Magyar Bank

Name:Magyar Bank
Full Service Brick and Mortar Office
Main Office of the Bank
Review:1 client review
Location:400 Somerset St
New Brunswick, NJ 08901

Middlesex County
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FDIC Cert:#30704

The Bank

Name:Magyar Bank
Concentration:Commercial Lending Specialization
FDIC Insurance:1954-09-07
Holden By:Magyar Bcorp Inc
Charter Class:Savings banks, state charter, supervised by the FDIC
# of Branches:7, view all, view on map
Total Assets:$790,615,000
Total Deposits:$677,183,000
Total Equity Capital:$84,410,000
Total Domestic Office Deposits:$677,183,000
Net Income:$3,917,000
Quarterly Net Income:$2,170,000
Return on Assets:1%
Quarterly Return on Assets:1%
Return on Equity:9%
Quarterly Return on Equity:10%

Client Review

1 client review of Magyar Bank scored 1 out of 5.

Small Businesses Stay Away From Magyar Bank
Overall Rating
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Office Environment & Staff
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by melissa25, Jul. 16, 2014

Do not use Magyar Bank for a Small Business Checking Account. Magyar refuses to honor MasterCard protections that MasterCard says are available to Small Businesses using a MasterCard Debit Card. Even though MasterCard says that Small Business Customers have Zero Liability in using a MasterCard Debit card, Magyar insists that Small Businesses are 100% liable for all fraud through the MasterCard Debit Card. Go with a bank that actually stands by the MasterCard name, and the MasterCard's protections are guaranteed.

From MasterCard's website:

Zero Liability Protection

Have peace of mind knowing that the bank that issued your MasterCard won't hold you responsible for "unauthorized transactions." Zero liability applies to transactions made in the store, over the telephone or online. As a cardholder, you will not be held responsible for unauthorized transactions if:

your account is in good standing;
you have exercised reasonable care in safeguarding your card from loss or theft; and
you have not reported to your bank two or more unauthorized use events in the past 12 months.
If these conditions are not met and you suspect that you have an unauthorized transaction on your MasterCard, contact your bank as additional protections may apply.

Zero Liability does not apply to MasterCard payment cards:
used for commercial, business or agricultural purposes (PLEASE NOTE: Zero Liability does apply to MasterCard credit and debit cards for small businesses);
anonymous prepaid cards, such store or gift cards, until such time as the identity of the cardholder has been registered with the financial institution that issued the card; or
if a PIN is used for the unauthorized transaction.
What to do

If you have questions regarding Zero Liability coverage or you suspect unauthorized use of your card, contact your bank IMMEDIATELY.

For the application of Zero Liability outside of the United States, check your MasterCard country site.

* this reviewer has be with this bank for 1 - 3 years
* this reviewer had 3 - 5 banks before.
* this review was made on Magyar Bank, 3050 Highway 27 Branch at Kendall Park, NJ
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