Magyar Bank was founded in 1922 by a group of Hungarian immigrants and businessmen looking for a bank to help them achieve the American Dream. The name "Magyar" is the Hungarian word to describe an individual from Hungary. Over the years, the bank has moved beyond serving this original group, but Magyar is still about achieving dreams—whether those dreams are homeownership, business growth, educating a child, or community and business development. Magyar remains committed to its shareholders, customers, and communities.
South Brunswick Magyar used to be a good bank. Had 6 accounts there for over 20 years. Pulled them all, after I was charged 2 x $20 fees for a 1-day overdraw on 2 deposits, due to a snowstorm that closed my other bank. Fees are one thing, but when the branch manager says she d take care of them, and a month later the fees are still there, then she changes her mind about reversing them because she couldn't get approval?? Really?? Sorry, I m out.
Do not use Magyar Bank for a Small Business Checking Account. Magyar refuses to honor MasterCard protections that MasterCard says are available to Small Businesses using a MasterCard Debit Card. Even though MasterCard says that Small Business Customers have Zero Liability in using a MasterCard Debit card, Magyar insists that Small Businesses are 100% liable for all fraud through the MasterCard Debit Card. Go with a bank that actually stands by the MasterCard name, and the MasterCard's protections are guaranteed.
From MasterCard's website:
Zero Liability Protection
Have peace of mind knowing that the bank that issued your MasterCard won't hold you responsible for "unauthorized transactions." Zero liability applies to transactions made in the store, over the telephone or online. As a cardholder, you will not be held responsible for unauthorized transactions if:
your account is in good standing;
you have exercised reasonable care in safeguarding your card from loss or theft; and
you have not reported to your bank two or more unauthorized use events in the past 12 months.
If these conditions are not met and you suspect that you have an unauthorized transaction on your MasterCard, contact your bank as additional protections may apply.
Zero Liability does not apply to MasterCard payment cards:
used for commercial, business or agricultural purposes (PLEASE NOTE: Zero Liability does apply to MasterCard credit and debit cards for small businesses);
anonymous prepaid cards, such store or gift cards, until such time as the identity of the cardholder has been registered with the financial institution that issued the card; or
if a PIN is used for the unauthorized transaction.
What to do
If you have questions regarding Zero Liability coverage or you suspect unauthorized use of your card, contact your bank IMMEDIATELY.
For the application of Zero Liability outside of the United States, check your MasterCard country site.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Magyar Bank had $30.45 million in non-current loans and owned real-estate with $48.88 million in equity and loan loss allowances on hand to cover it. This gives Magyar Bank a Texas Ratio of 62.29% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Magyar Bank experienced no significant changes from 65.88% as of March 31, 2013 to 62.29% as of March 31, 2014, resulting in a positive change of 5.44%.This indicates that the balance sheet and financial strength for Magyar Bank has had no significant changes in recent periods.
In the past year, Magyar Bank has increased its total deposits by $25.48 million, resulting in 5.93% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Magyar Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Magyar Bank has $536.57 million in assets with $48.88 million in equity, resulting in a capitalization level of 9.11%, which is average.
|FDIC Certificate #||30704|
|Assets and Liabilities|
|Equity Capital||$45.40 million|
|Loan Loss Allowance||$3.48 million|
|Unbacked Noncurrent Loans||$14.85 million|
|Real Estate Owned||$15.60 million|
|Historic Data - March 2013|
|Equity Capital||$44.51 million|
|Loan Loss Allowance||$3.18 million|
|Unbacked Noncurrent Loans||$14.85 million|
|Real Estate Owned||$15.93 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.31%|
|Return on Assets||0.08%|
|Return on Equity||0.95%|
|Interest Income||$4.83 million|
Always verify rates and promotions with the bank or credit union. We are not Magyar Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.25%||$25||-||Kids Club Savings|
|0.25%||$100k||-||Advantage Money Market|
|0.20%||$10k||-||Business Premium Money Market|
|0.10%||$10k||-||Magyar Interest Checking|
|0.05%||$1k||-||Non-Profit Checking with Interest|
|0.05%||$1k||-||Sole Proprietary Checking|
|1.80%||$2,500||-||120 Month CD|
|1.80%||$2,500||-||Business 120 Month CD|
|1.60%||$2,500||-||60 Month CD|
|1.60%||$2,500||-||Business 60 Month CD|
|1.25%||$2,500||-||48 Month CD|
|1.25%||$2,500||-||Business 48 month CD|
|0.75%||$2,500||-||36 Month CD|
|0.75%||$2,500||-||Business 36 Month CD|
|0.60%||$2,500||-||24 Month CD|
|0.60%||$2,500||-||Business 24 Month CD|
|0.40%||$2,500||-||18 Month CD|
|0.40%||$2,500||-||Business 18 month CD|
|0.25%||$500||-||12 Month CD|
|0.25%||$500||-||Business 12 Month CD|
|0.20%||$500||-||182 Day CD|
|0.20%||$500||-||Business 182 Day CD|
|0.15%||$1k||-||91 Day CD|
|0.15%||$1k||-||Business 91 Day CD|
|1.60%||$500||-||60 Month IRA|
|1.25%||$500||-||48 Month IRA|
|0.75%||$500||-||36 Month IRA|
|0.60%||$500||-||24 Month IRA|
|0.40%||$500||-||18 Month IRA|
|0.25%||$100||-||12 Month IRA|
|0.20%||$500||-||182 Day IRA|
|Magyar Bank Locations|
|Branchburg Branch||1000 Route 202||Branchburg, NJ 8876|
|North Edison Branch||1167 Inman Avenue||Edison, NJ 8820|
|3050 Highway 27 Branch||3050 Highway 27||South Brunswick, NJ 8824|
|Magyar Bank||400 Somerset Street||New Brunswick, NJ 8903|
|Bridgewater Branch||475 North Bridge Street||Bridgewater, NJ 8807|
|North Brunswick Branch||582 Milltown Road||North Brunswick, NJ 8902|