Still need help?
If you don’t find the answer you’re looking for here, give us a call at 1-888-990-BANK or complete our contact form. For your protection, please do not include any personal or account information in your email.
How to Contact Customer Service
Q: When are your Customer Service Representatives Available and how do I contact them?
A: Customer Service Representatives are available by calling 1-888-990-2265 Monday – Friday, 9:00am – 5:00pm, and Saturday, 9:00am – 12:00pm. You may also visit any Magyar Bank location during their regular hours. Visit our locations page for hours and directions. You can also complete our contact form, but please do not include any personal or account information in your email.
Lost/Stolen Debit Card
Q: What if I forget my PIN for my Debit/ATM Card?
A: Please contact 1-888-990-2265 immediately if you have forgotten your Debit/ATM Card PIN, select option 3. If you are calling after regular business hours, select option 2. You can also visit any Magyar Bank location and change the pin yourself on our pin pad with proper identification.
Q: What if I need assistance with a transaction on my Debit/ATM Card or for any other debit card questions?
A: Please contact 1-888-990-2265, select option 3. If you are calling after regular business hours, please call 1-833-607-0616.
Forgot Online Banking Password/Online Banking Enrollment
Q: I forgot my Online Banking password, or have locked myself out. How do I reset my password?
A: If you have locked yourself out of Magyar Bank’s Online Banking service, go to our home page and click on Forgot Password. Follow the simple instructions on the screen to have your password reset. If you need further assistance, please call 1-888-990-2265.
Q: How do I enroll for Online Banking?
A: It’s easy to enroll for Magyar’s Online Banking. Just visit our enrollment page and follow the steps on the screen. You’ll quickly have access to your Magyar Bank account information.
Check Reorder
Q: How do I order a new supply of checks for my account?
A: Simply stop by any Magyar Bank location or call 1-888-990-2265 to order a new supply of checks for your account.
Loan Payments
Q: How do I set up automatic payments from my checking account to pay my loan?
A: To have your loan payment made automatically, please complete our Loan Payment Authorization Form. If you are making a payment from a Magyar Bank account, please also complete our Magyar Loan Payment Authorization Form. For payments being made from a non-Magyar Bank account, you will need to provide a voided check from the account you would like to use, and complete our Loan Payment Authorization Form. Please sign and mail both forms to:
Magyar Bank Loan Administration
400 Somerset St.
New Brunswick, NJ 08901
You may also speak to a Loan Representative by calling 1-800-990-2265 during regular business hours.
Q: Who do I contact regarding my loan payment
A: You can contact the Loan Administration Department Monday-Friday 8:30am – 5:00pm at 732-342-7600.
Q: When does my escrow payment change?
A: Escrow payments are reviewed annually at the end of August and will take effect with the October payment.
Incoming Wire Transfers
Q:How do I wire money to Magyar Bank?
A: Below are instructions for incoming foreign and domestic wire transfers
*Please note fees may be associate with wire transfers. Click here for our current fee schedule.
FDIC Insurance
Q: Are my deposit accounts FDIC insured?
A: Yes. The FDIC insures up to $250,000 per depositor per account ownership category. For more information on FDIC insurance, call a Magyar Representative at 1-888-990-2265, or visit the Bank’s FDIC Insurance Page.
Direct Deposit
Q: How do I set up Direct Deposit of my payroll check?
A: After your checking account has been opened, simply notify your employer to deposit your check directly into your new Magyar Bank account. You will need to provide them with your Magyar checking account number, and Magyar’s Routing Number (221270910). Your direct deposit will usually begin within 30 days. For more information, check out our Switch Kit.
General Questions
Q: What is Magyar Bank’s ABA (routing) number?
A: Magyar’s ABA (Routing) Number is 221270910.
Q: Can I receive my statements electronically?
A: eStatements are a FREE service and available by visiting our eStatement page. Simply follow the instructions on the screen to begin receiving your statements electronically. You will also be able to access your eStatements directly through Online Banking.
Q: Are wire transfers possible to and from my checking account?
A: Yes! Funds can be transferred to and from accounts by wire transfer. Speak to your Magyar Bank Relationship Manager or call 1-888-990-2265 for details.
Q: What should I do if I suspect fraud on my account?
A: If you see suspicious activity or suspect fraud on your account or Debit Card, call us at 1-888-990-2265.
Q: Can I get information about my account by phone?
A: Yes. Account information is available with our Telephone Banking Service by calling 1-855-624-2497.
Mortgage Loans
Q: How do I apply for a Mortgage?
A: We offer many convenient ways to start the mortgage application process:
- Call us at 1-888-990-2265 x 147
- Stop in at one of our local branches for an application
- Complete the online application and you will receive a follow up call from a home mortgage consultant.
Q: Does Magyar Bank require a home inspection as part of the mortgage application?
A: No, but if you’re buying a home, it’s a highly recommended that you obtain a home inspection and make your purchase offer contingent on the findings of the inspection.
There is a difference between a home inspection and an appraisal. An appraisal is required by most mortgage lenders in order to support the value of the real estate and the terms of the mortgage agreement.
Q: Do I need an attorney to close a Mortgage Loan?
A: The decision to use an attorney is up to you. In general, real estate attorneys are involved in purchase transactions; refinancing generally doesn’t require an attorney. You can use a Title Company for a refinance. There are many areas of the country where attorneys are not typically used in real estate transactions.
Q: What is the difference between locking and floating rates?
A: Locking ensures that your rate will be unaffected during the lock-in period by giving you a specified period of protection from financial market fluctuations in interest rates.
- Floating – or not locking – means your rate will fluctuate with the up and down movements of the market.
- The benefit to floating is if interest rates were to decrease, you would have the option of locking in at a lower level of rates.
Q: When can I lock my rate and how much does it cost?
A: The fee for locking is $1,000.00. This is a re-fundable fee. We credit this fee back to your closing costs.
- You can lock anytime from the date of application, up until five business days before the closing.
- We offer a 60 day rate lock for fixed rates, and 75 days for the adjustable rates.
Q: If I have a Magyar Bank mortgage and want to refinance, will I have to pay closing costs again?
A: Yes. There are costs related to processing any new loan application; they can include fees paid to third parties, such as an appraiser, the title company, and other closing expenses.
Q: What is an origination charge?
A: The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination.
Q: How much money will be required at closing?
A: The amount you’ll need to close your loan includes your down payment, closing costs, and prepaid amounts for property taxes , and insurance escrow accounts. We will provide you with a good faith estimate (GFE) of settlement costs when your loan application is accepted. Within 24 hours of your closing, the closing agent will provide you with the final amount that you will need to close.
Q:Will homeowners insurance be required at closing?
A:Proof of homeowners insurance will be required before you can close your loan. Typically, you will need to present an insurance binder and pay for one year’s worth of insurance coverage.
Q: How long do I have to pay for private mortgage insurance (PMI) on my loan?
A: Mortgage insurance is required if you have less than 20% equity (or down payment) in your home and protects the mortgage lender from losses if a customer is unable to make loan payments and defaults on the loan.
If you obtained your loan after July 29, 1999, you can request cancellation of PMI when your loan- to-value (LTV) reaches 80%.
Cancellation requires that you have a good payment history, the property value has not decreased, and you can certify that there are no liens against your property.
Lenders are required (by the Homeowner’s Protection Act of 1998) to terminate PMI at 78% LTV (based on the amortization schedule) if the loan is current or has reached the midpoint of the payoff.
Q: What is title insurance?
A: An insurance policy protects a lender and/or homebuyer (only if homebuyer purchases a separate policy, called owner’s coverage) against any loss resulting from a title error or dispute.
Q: Is purchasing title insurance mandatory?
A: All mortgage lenders require lender’s coverage for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but the borrower pays the premium at closing.
Q: Can I have my mortgage payment deducted automatically from my checking or savings account each month?
A: Typically, after closing your mortgage loan, you will have the option of enrolling in an automatic mortgage payment program. You may be asked to provide an authorization form with a voided check or savings account slip attached to set up the draft. The payment is typically debited on a preset day each month.
Q: Who do I contact if I am having trouble paying my mortgage?
A: We can help you understand your options if you are facing payment challenges. Call (888) 990-2265 and ask for the Loan Administration Manager in the Loan Administration Department.
Visit any Magyar Bank location, call 1-888-990-BANK or complete our contact form for more information and to open your account.