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 1.40% - Synchrony Bank 12 Month CD |
| 1.51% | 2-year CD | 24 Month CD 1.65% - Synchrony Bank 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
Helping my business grow
I recently opened a checking/savings account here for a home business. The staff were very friendly and made the whole process very easy for me and had me setup with everything I could need in a very short time. Their online services make access to my accounts as easy as anyone could hope for and their interest rates are very competitive, just about the best that I could find. I will be getting a loan from them in the future to expand my business and I have no doubt they will help that process go smoothly. We also find it extremely convenient that we are able to use a mobile app for this bank, which allows us to perform transactions from anywhere. It's a great sign that the bank has kept up with technology as it makes me feel like I am always getting the latest and greatest, and that my money is safe! I don't think you could ask for a banking solution!
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.
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 !
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 |
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