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. DepositAccounts.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
12/24 - HYS Rate Increase
10/30 - My Banking Direct's High Yield Savings Increases To 3.15% APY.
10/7 - My Banking Direct High Yield Savings Lifted To 2.85% APY
8/1 - My Banking Direct High Yield Savings Rate Leads Again
7/30 - 2.20% My Banking Direct (APY, that Is)
7/16 - My Banking Direct High Yield Savings Account Is New Rate Leader
7/15 - 2% My Banking Direct
5/9 - My Banking Direct Ups High Yield Savings Rate While Money Market Lags
3/31 - My Banking Direct High Yield Savings Has Top Rate
2/14 - My Banking Direct Offers Market-Leading 1-, 2- and 3-Year CD Rates
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
3/22/17 - My Banking Direct Money Market’s New Tiers And $50 Bonus
1/19/17 - My Banking Direct Increases Money Market APY
1/18/17 - MyBankingDirect Increases Money Market Rate 1.15%
12/12/16 - My Banking Direct Ups MMA Rate and Adds Checking with $150 Bonus
9/24/16 - MyBankingDirect Increases Money Market APY To 1.00%
8/30/13 - MyBankingDirect Money Market Rate Falls To 0.80%
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
Unreasonable Holds On ACH Deposits 2
Just like Chipcollector indicated, same boat of holding funds hostage for 10 business days. Although interest will be earned the organization could manager prospective customer's expectations better. Spoke to a supervisor and conveyed, awaiting word. Please be advised.
Low External Transfers
The daily external transfer rate is only 50k. And, monthly is 200K. While that may be fine for some, that is a deal-breaker for me. This is especially true as most of the good online banks are significantly higher.
Locked Account
I opened my account back in July 2022. Everything went smoothly at first and I transferred a substantial sum into the account. Minor annoyances include very long deposit hold times for checks to release funds, rate information not shown on their mobile app, ACH transfers are "standard" which take 3 days of lost interest. They sent me an e-mail on Oct. 3 months after account opening, asking me to verify my address by uploading a bill to their account creating portal. I missed this e-mail which resulted in them locking my account preventing any withdrawals as of mid November. No additional e-mails, phone calls, secure portal messages etc. were sent in that time informing me what happened. I then initiated a pull ACH transfer from Ally bank which resulted in Ally also locking my account when NYCB rejected the transfer. I then called NYCB and spent several hours speaking to 3 different representatives over the course of 3 days with each promising they would call me back when they found out what was going on; no one called back. They finally sent me a secure message telling me about the address verification e-mail and reason for the lockout days after my frustrating calls. Luckily their rates did not keep up with others in the months since opening the account so I had previously transferred most of my deposits out prior to the lock out, but the aggravation of calling Ally and NYCB and spending hours on the phone should give anyone pause before banking here. I will update the post if I ever get my call back.
Rate Increased To 2.2%
Received the email today. HIGH-YIELD SAVINGS RATE INCREASES TO
2.20% APY 1
There's no need to do anything on your end—your account will be automatically updated to reflect this new rate, effective 7/30/22.
Data as of Q2 2022
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16022 |
| Year Established | 1859 |
| Employees | 2789 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.13% |
| Return on Equity - YTD | 9.29% |
| Annual Interest Income | $902.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $63.05B$57.44B |
| Loans | Q2 2022vs Q2 2021 | $48.32B$43.37B |
| Deposits | Q2 2022vs Q2 2021 | $41.38B$34.32B |
| Equity Capital | Q2 2022vs Q2 2021 | $7.31B$7.41B |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $216.2MM$202.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $49.8MM$31.5MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $2.7MM$3.3MM |