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.
As a consumer I will ask all the my fellow consumers to stay away from this bank. I will never use this bank. As far as I can remember, so many decades ,never have been charged any bank fees . Not even my fault. They charged me fees. No proof and bases .
Researching legal remedy ,,,,!
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.
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.
|FDIC Certificate #||30704|
|Return on Assets - YTD||0.99%|
|Return on Equity - YTD||9.47%|
|Annual Interest Income||$14.6MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$790.6MM$842.3MM|
|Loans||Q2 2022vs Q2 2021||$616.7MM$605.6MM|
|Deposits||Q2 2022vs Q2 2021||$677.2MM$740.1MM|
|Equity Capital||Q2 2022vs Q2 2021||$84.4MM$61.9MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$8.5MM$7.8MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$4.6MM$9.4MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$281.00K$1.3MM|
Rates for Magyar Bank are currently being reviewed.
|Magyar Bank Locations|
|Branchburg Branch||1000 Route 202||Branchburg, NJ 08876|
|North Edison Branch||1167 Inman Avenue||Edison, NJ 08820|
|3050 Highway 27 Branch||3050 Highway 27||South Brunswick, NJ 08824|
|Magyar Bank||400 Somerset St||New Brunswick, NJ 08901|
|Bridgewater Branch||475 North Bridge Street||Bridgewater, NJ 08807|
|North Brunswick Branch||582 Milltown Road||North Brunswick, NJ 08902|
|Tano Mall Branch||1199 Amboy Ave.||Edison, NJ 08837|