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....
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.
I have been in the indsutry for 20yrs and have never been treated so rudely by a lender. They don't know how to communicate, you can't talk to the REAL people you need and everyone has a non-urgency attitude when loans are trying to fund. The left hand doesn't know what the right hand is doing. Completely incompetent assistants and Reps.
I've had an online checking and savings account for about six months. Have had some difficulty understanding the online site, but found calls to customer service answered quickly and accurately. On a scale of 1 to ten I would give Flagstar a 7+, for sure better than ING (now Capital one 360).
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Flagstar Bank had $409.58 million in non-current loans and owned real-estate with $1.84 billion in equity and loan loss allowances on hand to cover it. This gives Flagstar Bank a Texas Ratio of 22.30% which is 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 58.70% as of March 31, 2013 to 22.30% as of March 31, 2014, resulting in a positive change of 62.00%.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 -$1.58 billion, resulting in -19.47% 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 $9.55 billion in assets with $1.84 billion in equity, resulting in a capitalization level of 19.23%, which is excellent.
|FDIC Certificate #||32541|
|Assets and Liabilities|
|Equity Capital||$1.53 billion|
|Loan Loss Allowance||$307.00 million|
|Unbacked Noncurrent Loans||$119.79 million|
|Real Estate Owned||$289.79 million|
|Historic Data - March 2013|
|Equity Capital||$1.39 billion|
|Loan Loss Allowance||$290.00 million|
|Unbacked Noncurrent Loans||$119.79 million|
|Real Estate Owned||$498.01 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.31%|
|Return on Assets||-3.24%|
|Return on Equity||-19.54%|
|Interest Income||$69.63 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.
|1.15%||-||-||SimplySavings Promo - 12 Month Promo|
|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|