Flagstar Bank

Worst Bank Ever...
- howard - Tuesday, November 23, 2010 - 9:29 AM

I had no problems until I tried to pay the loan off early.  Everytime I called, I was on hold no less than 45 minutes.  While they were processing the payoff, the next monthly payment came due (the check for the loan balance was in their hands) and they hit me with a 53.69 late fee.  After several phone calls, I got the promise that the fee would be removed.  Yesterday, I get a letter that states if I do not pay the fee within the next 7 day, Flagstar will report me to all major credit bureaus as being delinquent...  WTF!!!

All I tried to do was pay off a loan 12 years early and it has been one of the most painful things that I have experienced....

Rigid Customer Service
- rollom - Tuesday, April 19, 2011 - 11:44 AM

Payment options are VERY limited and do NOT include bi-weekly payments, partial payments, or changing the due date of your payment. Compared to previous banking institutions, the technological capabilities online are very poor, the payment systems are dated, customer service is not helpful, and they are extremely rigid as far as customization goes. Very poor end result for consumer at the end of the day.

Very Bad Customer Service And Fraudulant Online Payment System
- huaj1029 - Thursday, November 17, 2011 - 7:52 AM

In order to speak to a real person took me 57 to get connected on my second try.  The first time I called, I was put on hold for 1 hr and 15 mins.  I had to hangup.

Made an extra principal payment on line but did not reflected on balance even though the associate said they received the payment. 

It is almost a fraud.

One Word - WRETCHED
- BobSmith7890 - Friday, December 23, 2011 - 2:43 PM

Unfortunately, my mortgage was bought by Flagstar Bank.  I'm so angry at them that I can't sit here and type all the details.  I'll give enough, briefly.  Hold times are 45 minutes or longer.  I've been on hold for 1.5 hours before.  They misapply payments, lose money, don't make insurance payments, etc.  They tell you they will fix something, don't, and when you call back and ask why, they say "I don't know".  If I could figure out a way to move my loan with no expense, I'd be doing it right now.

I pray for anyone else who has to deal with them.  God bless you for having to do it.

Customer Service Reps Are Bullies!!!
- Ragdoll - Thursday, November 3, 2011 - 10:02 PM

I have banked with Flagstar since it entered the Indianapolis market.  I went there for the very good(at that time) interest rates on deposits/CD's.  I have always had trouble with most every transaction I have ever had there: opening a new account, purchasing a cd, rolling over a cd, opening an IRA, opening health savings account was a total fiasco.  Each transaction took so much time that I missed appointments because of the ineptness of the clerk.  In addition to the excessive time that each transaction took, the clerk(s) had to have help, seemed to not know how to do things and in the case of my HSA, the idiot set me up with an IRA account instead of the HSA and I had to devote an entire day straigtening that mess out with the home office in Michigan. I already had an IRA, had funded it to the limit for that year, and when the idiot placed my HSA funds in an IRA she nearly caused me to have a taxable situation with penalties obligation with the IRS. I caught this major screw-up, no one else did including the higher up idiots in Michigan.  Now fast forward to this year when I need to remove funds to make a major real estate purchase I was insulted by the clerk/bully when I refused to take out a mortgage.  I didn't want or need a mortgage, I was paying cash and didn't want a mortgage. This bully got very loud with me when I refused his "car salesman" approach to convince me otherwise.  I got MY MONEY to make my purchase and didn't give in to his strong arm tactics.  A few weeks after that my IRA cd matured and when I went in I requested a different clerk I was confronted by "MR car salesman" who grabbed my cd paperwork out of my hands and proceeded to tell me what I was going to do. Excuse me?? My money, my decision! When I asked about current cd rates (too low) he must have seen that I wasn't impressed and he proceeded to tell me in a very loud voice that he was putting my money in an annuity. I then told him to give me back my paperwork and he refused, again telling me that an annuity was in my best interests. I told him, "I don't need an annuity for an IRA because I already have the tax advantages of an IRA". As he turned to walk away I reached for and grabbed my paperwork back from him, angering him even further. How dare a woman question him, I guess.  He then berated me very loudly as I left that bank branch.  I then investigated and found another place for my IRA. My new financial institution tried to have them wire my funds to my new IRA and they refused so I had to make another trip to Flagstar. I went to another branch this time and again I was met by three bullies who did everything possible to prevent me from moving my money. Took me over two hours to walk out with my money in a cashiers check.  I have some additional cd's there and when they each mature I am out of there!!!  I will not be treated in the manner that I have been by them or any other bank.  Their employees are not properly trained, except maybe in Gorilla tactics.  They even want a "star rating" before letting me post this....Flagstar deserves NO STARS!!!

Withhold Insurance Payments On Property Damage
- rms5934 - Friday, October 28, 2011 - 10:30 PM

Better than 8 weeks ago Flagstar recieved the first of 2 Homeowners Insurance Proceed Checks, which we need to complete repairs in our kitchen. Attempts to contact them about when we can expect our contractor to start recieving payment have been fruitless.

In the mean time, our contractor refuses to continue the job.

We are left without use of our kitchen, which has created a tremendous hardship on our family.

It was suggested to us, that holding money that doesn't belong to them, is their way of stacking there books to improve their bottom line, therefore improving their position in the market. Not only is this a deceptive business practice, it is criminal. Intentionally causing hardship for families they are suppose to be assisting is unforgiveable. Obviously, they aren't a company any reasonable person would want to invest their money in.

We are going to refinance our house with another bank, because that appears to be the quickest way to get our money back.

IN RESPONSE TO REVIEWS
- christina - Friday, September 30, 2011 - 1:30 PM

  First let me say about the partial payments, bi weekly and  payment change date comment tht was made,

 You can not change your due date . Period with any bank you are given a 15 day grace period  which does not mean  that your payment isnt due till the 15th READ YOUR NOTE . Secondly they do have a bi weekly payment but what most people dont understand is that you can make one extra payment a year and still accomplish the same results as a bi weekly payment . You also have to be current and you will be one month ahead when you are set up on the bi weekly payment plan . Partial payments will cause you to get a late fee.   Your payment is due in full  each month on the first , read your mortgage docs.

 

  Ok for the payoff lady , there is an automated payoff line which if you listened to the first message when you call in you would have heard the option to push a number to go to that area.

Lastly  perhaps you people so read your documents before you call bitching about things.  I am sorry that you cant understand why you cant just make payments when you want to but fact of the matter is you signed the docs.

 I have never had any issues sometimes the wait time is long but its that same at any other place i call. 

Lowest Rating Available!!!
- jackiephd - Thursday, September 29, 2011 - 2:23 PM

 

This institution leaves a LOT to be desired.  I tried to get in contact with customer service.  It took at least 40 minutes and 4 transfers to get to someone who absolutely could not speak/understand English.  I asked to be transfered to a 5th person, and she asked me for my address.  I kept telling her my address on the account had errors in it--someone manufacted a wrong number.  She kept interrupting me and then finally hung up on me.  I would never EVER do business with these people again.  I read the other two reviews--I agree 100%  Really REALLY bad on customer service!!!!!!!!!!!!!!!!!

Horrible Service!!! 45Minute-1Hour On Hold To Talk To People Who Are Rude Or Just Clueless. They're Not Paying My R/E Taxes.
- Gino1967 - Tuesday, December 20, 2011 - 3:40 PM

 

   Flagstar bought our mortgage in August, then they didn't not pay our real estate taxes (which we pay in our mort payment to them). After getting delinquent tax notices from the town we called flagstar only to be left on hold for an hour. When a rep finally got on the line she was rude, took our info and told us someone would get intouch with the town and us. It's now a month later with no call to the town or to us & no tax payment to the town... I've called Flagstar 3 more times enduring forever hold times & clueless reps with no info to tell me. I have now had to pay the tax money ($1,700+) to the town out of my pocket so we dont end up in the news paper for non payment of taxes. All it would take for them to fix this is a phone call to the town tax collector to fix this in their system, ten minutes of time tops. I don't see what the problem is, four times on the phone & one month's time could not get this fixed???  

  If this isn't fixed by 1/11/12 I am going to sue them in small claims for my extra payment & a days pay, get a judgement and then have the judgement  executed by the sheriff on their local branch, I'll take cash, the furniture up to the value of my judgement. I'll alert the newspaper & TV news before hand, watch for this on youtube.

  BTW, I would've had no stars, but that wasn't an option.

Non Existing Escrow Account Used To Pay Property Taxes
- nayaf - Tuesday, December 6, 2011 - 4:35 PM

I had paid my property taxes directly to the county for my home as had been arranged in my mortgage and without my knowledge or permission Flagstar Bank set up and withdrew from an excrow account in my name that same property tax which I had already paid.

I could not get anyone to talk with me about this and now they want me to repay them the money that they claim to have sent out and the county claims that they did not receive a payment from them.

PAINFULL AND RUDE
- tiredofit - Monday, January 23, 2012 - 1:36 PM

Customer Service at Flagstar Bank is absolutely horrid. They are rude and not helpful at all.  I tried to get Bi-weekly payments and you would think a bank would like to help and make sure that you could make your whole payment each month but nooooo they are not flexible what so ever! They do not care about there customer at all. I give up!