Flagstar is still offering a $100 gas card for opening a checking account and establishing direct deposit of at least $250/month. It's now being advertised on their home page. Here's the direct link to the promotional page. It requires that you keep the account open for at least 6 months. I last posted on this promo in late January.
Since it looks like you could apply online, I called to see if this promo is available nationwide. According to the CSR, the gas card promotion is only available in states where they have branches (Georgia, Michigan and Indiana). However, she said people in any state could sign up online for the checking accounts. According to the CSR, they do not do a hard credit inquiry (it's just a soft pull).
Flagstar's checking accounts have some nice features such as no minimum balance requirements and free checks.
Also, Flagstar's Express Money Market Account currently has one of the nation's top yield (4.25% APY) with no minimum balance requirements. Since it started in the middle of last year, the yields have remained very competitive (see post).
Flagstar has been hit hard by the mortgage problems. It currently has a 1 out of 5 star rating (lowest) at Bankrate.com. Last month Flagstar announced that it's suspending dividends (see stock analysis notes). The bank is a member FDIC (Certificate # 32541).
Thanks to the reader who mentioned this promo update in the comments.