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248-312-5400
5151 Corporate Drive
Troy, MI 48098

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.

Related Posts

Another Michigan Savings Account Promotion at Flagstar Bank - 4/4/2014

Flagstar Bank is again offering a nice savings account promotion for Michigan residents. Flagstar is guaranteeing a 1.05% rate for the first six months on its SuperSmart Savings Account. There’s no ma ...

Flagstar Bank’s Savings Account Promotion in Michigan - 5/21/2013

Flagstar Bank is offering a nice savings account promotion for Michigan residents. Flagstar is guaranteeing a 1.00% rate for the first six months on its SuperSmart Savings Account. The rate is good fo ...


11/30/11 - Flagstar Bank's Savings Account Promotion
7/13/11 - Flagstar Direct Cuts Money Market Account Rate
2/18/11 - $25 Referral Bonus At Flagstar Bank
12/21/10 - Checking Account Promotion Continues at Flagstar Direct - Available Nationwide
9/17/10 - Checking Account Promotion at Flagstar Direct - Available Nationwide
8/8/10 - Checking, CD and Savings Account Promotions at Flagstar Bank
7/19/10 - Competitive 6-Month & 1-Year CD Rates at Flagstar Direct - Available Nationwide
5/25/10 - CD, Savings & Checking Account Promotions at Flagstar - Available Nationwide
4/18/10 - Checking Account Promotions at Flagstar Bank - GA, MI & IN Only
1/30/10 - Unofficial Problem Bank List increases to 599 [CR]
1/9/10 - Flagstar Direct Raises Money Market Account Rate
12/17/09 - Flagstar Internet Money Market Rate Plummets and Is No Longer Competitive
11/30/09 - 2.00% Checking Account with Rate Guaranteed for One Year at Flagstar Bank - GA, MI & IN Only
11/12/09 - Flagstar's Online Money Market Promotion - Available Nationwide
11/3/09 - Flagstar Bank Launches New Internet Website
8/11/09 - 2.00% Checking Account with Rate Guaranteed for One Year at Flagstar Bank
7/12/09 - $100 Checking Account/Direct Deposit Bonus at Flagstar Bank
6/14/09 - 2.00% Checking for One Year or $100 Checking/DD Bonus at Flagstar Bank - GA, MI, IN Only
2/9/09 - 3.25% 9-Month CD at Flagstar Bank - Nationally Available
1/2/09 - 4.50% 48-Month Online CD at Flagstar Bank
1/2/09 - $100 Checking Account/Direct Deposit Bonus at Flagstar - Update
11/4/08 - Money Market Account Promotion at Flagstar Bank in Michigan - 4% for 12 Months
9/11/08 - 5.10% 48-Month Online CD at Flagstar Bank
7/22/08 - $100 Checking Account/Direct Deposit Bonus at Flagstar
6/15/08 - 10% 6-Month CD ($2.5K Max) Continues at Flagstar Bank
4/27/08 - 10% 6-Month CD ($2.5K Max) and Other Promos and News at Flagstar Bank
3/10/08 - Update on $100 Checking Account Bonus at Flagstar Bank
1/27/08 - $100 Checking Account Bonus with DD at Flagstar Bank
1/23/08 - Some More Decent CD Rates That Are Still Available
9/28/07 - Online Savings Account Rates Continue to Fall, Emigrant, iGobanking
9/1/07 - 7.30% 12-Month CD at a Georgia Bank - $2.5k Max (Flagstar)
7/17/07 - Flagstar's New Online 5.30% Money Market Account
6/18/07 - 5.50% 14-Month CD at an Indiana/Michigan/Georgia Bank (Flagstar)
5/21/07 - $100 Checking Account Bonus at Flagstar Bank Continues
3/16/07 - $100 Checking Account Bonus at GA/IN/MI Bank (Flagstar)
2/19/07 - 10% 6-Month CD at an IN/MI/GA Bank Continues - $2.5K Max (Flagstar)

Worst Bank Ever...

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....

Very Bad Customer Service And Fraudulant Online Payment System

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.

Rigid Customer Service

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.

One Word - WRETCHED

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.

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Health

Data for Q4 2013

Institution Health

B

Texas Ratio

GRADE:
B

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.

Texas Ratio Trend

GRADE:
A+

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.

Deposit Growth

GRADE:
F

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.

Capitalization

GRADE:
A+

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.

Institution Statistics

Overall
FDIC Certificate #32541
Year Established1987
Employees3253
Primary RegulatorOCC
Assets and Liabilities
Assets$9.35 billion
Loans$6.29 billion
Deposits$6.32 billion
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
Assets$14.07 billion
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 Margin2.03%
Return on Assets1.95%
Return on Equity16.27%
Interest Income$340.58 million
Rates

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.

Flagstar Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.35%$25k-Simply Max Savings
0.10%--Simply Savings

Flagstar Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.15%$10k-Simply Money Market Savings

Flagstar Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$100k-SimplyMax Checking
0.25%$100k-Victors Checking
0.25%$100k-Hat Trick Checking
0.10%$25k-SimplyPlus Checking
0.10%$25k-Wolverine Checking
0.10%$25k-Power Play Checking

Flagstar Bank CD Rates

DetailsAPYMINMAXPRODUCT
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
Locations

Flagstar Bank has 111 locations. Click to view all Flagstar Bank locations.