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615 Merrick Avenue
Westbury, NY 11590

My Banking Direct is a service of New York Community Bank, a consumer-facing institution that offers personal and business banking products and services. New York Community Bank is a subsidiary of New York Community Bancorp, a bank holding company.

My Banking Direct was created by NYCB in order to offer higher annual percentage yields on Money Market and Certificate of Deposit (CD) accounts. By avoiding overhead costs created by branches, the bank can offer higher yields through its online platform. Money markets accounts offer interest rates that are usually among the best in the country and have an initial minimum deposit requirement. has recognized these Money Market accounts several times in the past. CDs also offer some of the best rates in the country.

My Banking Direct online banking offers a secure platform on which customers can check their account balances, transfer funds, and pay merchants and bills. The online account can also be linked to brokerage accounts to provide an easy way to fund accounts.

New York Community Bank is headquartered in Westbury, New York, and apart from its online bank, serves its customers through multiple branches located throughout the region. It was originally established in 1859.

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Unhelpful Website, Hidden Fees, Unprofessional Approach

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


- High interest rate on MMA's

- Easy to open an account


- 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.

Almost Joined, But $200K Monthly Withdrawal Limit Was A Deal-Killer For Me

At 1.05%, MyBankingDirect offers the highest national savings yield at 1.05%.  But ultimately I didn't join because of one restriction that was a deal-killer for me. You are allowed to withdraw no more than $200,000 in a calendar month.  Because I want to be able to immediately withdraw more than $200,000 if I decide to buy a house, it was a deal-killer.

An annoying thing about MyBankingDirect is that it is impossible to know any of the fees they charge until you actually get to the middle of the application process and you get to read the disclosure agreements.  I'm writing this review simply to share the relevant details.


• 1.05% as long as your balance is over $5,000, otherwise it's 0.25%

• $10 monthly fee if you go under $1,000

• $4.95/month for Money HQ, which is an annoying service you need to transfer money in and out of your account.  But I believe it's only necessary if you initiate the transfer from your MyBankingDirect account.  I would have been able to get around this simply by initiating all money transfers, incoming and outgoing, from other bank accounts

• $30 if you close your account within 180 days of opening it

• $200,000 maximum withdrawal limit per calendar month

Ultimately I would have signed up were it not for the $200,000 limit.  I know that Discover Bank is even worse with a $100,000 limit per rolling 30-day period.  And don't get me started on Discover's policy of not paying out accrued interest when you close an account.

Application Process Stinks

You spend 20 + minutes entering information on the online application that looks like it was created by a third grade student and then are presented with electronic versions of information that should have been presented before you actually began (interest calculation used/fee structure etc.).After final review of info you provided your told to Print Submit Sign and Mail. Mailing them a signed copy of application defeats the whole online process in my mind. Canceling will end things, but no mention of what happens and how long all that data will hang around on the internet. Just returned to main page with not explaination.

Amtrust/Mybankingdirect Deleted My External Accounts

The Amtrust website was never the most user friendly but at least I finally got external accounts set up and was able to transfer money between them. Now that both Amtrust and MyBankingDirect are in the header, and the website is, I am less pleased.

Tonight I logged in to cancel a scheduled transfer. I found the scheduled transfer but there was no Edit or Delete button or option. Then I saw "External Transfer HQ" which is a fee-based transfer service. Apparently now Amtrust is charging even for DEPOSITS (excuse me--transfers in from an external account). I thought okay, I have to do this, because I need to cancel that transfer. I clicked to sign up, clicked that I agreed to whatever they were making me agree to in order to get to my own bank account (though when they have it, it isn't yours), and then I was told (even though I had been using the website continually for about 10 minutes) that I was logged out due to inactivity (I am supposed to be able to be inactive for 13 minutes and 59 seconds before that happens).

I logged back in and my external accounts and all record of my recurring transfer are gone. The transfer is scheduled to occur in three days and I have to assume that it will still occur, even though I cannot find it or cancel it. Yet it will take three (bank) working days to verify my external accounts and another three to transfer money back into them to replace the external transfer INto Amtrust that I am trying to cancel, and that is too late. If I could schedule the transfer tonight out of Amtrust to offset what will be coming in, that would work, but of course I have no external accounts.

I would call it a case of Catch 22, but it is more like, we have your money, and you are (I am) screwed.

Would I recommend this bank? NO.



Data for Q1 2014

Institution Health


Texas Ratio


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 My Banking Direct had $361.45 million in non-current loans and owned real-estate with $5.56 billion in equity and loan loss allowances on hand to cover it. This gives My Banking Direct a Texas Ratio of 6.50% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for My Banking Direct decreased dramatically from 9.83% as of March 31, 2013 to 6.50% as of March 31, 2014, resulting in a positive change of 33.85%.This indicates that the balance sheet and financial strength for My Banking Direct has improved dramatically in recent periods.

Deposit Growth


In the past year, My Banking Direct has increased its total deposits by $871.99 million, resulting in 3.74% 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 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. My Banking Direct has $43.89 billion in assets with $5.56 billion in equity, resulting in a capitalization level of 12.67%, which is excellent.

Institution Statistics

FDIC Certificate #16022
Year Established1859
Primary RegulatorFDIC
Assets and Liabilities
Assets$43.89 billion
Loans$31.32 billion
Deposits$24.20 billion
Equity Capital$5.38 billion
Loan Loss Allowance$178.10 million
Unbacked Noncurrent Loans$290.80 million
Real Estate Owned$70.66 million
Historic Data - March 2013
Assets$41.51 billion
Equity Capital$5.32 billion
Loan Loss Allowance$185.08 million
Unbacked Noncurrent Loans$290.80 million
Real Estate Owned$69.50 million
Profit Margin - Quarterly
Net Interest Margin2.76%
Return on Assets1.03%
Return on Equity8.35%
Interest Income$387.30 million
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My Banking Direct Money Market Rates

0.80%$5k-Earn >More Money Market

My Banking Direct CD Rates

0.65%$500-20 Month CD

My Banking Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 615 Merrick Avenue - Westbury, NY 11590