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Flagstar Bank

Article Submitted by: BankMan
Savings - Checking - CDs


Flagstar Bank is a $14 billion regional bank that provides checking, savings and certificates of deposit. The company operated virtually as well as through approximately 170 banking centers in Michigan, Indiana and Georgia.

 

Submitted: Oct 7, 2008    Views: 2979    Comments: 4    Likes: 1   


Flagstar Bank is a $14 billion regional bank that provides checking, savings and certificates of deposit.  The company operated virtually as well as through approximately 170 banking centers in Michigan, Indiana and Georgia.  The bank has a three star soundness rating from Bauer financial out of five possible stars.  It's FDIC certificate number is # 32541.

Like many banks, Flagstar has suffered due to the credit crisis and the mortgage meltdown.  It's stock has dropped from a 52 week high of 10.32 to 2.84 today.  It's lending portfolio is mainly concentrated in southern Michigan.  Data from the Michigan Association of Realtors shows that home prices in the state have declined about 17% since their peak.

The application is almost all electronic.  They verify your identify by asking you three specific financial questions (i.e. what is your monthly mortgage payment) and then validating that against a Transunion credit report.  I asked the CSR if this was a hard pull and she said no.  Once you've verified your identify, the account is opened and you can transfer funds electronically by supplying your checking account and routing numbers.  Funds generally take 2-3 business days to appear in the account.  So, once you start the application, it takes approxiately 2-3 business days to open and fund your cd, savings account, etc.  What's nice is that you aren't required to print-out and mail anything in.  It's all done online.

Flagstar is currently offering a competitive three month certificate of deposit and a competitive 1 year certificate of deposit.  The bank requires  relatively low $500 minimum deposit when opening a cd.

We'd love to get some feedback on the account opening process so for those that give Flagstar Bank a try, please leave a comment below.


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Comments Received:

Jane Guernsey
(Unregistered)

Flagstar has a promo that offers 2.75% on $35,000 PLUS a 15" HDTV free. Don't know if this is a good offer or not. Sounds tempting.

Posted: Jan 23, 2009

Author/Submitter Response:

I just called Flagstar and it is a valid promo on a CD but you need to open it in a branch. So, if you live near a Flagstar branch it might be something to look into. Depending on the type of HDTV, the value of it could be between $150-200.

Peter
(Unregistered)

I recently opened a Flagstar money market account, which was my first time opening a money market account, and all the setup was very easy. It is also easy to see the accrued interest and the current APY (currently 3.00%). Overall I am very pleased with my experience and would recommend it to anyone wanting to save some money.

Posted: Feb 10, 2009

StupidOne
(Unregistered)

Does anyone else have positive or negative feedback on this bank? Thanks!

Posted: Oct 7, 2009

try elsewhere
(Unregistered)

I was planning to deposit a quarter mil in one of their CDs, just in case we are in this low rate environment for the long haul. Just called customer service with a couple of simple questions about transfer setups (not apparent from website). After a long wait the representative was so lacking in knowledge and rude that I actually found myself asking if he could transfer me to a representative in India or the Philippines. I never got the answer to my question and I have gone elsewhere.

Posted: Oct 11, 2009



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