Based in Jackson, Mississippi, Magnolia Federal Credit Union is not your average banking institution. No, this full service financial organization is built on a co-op by which profits are redistributed to the customers in a number of gratifying benefits.

Although its nature as a collective somewhat limits eligibility to the immediate community and those with ties (family or otherwise) directly to the bank, lifetime membership is possible as long as a minimum $25.00 balance is present in a patrons savings account. Finances are protected by the National Credit Union Administration (NCUA) through yearly audits and federal examinations of Magnolia Feral Credit Union.

In addition to reduced fees, lower interest rates on loans, and a higher return on savings, Magnolia Federal Credit Union also offers a series of programs to ensure the safety of its member's accounts including: identity theft resolution services, disaster recovery services, and identity travel services.

Recently, the bank's name (Magnolia Federal Credit Union) has been subject to hijacking and used for a series of online phishing scams. The bank itself has noticed this unfortunate occurrence and addressed the scandal on its website with a series of FAQ's explaining how the scam works and what to do if you (as a customer) are targeted.  The bank has also provided a page with a message directly addressing their scammers, which can be viewed in its entirety at http://www.magfedcu.org/notice-details.html.

One of Magnolia Federal Credit Unions current projects is the addition of mobile banking to its rooster of customer benefits. While this feature is currently made up of a browser based mobile web app, it will soon include SMS text banking, an iPhone app, and a Blackberry app. It should be noted that although mobile banking is itself a free service to sign up of and subsequently use, customers may be charged with access fees by their mobile provider. Another interesting project available to Magnolia Federal Credit Union members is their series of member education workshops. 60min – 90 min each, these workshops cover a range of financial literacy topics from home buying and investing to stress management and building your credit.

All in all, Magnolia Federal Credit Union is an institution built around catering its collective cliental. Although relatively small in size, its inclusive nature allows for a closer relationship to its members and thus a more dedicated base. Those living in any one of the Hinds, Rankin, Madison, Simpson, and Copiah counties of Mississippi who are looking for a neighborhood bank would be hard pressed to find an abler institution.