My Banking Direct
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.15% | Money Market | My Banking Direct Money Market 0.85% - Ally Bank Money Market Account |
| 1.31% | 1-year CD | 12 Month CD 1.35% - Ally Bank High Yield 12-Month CD |
| 1.51% | 2-year CD | 24 Month CD |
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. DepsositAccounts.com 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.
Related Posts
1/19 - My Banking Direct Increases Money Market APY to 1.15%
1/18 - MyBankingDirect Increases Money Market Rate 1.15%
9/24 - MyBankingDirect Increases Money Market APY To 1.00%
6/22/11 - Top Money Market Account Rate at MyBankingDirect
7/7/06 - MyBankingDirect's Money Market Account Now 5.10%
3/18/06 - MyBankingDirect Raises Money Market Account APY to 4.55%
2/3/06 - MyBankingDirect Raises Money Market Account APY to 4.30%
12/1/05 - MyBankingDirect Ups Money Market to 4.10%
10/7/05 - MyBankingDirect Matches EmigrantDirect
8/18/05 - MyBankingDirect 3.75% APY and $25 Signup Bonus
My Best Experience
My Banking Direct has been the best bank that I have ever had.I find it easier that many brick and mortar banks.I pick what I need and it always there.My employer deposits my weekly check into my account.My funds are instantly available.I pay my bills,shop anywhere and shop online all with peace of mind that I wont be charged any fee's.There is never a surprise charge on my account.This bank is normal and easy to use.I had a problem,which was totally my fault,I called customer service,they were polite and helped me find a way to fix my error.They are very professional and take care of their customers.
They Could Do Things Better
Although the bank currently has one of the more competitive savings rates (1.14% as of this post), I was disappointed with a few things...
First, the account opening process takes too long. Many online banks will have you up and running the day you sign up. Unfortunately, MYBankingDirect took over 1 week to get my account open, let alone funded. I think their back end process is manual. It took a few calls to the bank to make sure everything was moving along. When I asked when I would have internet access to my account, it was actually a few days after they told me I would have access. I wasn't too impressed. They didn't have their act together on the opening process.
Second, I noticed that my statement cycle was on the 20th of the month. I requested that it cycle at the end of the month and they wouldn't change it. They told me the product cycles on the 20th. In the age of computers, they should be able to accommodate such a simple request.
Third, and most importantly, external transfers to and from other banks that are initiated from the MyBankingDirect website take three business days to complete. So if you attempt to make a transfer on Monday, it won't appear until Thursday. This is ridiculous. Most other banks are able to effect a transfer in one day through the ACH system that all the banks use. That is, I request a transfer on Monday and I get it Tuesday. They are fully capable of doing this since the trial deposits they sent to verify my external account appeared in one day. I just think they are playing games and trying to make a little money on the float.
On the positive side, the online interface is stable, intuitive and informative. They also provide tools to categorize transactions and perform simple budgeting which you don't see with many online banks.
Bottom line, slow account opening process, inflexible customer service, slow external transfers, but competitive rate with a decent online banking experience.
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.
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.
Unhelpful Website, Hidden Fees, Unprofessional Approach
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.
My Online Application Lost !
I applied for their Money Market account at the end of January, sent the paper version also and have not gotten any information from them since then !
Called the CS twice. They recommended me to apply again. No way ! Just guessing where my personal information can be now. Stay away from them !
The Worst!
This one got to be the worst baking website. Monthly fee and Hidden fees! Calling CS is a waste of time.
Difficult lengthy application process. What's the point of online application if you have to mail documents?
To Withdraw Money, They Want A Notarized Letter Sent To Them. They Do Not Allow External Banks To ACH Into The Money Market Account
To withdraw money, they want a notarized letter sent to them. They do not allow external banks to ACH into the money market account. Never using this bank again.
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.
Data as of Q1 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16022 |
| Year Established | 1859 |
| Employees | 2056 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.95% |
| Return on Equity - YTD | 7.12% |
| Annual Interest Income | $371.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2017vs Q1 2016 | $45.46B$44.79B |
| Loans | Q1 2017vs Q1 2016 | $36.36B$35.60B |
| Deposits | Q1 2017vs Q1 2016 | $26.39B$26.66B |
| Equity Capital | Q1 2017vs Q1 2016 | $6.26B$5.67B |
| Loan Loss Allowance | Q1 2017vs Q1 2016 | $146.3MM$161.2MM |
| Unbacked Noncurrent Loans | Q1 2017vs Q1 2016 | $152.6MM$172.4MM |
| Real Estate Owned | Q1 2017vs Q1 2016 | $10.3MM$15.4MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
My Banking Direct Money Market’s New Tiers And $50 Bonus
My Banking Direct reduced the balance required to earn its top rate (currently 1.15% APY). The minimum is now $5k. It used to be $25k. The new tiers are:
1.15% APY for balances $5k and above
0.25% APY for balances below $5k
I have more details of this account in this January blog post
$50 Bonus
My Banking Direct is offering a $50 bonus for new money market customers through April 15, 2017.
To earn the $50 bonus you must deposit a minimum of $25,000 to a new Money Market Checking account, enroll in NYCB Online, download the NYCB Mobile App and log into your account on the NYCB Mobile App within 7 calendar days from account opening.
Always verify rates and promotions with the bank or credit union. We are not My Banking Direct; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
My Banking Direct Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.15%* | $5k* | - | My Banking Direct Money Market | ||
| OTHER TIERS: 0.25% → Up to $5k | |||||
My Banking Direct Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.02% | $2,500 | - | My Banking Direct Checking Account |
My Banking Direct CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.51% | $500 | - | 24 Month CD | |
| 1.31% | $500 | - | 12 Month CD | |
| 1.01% | $2,500 | - | 6 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