2 star ratingAverage User Rating:
2 star rating based on 1 review.

My Banking Direct

615 Merrick Avenue
Westbury, NY 11590
1-866-285-1856
www.mybankingdirect.com

My Banking Direct is headquartered in Westbury and is the 4th largest bank in the state of New York. It is also the 39th largest bank in the nation. It was established in 1859 and as of March of 2012, it had grown to 2,137 employees at 247 locations. My Banking Direct's money market rates are 3X the national average, and it boasts a 5-star health rating.

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See Rates for: Money Market | CD

My Banking Direct Money Market Rates

ApyMinMaxProduct
1.15%$5k-Money Market

My Banking Direct CD Rates

ApyMinMaxProduct
0.80%$500-7 Month CD

Rates updated: 5/26/2012

Data for Q1 2012


Institution Statistics


New York Community Bank
FDIC Certificate #16022
BankRate ReportView
Year Established1859
Employees2137
Primary RegulatorFDIC

Assets and Liabilities

Assets$40.27 billion
Loans$28.93 billion
Deposits$21.27 billion
Equity Capital$5.30 billion
Loan Loss Allowance$157.21 million
Unbacked Noncurrent Loans$635.04 million
Real Estate Owned$59.87 million

Historic Data - March 2011

Assets$38.53 billion
Equity Capital$5.39 billion
Loan Loss Allowance$144.04 million
Unbacked Noncurrent Loans$946.80 million
Real Estate Owned$30.76 million

Profit Margin - Quarterly

Net Interest Margin3.16%
Return on Assets1.19%
Return on Equity8.97%
Interest Income$422.56 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio4
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of March 31, 2012 My Banking Direct had $694.91 million in non-current loans and owned real-estate with $5.45 billion in equity and loan loss allowances on hand to cover it. This gives My Banking Direct a Texas Ratio of 12.74% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for My Banking Direct decreased slightly from 17.65% as of March 31, 2011 to 12.74% as of March 31, 2012, resulting in a positive change of 27.80%.This indicates that the balance sheet and financial strength for My Banking Direct has improved slightly in recent periods.
Deposit Growth4
In the past year, My Banking Direct has increased its total deposits by $739.62 million, resulting in 3.6% 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 My Banking Direct has shown is above average.
Capitalization5
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. My Banking Direct has $40.27 billion in assets with $5.45 billion in equity, resulting in a capitalization level of 13.54%, which is excellent.
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Unhelpful Website, Hidden Fees, Unprofessional Approach
2 stars - KiwiLass - Monday, March 12, 2012 - 1:30 PM

My experiences from opening a Money Market Account with MyBankingDirect.com so far:

Positives;

- High interest rate on MMA's

- Easy to open an account

Negatives;

- Login information for their website isn't sent until you request it, and not sent immediately on request

- Emails from customer service are written in Papyrus font and look unprofessional

- There's a $25 monthly fee to link to outside bank accounts which is not mentioned anywhere before you sign up

- There's a $30 closing fee

- Your account number and the bank's routing number aren't available on their website anywhere, and cannot be requested via email

- The website is difficult to navigate

 

I'd be very interested to hear other people's experiences, there doesn't seem to be much information around from other customers and I'm trying to decide if I should just weather the storm and stay with these guys.

8
 
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