My Banking Direct Reviews

Average Rating:
Based on 38 review

Personal Data Of MBD Customers Are Compromised By Flagstar Breaches

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Flagstar Bank Breached for the Third Time in Two Years

A long letter from Flagstar Bank confirms that My Banking Direct accounts are affected, suggesting to subscribe for KROLL Identity Monitoring Services.

Don't Believe The Advertised Interest Rate!

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They should be honest about their interest rate and advertise the true rate you get after they sit on your inbound deposits for several days during which you earn nothing, and they have a nice float at your expense. It's ridiculous. They use ACH, but if you schedule a transfer on a Monday, it will be deducted from the external bank acct that day, but not be credited to the My Banking Direct acct until Thursday. The Office of the Comptroller of the Currency should not allow this. I'm sure they will be last bank in line to register for FedNow.


While on NJ temporary disability, they partnered with My Banking Direct in order to obtain YOUR money. NJ Disability Website clearly informs you when THEY sent your money to My Banking Direct, however My Banking Direct HOLDS your money for DAYS before you see a dime. I called and was told that you "May" see your available funds within 48 hours of when the State issued funds.
When you try to call, they make you jump through hoops first....


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so this company issued the California Middle Class Tax Refund for 2022.


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.

Frequent Fund Transfer Is Not Worth It

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You are going to lose couple days of interest for inbound and outbound transfer initiated on NYCB side

Hellacious Security Protocols

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I understand the needs for banks to have excellent security but this bank takes it to a ridiculous level. I was on the phone for over a half an hour verifying an ACH transfer that I initiated. The rep clearly was using a faulty data service that asked me questions unrelated to me... or a series of questions that I answered correctly but said I failed. (I've had this happen with other banks.) That person disconnected me and never bothered to call back (even though she had called me and knew the phone number). I'm now on the phone with a new rep. who continues to ask me questions that I can answer yet I fail. After one hour from start to finish, the second rep asked me to simply verify some recent transactions and approved the ACH transfer. That could been done an hour earlier.

Additionally, a month or so ago, My Banking Direct (NY Community Bank) locked my account (apparently over an ACH transfer that they approved) and never notified me. It took many calls and two weeks for them to unlock it for a situation they never explained to me.

They Bring Your Account Negative For Transfers That Are On Hold And Make You Call In To Approve Withdrawals

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They just emailed me and forced me to call a special number and answer many public records questions under threat of canceling my withdrawal and suspending all account activity.

Original Post:
If you transfer in $10,000 your account balance will read as -$10,000 until the transfer clears. The transfer is set to clear 11 business days later! Every transfer from an external account will continue to bring your displayed balance negative by the amount of the transfer. REDICULOUS!

Moreover, when I call I am constantly transferred around in circles and "accidently" disconnected from the call.

Additional suggestions and issues listed below:

Mobile app:
1. No ability to view current APY/interest rate
2. no section for month to date and year to date interest accrued
3. Confusing and difficult to view pending external transfers
4. No chat ability
5. No widget for android users
6. Keeps asking me to setup bill pay when it is not available for savings accounts (the option should not be there if I can't use it.) I also have been emailed several times to setup bill pay for an account that doesn't offer the service.

Bottom Line:

My account should not show negative when it is not negative. This makes me want to close my account. But they charge a fee if you close your account within 180 days of opening. This is how they trap you. I have never heard of such a ridiculous policy.

Unreasonable Holds On ACH Withdrawal

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Set up an Online withdrawal, then received an Email to call in the or they will not process.
had to wait 30 Min on the line to verify my identity
5 days till you see your money back.

Felt Uncomfortable Opening A Savings Account Here.

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I did NOT like the process at all. It downright made me nervous. I have 6 online bank accounts, but this was the only application I just plum bailed out after already having completed 95% of the application successfully. The bank will understandably prod you along page after page to submit and confirm all kinds of personal info, but it does NOT reward your completing the application via issuing you a bank account number and allowing you to set-up external bank accounts with the standard test deposit system first. The only way you get to open an account here is by authorizing that the bank will immediately transfer the required minimum $500 balance (or any larger amount you choose) via a cash DEBIT. They will not let you proceed otherwise. As mentioned elsewhere, the process is glitchy too. For example, it took me a while to realize I needed to enter the amount of $500 onto the screen after they had already done that for me. (ie; the "$500" minimum is already formatted and posted inside the box, and I thought all I needed to do was click on that amount.) Then when I figured out I needed to enter $500 again into the box, it then proceeded to tell me that I will be debited for the $500 from my bank "Listed above" . But I did not yet enter my external bank or debit card to see anything listed "above". There was nothing there. The normal manner elsewhere of opening a new account is that you are issued an account number with a zero balance. You are able to navigate and explore the new online bank to become comfortable & familiar with it before making an opening deposit.This is NOT an option here! You never get to see what their online bank website looks like, or set up external accounts or do test deposits until you first allow them to do a $500 cash debit. It's also not inspiring to know from what the others report here that you will have a difficult time reaching them in the event of questions or problems. Nope.

Web Site Needs Help

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First: their website seems very dated. It could use a complete overhaul. Also, caught an easy misspelling in their home page, which is unusual for a bank.
Second: I had a terrible time working their website AND app to make an ACH transfer. Extremely glitchy and lacking information. I had to call their support and had to wait about 3 hours for their return call. I’ll just chalk that up to the fact they they’re likely inundated with customers right now because of their rate.
Customer support said to use Chrome browser and not Safari - which is an annoyance to have to switch.
Third: as others have stated, they do have a long hold time on transferred funds. But - the interest is acquired while the money is held.
Their rate is great right now, so I’ll give them a try but they really need to come to the 21 century on their web page.

Poor Customer Service

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I regret moving money into this bank. I went here due to their high savings rate, but the customer service so far has been horrible. As others noted, it takes forever to transfer money and their verification process is horrendous. It's impossible to get a hold of anyone by phone or by chat.

Does It Require $1K Min To Keep There To Avoid Fee?

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anyone can confirm about min amount to keep in the MM / savings account?
I closed this account 5 years ago due to maintenance fee for below $1k balance

how it's now?

Big Bank, Great Rate, Super Easy

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I have a few mobile accounts and MyBankingDirect was by far the simplest to open. Took just a couple of minutes and managing the account is super easy. Highly recommend.

16 Day Hold On Small ACH Transfer In.

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Small ACH in of $500 to new account hit with hold of 16 days, then to add insult to injury they show it as a negative -$500 and reduces my balance by $500.

Has Anyone Received Checks From This Bank?

I opened this account in the second week of July and at that time ordered checks. Have gone online several times to check status of my check order.
Each time I check the date gets pushed forward.
I am getting the idea that this bank does not want you to have checks. Has anyone received checks from this bank?

Just Raised High Yield Savings Interest Rate To 1.25%

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At 10 yr rate over 3%, NYCB return their customers with 1.25% is definitely better than other banks still giving sub 1%. However, with online-only features, there are still room for them to raise saving rates, e.g. from 1.25% to at least 1.6/1.7%.

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.

If you're looking for a bank to open a CD, this is the one!

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I inherited some money from my father once he passed away and needed a bank I could trust to open a CD account. After finding this bank, I knew I had found the right one. They have a deal where if you open a CD with just $500.00 for 24 months, the APY is only 2.25%, which is the lowest I've seen around! They are very friendly, and always answer my questions promptly and respectfully. I'm always answered within one phone call, I've never been transferred. The employee I'm put through to always provides excellent customer service. If you have a large sum of money and need to open a CD, look no further.

Worst Service Ever

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i had almost 200,000.dollars in this bank and it took me over a month to get it transferred to another bank

I am stll trying to get the last 50,000 out
they have tried all kinds of postponements and have cancelled my transactions - told me it was above the allowed amount (sometimes) cancelled the transfer because i didnt answer their phone call during a work day and they said they call all their customers up when they make a transfer????????
really...i cant believe them- they are robbing me --what if i need the money to pay an urgent bill?????

My Online Experience.

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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.

Good Rates, Poor Service

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We previously used mybabkingdirect when we lived in New York City for the first few months we were there. The rates on the CDs were very good at the time and so we thought it would be a good thing to try. We used a 12 month CD and upon completion of that time, we had an incredibly difficult time getting our money back and the rates they had quoted us (and were on our contract) were not the ones that had compounded. It took multiple conversations with customer service agents to get it squared away and it was definitely not worth our time and effort. Eventually they made it right, but it took quite a long time and was not worth it to us when the rates were not drastically different than competitors.


I overall found my experience with My Banking Direct to be satisfactory. Signing up was easy, given the website's intuitive layout. It took me about 45 minutes, with a couple of minor problems along the way, to have me account set up. The one thing I don't enjoy about My Banking Direct were the fees, though fees are part of any banking experience. They are an online bank, so their website is better than most banks. I like them and will continue to use them.

Great savings

I currently have a savings account with MyBankingDirect. Direct deposit is set up to pull a specific amount from my paycheck every pay period. It makes saving a little bit easier because I don't have to manually transfer money from my check account to my savings account. The set up of the account was fairly easy. I've never had to use customer service because withdrawals have been seamless. I like being able to check my account and watch the interest growth. They do not have a very good mobile app/site option that I use. Not being able to check my account from my cell phone is probably the only complaint I have about the institution. All of the features within their desktop website are extremely easy to use.

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!

My Banking Direct experience in a nutshell

I have been using My Banking Direct for a number of years with no real problems. I use the mobile banking to keep track of my account and make deposits. When I have had an issue they have been good to deal with the reps seem knowledgeable. I also have a couple of CD's with them the rates are average. I once had my ATM card stolen I called then and they put a hold on my account and sent me a new card and after an investigation they refunded me the $275 that was fraudulently spent with relative ease. That's the main reason I have kept them they have been easy to deal with unlike my other bank in the town where I live.

They Could Do Things Better

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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.

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 !

My Best Experience

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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.

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

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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.

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.


• 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.

Application Process Stinks

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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.

Unhelpful Website, Hidden Fees, Unprofessional Approach

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My experiences from opening a Money Market Account with so far:


- High interest rate on MMA's

- Easy to open an account


- 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.

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