$100 Checking Account/Direct Deposit Bonus at Flagstar - Update

Flagstar is still offering a $100 cash bonus for opening a new checking account and establishing direct deposit of at least $250/month. Here's the link to the promo page. It's advertised on their home page as of 1/02/2009. The promotion is available only at Flagstar's retail banking centers. The promo code is HD, and the instructions state that you need to ensure the banking rep includes this code when the account is being opened. No expiration date is listed in the promo page. Some of the important details in the small print include:

• New checking account customers only
• Minimum opening deposit of $50
• Direct deposit of income of at least $250 per month
• Direct deposit must be established within first 60 days of account opening
• $100 will be deposited into your account within 30 days after first direct deposit
• Account must remain open and active for a minimum of 6 months
• Bonus will be reported in your 1099

According to the CSR, they do not do a hard credit inquiry (it's just a soft pull). However, readers have reported a hard credit inquiry when applying for new checking or savings accounts.

Flagstar's checking accounts seem to have improved. Both interest checking accounts offer free checks, have no monthly service charges and have no ATM usage fees.

Branches are located in Michigan, Indiana and Georgia. The bank is a member FDIC (FDIC Certificate # 32541).

Tags: Indiana, Flagstar Bank, Georgia, Michigan, checking account