to customers who would be impacted by this change two months in advance to ensure adequate time ... As Mr. ****** was still not aware of the new fee at the time it took effect, we will refund his fee of $5 as a one time courtesy.." -- As an active (and serious) investor and a trader I maintain numerous active accounts of different types with many brokerage firms and financial institutions including Interactive Brokers, Scottrade, MN College Savings (MNSaves), Fidelity, and Belvoir Federal Credit Union. Accounts I currently (and regularly) maintain includes Trading Accounts (with Margin) for Equities and Options, IRAs (traditional and ROTH)/401k/Pension, 529 accounts, Life Insurance, and Money Markets accounts. I take pride in the research I do and time I invest when it comes to Personal Finance, Investing, and Financial Planning and responsibilities. I will, however, admit that as much as I attempt to keep myself updated with all the regulations, disclosures and agreements I still find myself not reading the entire 'Cardholders Agreement' when I receive a new credit/debit card, or reading the entire 'Software License Agreement' before installing every software, nor am I motivated enough to read the entire 68-page 'iTunes Terms and Agreement' before installing an App on my device. I do not doubt that, in the age of Dodd-Frank, Think has acted properly to meet their legal disclosure requirements. However, I do (and will continue to) firmly believe that Think's efforts to disclose the fees changes is far less than genuine and that the bare minimum was perfomed. Furthermore, I believe, it has no become their business practice to impose as much fees as possible to maximize profits. Sending a mail (and hoping that it was received and read) would be the minimum Think could do. I gave an example of how other financial institutions deploy such changes in my previous response. Think must adopt to a disclosure policy of that type efficiency where customers not only receive the notification but also acknowledge such receipts. Otherwise, their disclosure policy remains a disingenuous, less-than-honest, and gimmick to trap customers into nickel and dime. As I mentioned in my original complaint filing, I am not seeking a $5 refund. Feel free to reverse this credit. Think should provide me with: - An in-person apology from the employees involved (****************** and ************) for their behavior. - A change in their disclosure policy as mentioned above and in my previous response where, consumers can acknowledge receipts of the import changes. A genuine attempt to inform customers and not just to meet legal requirements. - Restoration of the free Overdraft protection that I have had over 12 years. - Assurance that measures have been taken to provide better training and accountablity for their customer service reps and provide specifics as such. "Going forward we recommend that he review correspondence sent from this or any other financial institution to ensure that he remains well-informed on issues regarding his accounts." -- My pursuance and consistent follow-through on this matter alone should provide you with some understanding on how seriously I take my correspondence from financial institutions. Thank you. Final Business Response /* (4000, 14, 2015/01/29) */ At this time we believe that a sufficient response has been provided to Mr. ****** regarding his concerns. Because of this, no further response regarding this situation will be provided by Think on this forum. If Mr. ****** desires to have further discussion regarding his concerns, we would like to encourage him to contact our Customer Support Center at ************ or visit any of our local branches for assistance.

5/28/2014 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: Created a new fee after years of use that cost me a 30 day late on my credit report. I had $5 sitting in savings for years. They came up with a new fee and told me to use it or lose it. They said they were going to charge me $5 a month to keep my money in the savings account. I tried to withdraw it, but their system took the money and charged it on my credit card instead. As a result. they took my $5 as a fee and then billed me for the $5 they said I charged. Since I had NO idea I owed them $5 I didn't pay them and they reported a 30 day late to Experience and Equifax. I contacted them to inform them of their mistake and they acted like a collections agency and treated me like I had defaulted on a loan. I tried to log into their web site to pay the bill but that have this UNDOCUMENTED feature wherein you get told your login information is incorrect even when it isn't. If you don't log in every couple of months the flip some switch in their system that then tells you your information is incorrect. It will let you change your password, but it won't log you in and it won't tell you why. RIDICULOUS practice and ridiculous (lack of) service.

Desired Settlement: 1) I want them to take the negative off of my credit reports without me having to dispute them (thereby adding even more to my report). 2) I want them to stop making up new rules that cause their customers to take action or lose out! 3) I want them to fix their policy of locking users out of accessing their accounts just because they having logged in within some arbitrary range of time.

Business Response: Initial Business Response /* (1000, 15, 2014/05/16) */ These are our responses to our customer's three requests for resolution: 1) The charge on his credit card account was not due to a bank error or a new fee and therefore it will not be removed from his credit report. The balance was the result of a charge he made on his credit card on 01/19/14 and two late charges. 2) To prevent fraud and protect our customers, a notice is sent to customers with inactive accounts that their account is going dormant and a fee will be charged. Eventually, a dormant account will be closed. If a customer contacts us and wishes to keep their account open, the fee is waived and the account can remain open. A notice was sent to this customer on 01/08/14 informing him that his savings account was going dormant and he would need to contact us to discuss the account. He did not contact us and, as a result, the dormant fee was charged on 03/31/14. He contacted us on 04/08/14 and the account was closed per his request. A cashier's check was issued to him for $1.08. 3) The policy our customer is referring to has been established for his protection. When a customer's online banking ID has been inactive after a period of time, the ID is deactivated to prevent fraud. At any time, a customer can call our toll-free number to reactivate their online banking access.

7/24/2013 Advertising/Sales Issues | Read Complaint Details

Additional Notes

Complaint: The quoted payoff balance of $3146.08 owed to Think MB was paid two payments of $2800 and $400, respectively. Think still is charging fees. In early February 2013 I obtained a payoff amount from Think Mutual Bank in the amount of $3146.08. I paid $2800 of this balance on 23 February 2013. They sent a statement to me indicating that the balance owed was nearly $600 instead of $346.08. They charged a total of 5 late charges and 4 interest charges after they received the $2800 payment. I offered $400 to pay off the remaining $346.08 and let them keep the $53.92 to stop their harassing phone calls. They rejected the $400 offer and returned my cheque undeposited, but promptly redeposited it when I sent it back to them. I also sent the CEO, Mr. *******, a letter disputing their fees and interest, and also instructed him to stop dunning activity via telephone and to contact me via mail only. On 8 July, I received a harassing call from **** at Think MB who said that she was responding to the dispute and stop dunning letter that I had sent to the CEO. I immediately informed her that Think was in violation of the Fair Credit Reporting Act and that I continued to dispute what they were trying to collect. **** told me that Think was exempt from Federal statutes. This is untrue, since they are regulated by the OCC. I have registered a complaint with the OCC and also with the Minnesota State Attorney General.

Desired Settlement: Zero out account ************ and report to the credit bureaux that the balance is paid in full. Remove any derogatory information reported since February 2013. Acknowledge same in writing and issue letter of apology for telephone harassment.

Business Response: Business' Initial Response /* (1000, 5, 2013/07/11) */ The principal balance owing on February 26, 2013 was in fact $3,146.08. However, Mr **** had accrued interest and unpaid late fees. On February 26, 2013 his payment of $2800 satisfied $2,578.81 in principal, $126.19 in interest and $95 in late fees. This left a remaining balance of $567.27 and interest continued to accrue. On April 22, 2013, Mr **** sent a $400 check to the bank informing us that it was a settlement of his debt. We explained to Mr **** via letter as well as through a phone conversation that $400 would not be considered a settlement. The $400 check was returned to Mr **** through the mail with a letter dated April 22, 2013. Mr **** sent the check back to the bank via our Deposit by Mail service and the funds were deposited on May 6, 2013 as a payment to the loan in the amount of $400. The remaining balance at that time was $179.87. In a letter from Mr **** received on June 26, 2013, he requested that all future communication with him be conducted in writing. The bank representative who was following our established procedures and called Mr **** on July 8, 2013 was unaware of this request. That call was made because he is currently owing for June 20, 2013. He was assured by the manager of that department that all future communication will be conducted in writing. In our most recent letter to Mr. **** mailed July 10, 2013, we advised him that his current payoff amount is $227.58. However, the bank is willing to waive $44 in late fees if Mr **** pays off the loan before July 20, 2013. This brings his current payoff as of July 10, 2013 to approximately $185 with interest accruing daily. We have asked Mr **** to call and confirm his payoff amount if he chooses to pay off the loan by July 20th. Think Mutual Bank

Customer Review(s)

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Customer Reviews Summary

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