Flagstar Bank

Flagstar Bank

Overview / Commentary
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.

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2/15/15 - 1.10% APY High Yield Savings Account - Flagstar Bank - Michigan Residents Only
10/31/14 - Flagstar Has A New Simplysavings Promo That Guarantees Top Rate For 12 Months
10/3/14 - CFPB Hits Flagstar Bank With First Servicer Rule Enforcement
6/11/14 - Flagstar Bank Improves Savings Account Promotion - Michigan Only
4/4/14 - Another Michigan Savings Account Promotion at Flagstar Bank
5/21/13 - Flagstar Bank’s Savings Account Promotion in Michigan
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]
1/14/10 - Flagstar Bank Launches New Internet Website
1/14/10 - Flagstar's New Online 5.30% Money Market Account
1/9/10 - Flagstar Direct Raises Money Market Account Rate
12/17/09 - Flagstar Internet Money Market Rate Plummets and Is No Longer Competitive
12/12/09 - 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
8/15/09 - 2.00% Checking Account with Rate Guaranteed for One Year at Flagstar Bank
7/13/09 - $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
2/12/09 - 3.25% 9-Month CD at Flagstar Bank - Nationally Available
2/5/09 - 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
9/1/07 - 7.30% 12-Month CD at a Georgia Bank - $2.5k Max (Flagstar)
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)
1/7/07 - 10% 6-Month CD at an Indiana/Michigan/Georgia Bank Continues - $2.5K Max (Flagstar)
11/21/06 - 10% 6-Month CD at an Indiana/Michigan/Georgia Bank - $2.5K Max (Flagstar)
2/8/06 - $100 / $25 Checking Account Bonuses at Two Indiana Banks

Flagstar Bank

Posted by: |

Have banked with Flagstar for 25-30 years. Started when the CD rates were high. Then I took some of the townships money there for CD's. I still have one CD there and a checking and savings account. Rates are extremely low now but the service is great. They were wonderful helping with accounts after my mother passed with her IRA and when husband passed and helped me set up an account for the boys to inherit before his death. Though I thought I had another year to do this was so thankful I did it when I did.  One of the most helpful, and friendly banks I have every belonged to. Was shocked to hear all the negative remarks. Maybe it is the city I live in that makes the difference. Not sure why all of the negative remarks but people at Flagstar are always helpful. I rarely go it except to use the ATM for deposits but they still address me by name. AMAZING 

Mortgage Through Flagstar

Posted by: |

I refinanced in December, and discovered that my new mortgage was going to be through Flagstar Bank.  When I read the reviews I almost had a heart attack.  I am very involved with my mortgage, have spreadsheets showing my payments, make multiple extra payments throughout the month, etc.  I was in a panic when I read the reviews, and contacted my bank and almost had them cancel the refinance, because there is no way I could do business with a bank that had horrible reviews.  My bank reassured me that a lot of their employees had their mortgage through Flagstar, and they were very happy with them.  They were able to talk me into going through with my refinance.  It has been 3 months now, and I am extremely happy with Flagstar Bank.  The online options that I have to look at my mortgage are the best that I have seen.  It is very easy to make extra payments as often as I want online.  I had a question about my mortgage, and was hesistant to call Flagstar Bank (because of the horrible reviews).  I was at work, and knew that I didn't have 45 minutes to an hour to sit on the phone and wait.  Once again, I was surprised!  I was on hold for less than 2 minutes, and the customer service rep was very nice, knew exactly what he was talking about, and was able to explain things to me.  I immediately chatted my husband and said, "I had a WONDERFUL experience with Flagstar!"  As for right now, I would have to give Flagstar 5 stars, and that is saying something, because 90% of the time I am NEVER satisfied with companies and their customer service.  Way to go Flagstar!

Great Bank!

Posted by: |

Flagstar is a bank that is available if you live in the state of Michigan. There are no fees for making a checking account, and the minimum deposit is only 100 dollars if I remember correctly. The branch I went to a few years back had very friendly staff and they helped me get my account set up in just a few minutes. I was able to use my account easily because it was located near my home, and there's online banking and bill payment so I usually wouldn't even have to go to the branch itself most of the time. The bank doesn't surprise you with hidden fees or anything, and they are very willing to help you if there's an issue with your account. I think the only thing lacking is maybe the online banking is lacking in some newer features compared to national banks, but it's still very good.

The Deterioration Continues

Posted by: |

NYCB's and Flagstar's Bank's big exposure to the ailing commercial real estate (CRE) sector made this merger a match made in hell. The cycle for commercial real estate losses is just beginning as loans come due this year and next, which will probably cause more problems for lenders. The FDIC had already privately vetoed the transaction over concerns about the banks' lending practices. It was the OCC who approved the deal even though it was in the middle of an examination into potential discriminatory lending at Flagstar. NYCB’s stock was down 6.6% today. The stock ended the week with a loss of 3.7% over the past seven days. It’s lost 18% in the past month and is down about 67% so far in 2024. New York Community Bank said yesterday that it lost 7% of its deposits in the turbulent month before announcing a $1 billion-plus capital injection from investors led by former Treasury Secretary Steven Mnuchin's Liberty Strategic Capital. The bank had $77.2 billion in deposits as of March 5, NYCB said in an investor presentation tied to the capital raise, down from $83 billion it had as of Feb. 5. NYCB also said it's slashing its quarterly dividend for the second time this year, to 1 cent per share from 5 cents, an 80% drop. On February 6, 2024, Moody's Investors Service cut the bank's credit ratings to junk. The Bank has been using stall tactics to avoid honoring external funds transfer transactions. Do NOT exceed FDIC insurance limits in deposits in this bank. After all, it is the Bank itself that says that it found "material weakness in the Company's internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities." That should make everyone nervous.



Health Grade Components

FDIC Certificate #32541
Year Established1987
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD2.19%
Return on Equity - YTD21.67%
Annual Interest Income$5.48B
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$116.3B$90.04B
LoansQ4 2023vs Q4 2022$84.81B$69.72B
DepositsQ4 2023vs Q4 2022$81.52B$58.84B
Equity CapitalQ4 2023vs Q4 2022$11.61B$9.63B
Loan Loss AllowanceQ4 2023vs Q4 2022$992.5MM$393.4MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$589.9MM$143.2MM
Real Estate OwnedQ4 2023vs Q4 2022$4.3MM$8.3MM
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Flagstar Bank CD Rates

5.50%$500$10m7 Month CD Special - New Money
5.15%$500$10m13 Month CD Special - New Money


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