My Banking Direct, A Division Of New York Community Bank
Online Savings Account - 5.00% APY
Bank was bailed out by Steven Mnuchin in March 2024 but may still fail. External transfers take at least 3 business days and are limited to $50,000/day and $200,000/month.
Fee and Feature Guide
|
Savings Account |
| Interest Rate |
|
| APY |
5.00% |
| Minimum deposit amount |
$1.00 |
| Maximum deposit amount |
N/A |
| Balance Requirements |
|
| Minimum Opening Deposit |
$1.00
|
| Minimum Balance to Avoid Fees |
$1.00 |
| Minimum Required Balance |
$0.00 |
| Minimum To Earn |
$0.00 |
| Fees |
|
| Monthly Maintenance Fee |
N/A |
| Foreign ATM Fees |
N/A |
| Insufficient Funds Fee |
N/A
|
| Incoming Wires |
N/A
|
| Statements |
|
| Paper Statements |
× |
| Online Statements |
Yes |
| Online and Telephone Banking |
|
| Online Banking |
Yes |
| Telephone Banking |
Yes |
| Mobile Banking |
× |
| Deposit Checks with Mobile Device |
× |
| Free Bill Pay |
× |
| Online Bill Payments Required |
× |
| Account Opening |
|
| Open Online |
Yes |
| Insured by |
F.D.I.C.
|
Pros
- A division of Flagstar Bank / New York Community Bank which merged in 2023.
Cons
- The bank is in imminent danger of failing, even though it received a temporary lifeline from Mnuchin in March 2024.
- External transfers are limited to $50,000/day and $200,000/month and take 4 business days.
- Highest rates may not automatically be extended to all depositors.
- The bank charges a $30 fee if you close the account within 180 days of opening it.
Recent Rate Changes
|
Date
|
APY
|
|
September 22, 2024 |
5.00%
|
|
August 31, 2024 |
5.25%
|
|
August 2, 2024 |
5.35%
|
|
July 22, 2024 |
5.45%
|
|
April 8, 2024 |
5.55%
|
|
November 8, 2023 |
5.35%
|
|
November 8, 2023 |
5.00%
|
|
August 20, 2023 |
5.00%
|
Customer Reviews for My Banking Direct, a division of New York Community Bank (37)
smithy1968
April 20, 2024 |
Even staying well within FDIC limits, the frustration isn't worth your time! Dopey bank trying desperately to avoid govt closure.
Is this review helpful? Yes:1 / No: 0
jaydub
April 8, 2024 |
Unclear whether this bank is a subsidiary of Flagstar or NYCB now. Under either circumstance, the bank is distressed. It is also a terrible bank. I would avoid. If you cannot avoid, stay well within FDIC limits.
Is this review helpful? Yes:2 / No: 0
Jack
November 17, 2023 |
bank delayed credit date, you loose interest.
Is this review helpful? Yes:1 / No: 0
Ripmo Girl
November 12, 2023 |
Seems like a great bank to work with if you want to spend hours on the phone with a rep trying to help them figure out why their website isn't showing proper debits, credits and balances.
Is this review helpful? Yes:1 / No: 0
Val - New York
October 27, 2023 |
I’ve had a significant funds in CD account of this bank that matured 4 days ago. On my request of transferring the final amount by ACH to my other bank account on maturity, I’ve had a response that the only option for me is to get the check in a mail (they perfectly were able to use ACH wile funding this very account initially, though!). I've finally get the check in three days and have deposited it into my savings account immediately. Now, I am waiting for the check to be cleared and it can take anywhere from one to three days from my bank. This means, My Banking Direct is using my money without paying me any interest for at least additional 5 business days while I am unable to invest these very funds on my own. I’ve had quite multiple experiences while investing with different banks and never have had this kind of frustration before. This bank is not that you want to invest with.
Is this review helpful? Yes:3 / No: 0
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