Many previous event-related potential (ERP) studies have linked the feedback related negativity (FRN) component with medial frontal cortex processing and associated this component with depression. Few if any studies have investigated the processing of neutral feedback in mildly depressive subjects in the normal population. Two experiments compared brain responses to neutral feedback with behavioral performance in mildly depressed subjects who scored highly on the Beck Depression Inventory (high BDI) and a control group with lower BDI scores (low BDI). In the first study, the FRN component was recorded when neutral, negative or positive feedback was pseudo-randomly delivered to the two groups in a time estimation task. In the second study, real feedback was provided to the two groups in the same task in order to measure their actual accuracy of performance. The results of experiment one (Exp. 1) revealed that a larger FRN effect was elicited by neutral feedback than by negative feedback in the low BDI group, but no significant difference was found between neutral condition and negative condition in the High BDI group. The present findings demonstrated that depressive tendencies influence the processing of neutral feedback in medial frontal cortex. The FRN effect may work as a helpful index for investigating cognitive bias in depression in future studies.