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: 349    Comments: 0    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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