Business Banking

Businesses need to make the best of their most important resource—
time.With Magyar Bank’s Business Online Banking,you can bank when
you want, where you want.

Online Banking for Business

Business Online Banking allows you to:

Check account balances
Deposit checks remotely
Set up real-time alerts
Pay bills with Online Bill Pay
Transfer funds between Magyar accounts
View e-Statements
Set up and approve ACH transfers for payroll, vendor collections and cash concentration
Wire Transfers – domestic and international with the ability to set daily limits and approval requirements
Download account activity into your accounting program and tax software
Assign specific privileges for employees of your business

To enroll please call 1-888-990-BANK or visit any Magyar Location .

Including Online Bill Pay

Free with Online Banking
Pay your bills with just the click of a mouse
To Enroll, log into your Online Banking account from the homepage and follow the on screen instructions

Please be advised that Apple’s release of Safari 18.x may effect some users’ ability to access Bill Pay. We are currently working to resolve this issue, however, in the meantime, you may try the following to access Bill Pay on this version of Safari.

• Turn off the Prevent cross-site tracking setting in the Safari settings. This should allow you to access Bill Pay.
• To disable this feature, go to Privacy on your device settings, and ensure the Prevent cross-site tracking option is disabled
• Close and re-open the Safari browser to access Bill Pay

Alternatively, users can also access Bill Pay through the current version of the Chrome browser.

BillPay

To contact us for any questions, call: 732-342-7600, ext. 184 during regular business (9:00 a.m. – 5:00 p.m.). or 1-844-781-1962 after regular business hours.

Check Reconciliation/Positive Pay

Checks continue to be the payment method most often exposed to fraudulent activity. If your company writes checks or maintains checking accounts, we offer Check Reconciliation/Positive Pay service to ensure all your checking account accounts have the fraud prevention and detection service for your company.

Positive Pay systematically compares checks presented for payment to your issued-check files to detect serial numbers and dollar amounts that do not match.
Payee validation identifies checks presented, list payee imported on issue file, and customer may determine to pay or return check items on the day presented.
Payment Authorization enables customer to review and return any items with discrepancies.

How Positive Pay Works

Set up your business account holders using the Check Positive Pay platform and enroll accounts for check positive pay services
Businesses enter their data and Magyar transmits this information
Issuance and creation information is compared to create exceptions
Exceptions trigger alerts to business to make a pay/no pay decision. Images can be presented to businesses on demand.

Business Mobile App

Get your banking done with the Magyar Bank Business Mobile App. You can do all the same transactions you do with Business Online, right on your phone.

Check account balances
Pay bills
Deposit Checks
Access your account 24/7
Wire

Online Banking Security Enhancement

Magyar Bank is committed to protecting your account information. We are pleased to announce a new security feature to our Online Banking service and our Mobile App. Effective November 11, 2024, when logging into online banking you will receive a message (text or voice) on your phone with a 6-digit code. You will be asked to enter this code to complete the login process on your device. This feature takes the place of answering security questions when logging into Online Banking on a device that is not recognized. Once your device is recognized, you will no longer be asked to enter the 6 digit code, unless you try to login on a new device.

This extra layer of security will help guard your account information, and will also be available in the mobile app. If you have any questions, call our Customer Service Representatives at 732-342-7600, ext. 184 during regular business (9:00 a.m. – 5:00 p.m.) or 1-844-781-1962 after regular business hours.

*Magyar Bank will never contact you and ask you to provide your online banking credentials, passcode or token ID. If someone asks for this information, do not continue the conversation and contact us directly for assistance at 732-342-7600 or call your local branch.