My Banking Direct
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
6/7 - Money Market, 1.75% APY, $25,000+
3/19 - My Banking Direct CD Rates Go Up
2/23 - My Banking Direct Money Market APY Upped
3/22 - My Banking Direct Money Market’s New Tiers And $50 Bonus
1/19 - My Banking Direct Increases Money Market APY
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 Online Experience.
I have banked with mybankingdirect for a few years now. The website is very user friendly and the interest return of above one percent is awesome. I haven't had a problem in the past and no problems. I like how there are no monthly fees and no minimum balance. I have set up a recurring deposit from each of my paychecks so I forgot what I have in my savings account. I can go in and check what I am making per month and yearly and see that my money is safe and making more money. A little, but I am making money. I would recommend this bank for anyone that would like a nice easy online bank to store money.
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.
Restrictive Limits, Poor Service, False Advertisement
I would recommend avoiding My Banking Direct. As others have noted they limit withdrawals to your external accounts to $200,000 monthly and $50,000 "daily". They also take up to 5 business days to transfer your funds to your external account. What they don't tell you is that the "daily" limit is not reset until the end of the 5 business day period. So "daily" limit actually means "every 5 business days" limit. That is unacceptable and outside the norm of other reputable on-line banks.
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16022 |
| Year Established | 1859 |
| Employees | 2797 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.82% |
| Return on Equity - YTD | 6.03% |
| Annual Interest Income | $1.81B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $53.62B$51.87B |
| Loans | Q4 2019vs Q4 2018 | $41.75B$40.01B |
| Deposits | Q4 2019vs Q4 2018 | $31.84B$30.99B |
| Equity Capital | Q4 2019vs Q4 2018 | $7.17B$7.06B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $147.6MM$159.8MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $61.2MM$45.5MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $2.0MM$2.6MM |