Community Corner
Community Update
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
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);