New York Community Bank Reviews
New York Community Bank has the most significant and highly prevalent reputation due to its financial products. These products tend to fulfill both the personal as well as business needs.
Here is the complete review guide stated below for New York Community Bank for the convenience of the investors. This review will contain different sections describing the key offerings of the bank. These offerings are related to savings accounts, money market accounts, certificates of deposit (CD), etc.
Let’s explore the details further in the section below;
Bank Overview
NYCB has the most appropriate and highly relevant specialization on the horizon of several national businesses.
It is referred to as the second-largest multi-family portfolio lender in the United States. It is a prominent financial player in New York City that specializes in rent-regulated, and non-luxury apartment buildings.
| Ranking | Category | Position |
| 1 | Bank Originator of Residential Mortgages | 8th Largest |
| 2 | Sub-servicer of Mortgage Loans | 6th Largest |
| 3 | Mortgage Warehouse Lender (Total Commitments) | 2nd Largest in the Country |
NYCB is known to comprise several divisions. Each division has its unique history and specialization. The division includes;
- Queens County Savings Bank – It was established in 1859 and was the first savings bank that was chartered by the State of New York in Queens.
- Roslyn Savings Bank – It was founded in 1875, it was the first financial institution in Nassau County, Long Island.
- Richmond County Savings Bank was Originated in 1886, and it specifically serves the Staten Island residents.
- Roosevelt Savings Bank – It was established in 1895 in Brooklyn.
- Atlantic Bank – It was acquired in 2006, it is operated all across New York.
- Garden State Community Bank – The bank was formed in 2008 by combining four New Jersey-based banks.
- AmTrust Bank: Joined the NYCB family in 2009, serving customers in non-contiguous states.
New York Community Bank Locations
New York Community Bank is going to be rebranded as Flagstar Bank on February 20, 2024. It is one of the most significant players in the banking sector.
The bank originated in 1859 and had considerable assets of around $123.8. In these assets, the loan amount includes $83.3 billion and deposits cover around $84.8 billion. In addition to all this, the equity for stakeholders was around $10.8 billion.
The bank is primarily operated by New York Community Bancorp, Inc. and it has almost 435 branches in the Northeast and Midwest, as well as in the Southeast and West Coast.
After the merger in Feb 2024, the customers will have to access nearly 400 branch locations. These locations include;
Additionally, there will be a clear expansion of the ATM network that will provide fee-free access with almost 56,000 ATMs. These ATMs are for all the banks including; NYCB, Flagstar Bank, the Allpoint network, and Presto! Network.
New York Community Bank Checking Accounts
The most significant and highly authentic details regarding the New York Community Bank Checking Accounts, are stated below, which will cover major perspectives of the investors.
| Account Type | Features | Monthly Fee | Additional Information |
| My Community Free Checking | – No monthly fee with e-Statements | None | – Unlimited check writing – Free NYCB Debit Card – Access to over 56,000 ATMs – Mobile banking and online bill pay included |
| My Community Basic Checking | – Minimal maintenance fee (can be avoided with criteria) | Varies | – Mobile banking – Debit card – Unlimited check writing |
| My Community Interest Checking | – Earns interest on balances | Minimum balance required | – Interest on daily balances of $100 or more |
| My Community 50+ Checking | – Tailored for customers over 50 | Lower monthly fee | – Earns interest on balances – Monthly fee waived under certain conditions |
| My Community Student Checking | – Tailored for students | None | – Overdraft protection – Mobile banking – Debit card |
These accounts are worthy enough as they provide high-profile access to NYCB Mobile for convenient banking. This banking includes innovative features like instant balance efficiency, mobile alerts, and Zelle® so that one can perform easy money transfer activity.
They also emphasize unlimited check writing and provide online and mobile banking capabilities in a very easy and convenient way.
New York Community Bank Savings Accounts
NYCB also provides a range of savings account options. These options are described as follows;
| Account Type | Features | APY Range | Minimum Balance to Avoid Fees |
| My Community Savings | – Basic savings account | 0.05% | $500 |
| My Community Gold Money Market | – Combines savings benefits with checking account accessibility | 0.02% to 0.15% (depending on balance) | $2,500 |
| My Community Super Savings | – Offers competitive APY | 0.02% to 0.10% (depending on balance) | $500 |
These savings accounts are credibly known for providing variable interest rates. These rates include fees that could reduce earnings. So it is extremely significant to check the latest terms and conditions that are imposed directly with the bank.
CD Rates and Money Market Accounts
Like other potential services, the New York Community Bank is also known for its popular CD accounts. Customers have the opportunity to select various rates and terms as per their requirements. These terms are best suited for their savings goals.
The Annual Percentage Yield is fixed until the maturity deadline, but over time these APY are subjected to the change.
For more consideration, one must have to consider the fees that can reduce earnings. In addition to this, there might be penalties that are applied for early withdrawals.
The offerings are also subject to change as per the location, so it is more considerable to seek an advisable extent to check out the local branch for highly specified rates and terms.
Mortgage Loans and Other Loan Products
New York Community Bank provides mortgage loans. All customers who are looking forward to home loans or refinancing options should consult with the bank for detailed information that is flexible for their needs.
| Category | Offerings |
| Savings Accounts | – Basic Savings Account- Money Market Accounts- Catering to various savings needs- Competitive interest rates |
| Checking Accounts | – Interest-Bearing Checking Accounts- Tailored accounts for different customer segments (e.g., students, seniors) |
| Other Financial Services | – Investments and Insurance- Commercial Lending- Business Services- Online Banking Solutions |
Online and Mobile Banking
NYCB offers comprehensive online and mobile banking services. This service includes features that include; NYCB Online, NYCB Mobile, bill pay, money transfers, Zelle®, card controls, account and security alerts, and paperless options.
These digital services are worthy enough to enhance the banking experience that is exceptionally known for providing convenience and security.
Comparison Overview with Other Institutes
| Feature/Service | New York Community Bank | JPMorgan Chase | Wells Fargo |
| Headquarters | New York | New York | California |
| Number of Branches | Regional Presence (Specific numbers vary by location) | More than 4,700 branches | About 4,400 branches |
| ATM Network | Access to over 56,000 ATMs post-merger with Flagstar | Over 16,000 ATMs | About 11,000 ATMs |
| Checking Accounts | Multiple options with varied benefits | Offers great sign-up bonuses for checking | Easy-to-waive monthly fees on checking |
Pros and Cons Analysis of New York Community Bank
Pros
- With the help of a diverse product range, users can enjoy a variety of financial products. These products include savings, checking accounts, CDs, and mortgage loans.
- Its extensive network for mortgages is highly appropriate in terms of origination and servicing.
- One can enjoy specialized lending aspects. The expertise for multi-family lending is extremely exceptional in the New York City market.
- The Post-merger of the bank with Flagstar allows the customers to have access to the broader network of branches and ATMs.
Cons
- Product offerings and features may differ by location.
- Some accounts have fees and specific balance requirements to avoid fees.
- Certain details, like specific mortgage rates, are not readily available online and require direct contact with the bank.
Customer Reviews
The customer reviews available for the bank reflect a concise blend of experiences. It is extremely important to note that the satisfaction of customers can vary greatly based on individual needs and interactions with the bank.
Personal Review
New York Community Bank demonstrates a customer-centric approach with a wide range of financial products and a growing network post-merger.
Its specialization in multi-family lending and extensive mortgage operations are notable strengths. However, regional variations in offerings and the need for clearer online information on some services are areas that could be improved.
Overall, the bank seems to be a strong option for those in its service areas, particularly for customers seeking specialized lending services or a broad range of banking products.
Conclusion
To make a summarized overview, the New York Community Bank is credibly known for providing a range of products. These products are extremely suitable for various financial needs.
Moreover, their savings and money market accounts are very flexible and offer competitive interest rates.
The CD accounts provide a secure option for longer-term savings. Additionally, the online as well as mobile banking services are worth considering. It has added an extra layer of convenience for the modernized banking facilities.
FAQs
NYCB offers a variety of accounts including checking, savings, CD, and money market accounts, each tailored for different customer needs.
Yes, NYCB provides comprehensive online and mobile banking services, allowing customers to manage their accounts, pay bills, and transfer money digitally.
NYCB offers mortgage loans, though specific rate details should be directly obtained from the bank. They also provide other loan products.
Some NYCB accounts may have fees, which can be waived by meeting certain criteria like maintaining a minimum balance.
Accounts are very easy to open. You can do it by visiting the bank branch or by making an online contribution through the app. You’ll need identification and personal details to complete the process.