Summary: My Banking Direct is an online division of Flagstar Bank, N.A., a New York-based regional bank. My Banking Direct offers a number of FDIC-insured deposit accounts and other banking services, including high-yield savings accounts, certificates of deposit (CDs), and prepaid cards.
My Banking Direct product overview
High-yield savings account
My Banking Direct’s high-yield savings account pays an impressive rate of 3.9% APY — more than 10 times the national average savings account rate. Interest is compounded and credited monthly.
The minimum deposit needed to open a new account is $500, while the minimum balance needed to earn interest is just $1. There are no monthly maintenance fees associated with this account.
Certificates of deposit (CDs)
My Banking Direct currently offers CDs ranging from 6 months to 24 months with a minimum opening deposit of $2,500. Interest is compounded daily and credited monthly, and the penalty for early withdrawals is 180 days’ worth of interest, earned or unearned.
Prepaid benefits debit card
My Banking Direct also offers debit cards that make it easier to access state-issued payments, pay bills, and make purchases using those funds.
My Banking Direct fees
Here’s a look at some of the fees you may be responsible for as a My Banking Direct customer:
|
FEE |
FEE AMOUNT |
|---|---|
|
Domestic wire transfer (incoming) |
$15 |
|
International wire transfer (incoming) |
$15 |
|
Domestic wire transfer (outgoing) |
$30 |
|
International wire transfer (outgoing) |
$50 |
|
Stop payment or removal of stop payment |
$36 |
|
Card replacement |
$5 |
My Banking Direct pros and cons
Here’s a closer look at the pros and cons of banking with My Banking Direct:
Pros:
-
Competitive savings account interest rates: My Banking Direct currently offers a savings account rate that’s well above 3% APY — more than 10 times the national average rate for savings accounts.
-
No account maintenance fees: My Banking Direct does not charge monthly maintenance fees for its accounts, allowing you to keep more of your earnings.
Cons:
-
No physical branches: As an online bank, My Banking Direct does not offer any physical branches for customers to visit. This could be a drawback for those who prefer to do their banking in person.
-
Limited CD terms: My Banking Direct offers only three CD terms ranging from six months to 24 months. However, these accounts do offer competitive interest rates.
Customer service and mobile banking experience
My Banking Direct customer service can be reached via telephone at 866-285-1856. Representatives are available Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, and Saturday to Sunday from 8:00 a.m. to 5:00 p.m. ET
Customers can also log into their online banking platform and send a secure message, or send a letter in the mail to the following address:
My Banking Direct
A service of Flagstar Bank, N.A.
P.O. Box 190
Hicksville, NY 11802
My Banking Direct also offers a mobile app on the App Store and Google Play, which has a rating of 4.7 and 4.2 stars, respectively. Customers can use the app to check account balances, pay bills, deposit checks, and more.
Frequently asked questions
Is My Banking Direct FDIC-insured?
Yes. My Banking Direct offers FDIC insurance up to the federal limit of $250,000 per depositor, per institution, per ownership category.
What is My Banking Direct’s routing number?
My Banking Direct’s routing number is 226071004.
How can I fund a new account with My Banking Direct?
To fund a new account, customers can either initiate an internal transfer from an existing My Banking Direct account, an ACH transfer from an external bank account, or mail a check.
Leave a Reply