As a Community Bank, we understand the vital role non-profit organizations play in our community. To help support their efforts, Magyar Bank developed the Community Checking program which provides non-profit organizations an opportunity to raise funds by referring members and supporters to bank with Magyar Bank.
How it works:
Open a Magyar Bank checking account for your organization and enroll it in the program. If you already have an account, just let us know you want to enroll it in the Community Checking Program. Once your account is enrolled, encourage your members and supporters to open a Magyar checking account and designate the account as a Community Checking participant for your organization.
Program Award Payments:
The program makes an annual donation to your organization’s Magyar Bank checking account based on the average daily balance of your supporters’ accounts at Magyar Bank. Donations to the non-profit organization will be based on the average daily balance at one-half of one percent APY* on the individual’s checking account.
The Community Checking program is designed to help local non-profit organizations like Boy Scout troops, football booster clubs, church groups and other organizations that provide recreation, education or other programs for members of our community. To be eligible, the organization must be a non-profit and have a Magyar Bank checking account which will be credited with the Bank’s annual donation. There are no fees to the non-profit organization or individual supporters to participate in this program.
*APY=Annual Percentage Yield