C MyBankTracker Rating

Magyar Bank

About Magyar Bank

Magyar Bank was founded in 1922 by a group of Hungarian immigrants and businessmen looking for a bank to help them achieve the American Dream. The name "Magyar" is the Hungarian word to describe an individual from Hungary. Over the years, the bank has moved beyond serving this original group, but Magyar is still about achieving dreams—whether those dreams are home-ownership, business growth, educating a child, or community and business development. Magyar remains committed to its shareholders, customers,

Magyar Bank logo

MyBankTracker rated based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank. See how it’s rated.

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Customer Reviews

Most Helpful Magyar Bank Bank Customer Reviews

  • JG
    Reviewed By Jersey G. Mar 31, 2013

    Find Another Bank

    South Brunswick Magyar used to be a good bank. Had 6 accounts there for over 20 years. Pulled them all, after I was charged 2 x $20 fees for a 1-day overdraw on 2 deposits, due to a snowstorm that closed my other bank. Fees are one thing, but when the branch manager says she d take care of them, and a month later the fees are still there, then she changes her mind about reversing them because she couldn t get approval ?? Really?? Sorry, I m out.

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  • Z
    Reviewed By zzmonty Jul 16, 2014

    Small Business customers stay away from Magyar Bank

    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.

    Thank you for your feedback Is this review helpful?
  • AM
    Reviewed By Alex M. Dec 24, 2013

    Recently retired business owner with more bank accounts than I care to count.

    I opened an account with Maygar when I was a student at Rutgers; it became a joint account when I got married, and my kids have accounts there as well. They both started off saving money in their Magyar piggy banks. The minimal amount of issues - I would say less than 5 in the past 30 or so years, were all resolved resolved (in my favor), so I have absolutely no complains about this bank. I think the North Brunswick office where I go most often has the friendliest and most helpful in person banking staff that I have even met. While I have opened and closed many accounts in other banks, for CDs, money markets and other promotions, I have always maintained my two favorite banks USAA, because, well, it's USAA, and Magyar my favorite local bank. TD is a close second for the free gift cards, extended hours and summer reading program for the kids. But Magyar is the only small bank that I feel still has a local personal touch and people who mean it when they say "how can I help you?"

    Thank you for your feedback Is this review helpful?

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  • Type Fee National Average
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