Flagstar Bank is the banking subsidiary of Flagstar Bancorp, Inc., a publicly traded bank holding company (NASDAQ: FBC) that is a national leader in wholesale mortgage lending. The commercial bank offers deposit accounts, consumer loans and credit cards to individuals, as well as cash management services to businesses.
As far as deposit accounts, the bank offers checking, savings, and Money Market accounts, as well as Certificates of Deposit (CDs) and IRA CDs. Checking account options are numerous and include a simple checking account that comes with a Visa debit card, a free annual investment review, and unlimited check writing. The simple checking account also comes with preferred CD rates when higher balances are maintained. The bank has University of Michigan-themed checking accounts as well as other interest bearing checking accounts that come with the cost of monthly service fees, which can be avoided by meeting certain requirements. All of the savings accounts offerings come with free ATM transactions at qualifying machines, online and telephone banking, and a free spending review service. A simple savings account is available and comes with a monthly service fee that can be waived by opening a checking account. Money Market accounts at the bank offer higher interest rates for higher balances and come with a Visa debit card. Certificates of Deposit (CDs) have a low minimum balance to open and are available in term lengths ranging from 30 days to 120 months.
Flagstar is also part of the CDARS network, giving large deposit investors a convenient way to find the best CDs for their funds while maintaining FDIC insurance coverage. The bank also offers government banking solutions that help government entities manage public sector funds.
Flagstar Bank online banking provides a web-based platform for account management tasks like Bill Pay, budget tracking, reward account management, and fund transfers. The system also provides Intuit financial management tools to help track expenses and plan out personal finances. Mobile banking is also available for customers to use through smartphone and tablet apps.
Flagstar Bank was originally established in 1987 as the First Security Savings Bank. In 1996 it transitioned to its current name, and four years later moved to its current headquarters in Troy, Michigan. Over a hundred branches are operated across the state of Michigan, where Flagstar focuses its business.
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....
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.
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.
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.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Flagstar Bank had $390.03 million in non-current loans and owned real-estate with $1.81 billion in equity and loan loss allowances on hand to cover it. This gives Flagstar Bank a Texas Ratio of 21.56% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Flagstar Bank decreased dramatically from 77.36% as of December 31, 2012 to 21.56% as of December 31, 2013, resulting in a positive change of 72.13%.This indicates that the balance sheet and financial strength for Flagstar Bank has improved dramatically in recent periods.
In the past year, Flagstar Bank has decreased its total deposits by -$2.45 billion, resulting in -27.91% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Flagstar Bank has shown is poor.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Flagstar Bank has $9.35 billion in assets with $1.81 billion in equity, resulting in a capitalization level of 19.35%, which is excellent.
|FDIC Certificate #||32541|
|Assets and Liabilities|
|Equity Capital||$1.60 billion|
|Loan Loss Allowance||$207.00 million|
|Unbacked Noncurrent Loans||$138.62 million|
|Real Estate Owned||$251.41 million|
|Historic Data - December 2012|
|Equity Capital||$1.37 billion|
|Loan Loss Allowance||$305.00 million|
|Unbacked Noncurrent Loans||$138.62 million|
|Real Estate Owned||$697.70 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.03%|
|Return on Assets||1.95%|
|Return on Equity||16.27%|
|Interest Income||$340.58 million|
Always verify rates and promotions with the bank or credit union. We are not Flagstar Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.35%||$25k||-||Simply Max Savings|
|0.15%||$10k||-||Simply Money Market Savings|
|0.25%||$100k||-||Hat Trick Checking|
|0.10%||$25k||-||Power Play Checking|
|2.20%||$500||-||108 - 120 Month CD|
|2.00%||$500||-||96 - 107 Month CD|
|1.80%||$500||-||84 - 95 Month CD|
|1.60%||$500||-||72 - 83 Month CD|
|1.40%||$500||-||60 - 71 Month CD|
|1.20%||$500||-||48 - 59 Month CD|
|0.90%||$500||-||36 - 47 Month CD|
|0.40%||$500||-||30 - 35 Month CD|
|0.35%||$500||-||24 - 29 Month CD|
|0.30%||$500||-||12 - 17 Month CD|
|0.30%||$500||-||18 - 23 Month CD|
|0.20%||$500||-||180 - 364 Day CD|
|0.15%||$500||-||90 - 179 Day CD|
|0.10%||$500||-||30 - 89 Day CD|