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.
I ended my membership with Flagstar due to the unreasonable fees associated with account transfers online, as well as their unprofessional customer service. They charge customers 3 dollars per transfer online. I wanted to set up bi-weekly payments to my account. The online chat session was not working so I called the bank, and after being on hold for 40 minutes the lady was rude and did nothing to help. I cancelled my account.
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.
You can surely do worse than Flagstar, but you should be able to swing a dead cat and hit a much better bank. If you ever find any good reasons to use them then it is just a matter of time before you learn you were wrong.
I had accounts at Flagstar for two years and closed my last one early last year. Well, they were under instruction to close it, and they seemingly did, but, of course, they screwed it up. Although in this day and age, with everyone trying to gouge you out of every last cent, I can't help but wonder whether or not this is their standard operating procedure. In any event, they did not credit all of my interest when they send me a check for my closing balance, there was ONE CENT left in my account. Naturally after 6 months my account was deemed "inactive" and they charged a $10 penalty to my account which made it overdrawn.
Now I receive one or two letters a week telling me I need to square my account or they will "initiate collection procedures." My tolerance for idiots and morons is very low, but if you like dealing with incompetent people then by all mean, open a Flagstar Bank account and enjoy!
We have had three large Cashier Checks that a stop payment was put on. Two by the payer and 1 by the bank. I have asked for the rules and limitations for the action of stop payment on a cashier check and would love to see the regulations that allowed a Lost or stolen or Damaged to be placed on 2. This was 12 days after issue and the bank then allowed the buyer to issue another 2 and cash them right then. The checks were received and deposited 14 days after issue and had been stopped. Three months and no money from the bank yet and the person sending the money has passed. The person with Power of Attorney committed this fraud and now is not being held accountable for the action. Cashier Checks are purchased at the time of being issued and should be as good as cash. Why would abank allow a stop payment on the grounds of LSD. Clearly the 90 day window for lost,damaged,stolen was not met and no bond was required. Are these checks safe to accept or is the law being ignored.
We obviously had not read the reviews about the company until after we decided to refinance our house with them. Absolutely no communication whatsoever! Worst bank we have ever delt with. After 6 months of trying to get information about our approval and no response, we have finally decided to find another bank. We even contacted a manager, who was very rude. She responded saying they were still in the process of working on it. After almost 6 months!! Please save yourself the time and stress of dealing with these morons!
When we purchased our home back in 2004, we initially financed with Wells Fargo. Wells Fargo is Absolute WORST bank ever, to do business with. We re-fi'd our loan within months and eventually the loan was sold to Flagstar in 2007. Not only has it been a positive experience, but we just refinanced down to a 15 year this past spring (2012) with them. No closing costs and a great rate.
However, we have had our share of long wait times for customer service. Once was our fault and the other was Flagstar's. But, the people were always decent on the phone. If you treat them with respect, they will go all out for you.
If you pay your mortgage on time, there should be no need to call customer service anyway.
Flagstar Bank is justly being sued by Attorney General for selling toxic loans to GFE's. They are aware my loan is toxic and have admitted in writing the error occured during origination, my home seller bank is also being sued. Yet I have been trying to get Flagstar to restructure my toxic loan for several years. They only offer modify which is not the solution for my issue. Many mortgage industry employees don't know there is a major difference between the two. Modification is not a one size fits all. Restructure allows buyer to go back to the origination process and verify if loan was fraudulent. It also allows for interest and principle reduction to occur, its not based on income, or financial hardship, credit history is also not a factor. I am not sure if Flagstar employees are aware of restructure quidelines or just don't care. When asked for restructure they refer me to investor Freddie Mac, who then refers me back to Flagstar.
My husband lost his job & was out of work for 5 months. During that time we managed to pay our mortgage but was late. Well long story short, although we paid our bill monthly, they sent us a foreclosure letter b/c we had late fees. So we paid all the late fees plus the next months mortgage. Recently, we fell on hard times again and we are 2 months behind & we just got a foreclosure letter stating if we don't pay $3000 by 11/16 they are going to foreclose on our home. Can they foreclose just after 2 months? They make it hard to workout a payment agreement. They won't let us pay biweekly & they suck. They wasn't our original mortgage company to begin with.
Of course they don't give a sh!t but this is the worst company I have had the displeasure of dealing with. Most or all of the people I have had to deal with this atrocious sh!thole of a company were jokes regarding any customer service skills. Now I know what it is like to have to financially deal with the north american pavement ape. If I could give this so called bank a negative rating I would.
We have just bought this house and piad our 1st payment 1 month early. 1 week later we get the bill for our Nov. Payment and it was $300+ more then what is it was suppose to be. Flagstars reason- Because they thought the Property Taxes were higher then what was put on the contract. (The people who used to own this Property Rented it out, so they paid 6%.) When you own a house they PT goes to 4%. We have Faxed over the County's Tax repiept 4 times, as well as the Realitor and the tax office. Everytime they say "we never received it" BULL CRAP... Over a month later we are still dealing with this.
SO to you high and Mighty people on here. WE DID PAY OUR BILL ON TIME. AND we are being shafted. YOu must work for the bank to put this "so called great review on here"
We have done everything asked and this is still going on. I have 4 kids and this will hurt
I have owned (mortgaged) a number of houses from 1992 until now. In that time, I have applied for and carried dozens of mortgages. I cannot say that I have ever had a bad experience until Flagstar when I refinanced in Jan 2011. Their customer service department is a group of people that have no training or experience with mortgages or associated documents. They will not "allow" the customer to talk with a supervisor. I am sure that they will be put out of business soon, yet for those of us with current mortgages - tough luck.
I STRONG ENCOURAGE BARROWERS TO GO ELSEWHERE WITH YOUR BUSINESS - even if you have to pay a higher interest rate. Save yourself the frustration, that other I and others are caught in...
i recently refinanced my mortgage with Flagstar Bank. I was working with a broker and I received a very good deal. Right before I was to close, I read all of these negative reviews and I got cold feet. I discussed my concerns with the mortgage broker. He had a regional manager call me and he was able to convince me that current management was aware of the bad reputation of their predecessor and they were working to revamp their operations.
Shortly after closing, I needed to contact the real estate department regarding an underpayment of my third quarter taxes. It was explained to me that the underpayment was the result of an error on the part of the title company at closing. That was an acceptable explaination. However, in the course of the conversation, it was explained to me that I needed to send the real estate tax bills to the bank, rather than the bank getting the bills directly from my town. The reason for this had to do with some arcane regulation dealing with Michigan banks and New Jersey municipalities. While this is not a big deal, I was annoyed that the escrow agent was unable to perform what is a very basis function. After a lengthy discussion (when I feel I am right, I have a tough time accepting what I consider an unacceptable answer), the person from Flagstar agteed to contact my town's tax department to discuss setting up an electronic exchange of the real estate tax information. A few days later, I was contacted by Flagstar Bank and told that it had been worked out that I would not have to forward my tax bills to Flagstar Bank.
There are a lot of negative reviews about this bank. Some of the reviews appear to be legtimate but a lot of them appear to be the result of either the reviewer not understanding the underlying mortgage agreement and/or the reviewer being too lazy, detached or just plain stupid to try to work with the bank to rectify the issue. I have to give credit to the bank, they heard my complaint and they worked to resolve it.
Unfortunately, somehow ended up with these incompenet morons after my mortgage was sold. I received my Insurance Depreciation check, my money they were holding hostage, after two weeks of calling them everyday. All I needed was an endorsement and for them to sign the check and return it to me in the pre-paid Fed Ex envelope I provided them. They would not send me my check, (MY MONEY) until my mortgage was paid for the month (Ransom). So upon paying my mortgage for the month another 5 days went by until my check was sent. Then these idiots sent me the fully endorsed check (Bank AND Customer endorsement) in the amount of $6400.00 to my home instead of to one of their other mortgage holders, whom was waiting for their check as well. Complete and Utter incompetent bunch of "idiots". So I called their mortgage Holder and sent their check to them directly. Then a week later I get a call from Flagstar asking me if I received a check in error, and if I had received my insurance check from them or not. I will be refinancing away from them immediately!
Worst thing I ever did was get a loan on my home with Flagstar. They raised my VA loan over a $100 a month they said it was for Property Taxes they paid. I'm a 100% disabled Veteran and in my state I pay no property taxes. The State Refunded their payment, then they said the increase was because my Homeowner Insurance went up $1000 per year....I called my insurance and they said Flagstar was lying the increase was only $300 a year or an increase of $23 a month.
After 16 calls to Flagstar, and getting 6 settlements the last being the increase was for my not funding my escrow account at closing for ONE YEARS HOMEOWNER INSURANCE IN ADVANCE.
For almost 5 months they have called me TWICE a day, 7 days a week dunning me for money to pay the supposed escrow shortage of $1200, or $2200 depending on the statement or who you talk to. Also be prepared to spend no less than 45 minutes on hold, and after that its a 50-50 chance they'll just disconnect you and you have to start over...another 45 minute wait at least.
I agreed to pay $100 extra per month for 12 months to give them their ONE YEARS homeowner insurance for my escrow account.
After my agreement they continue to "computer call" Twice a day every day and they say it will not stop until the escrow account is brought up to its required amount
AVOID THIS COMPANY AT ALL COSTS
If there was a no star rating, I would have given them that, but I had to pick a rating to post this message.
We refinanced our mortgage in June 2012 for a much lower rate than our original bank. We made our first payment in August (1 month freebee) to our new mortgage holder. Sometime in July we were sold to Flagstar Bank. A few days ago we got a phone call from Flagstar telling us that our payment wasn't enough and that it was now over $170.00 more a month. We had signed the mortgage papers with a fixed rate 30 year mortage which was saving us serveral hundred dollars a month. When I called and questioned them, they told me that they had done their own real estate escrow assessment and they determined that my mortgage payment was not right. I had just gotten our real estate tax bill and had not even sent it to them. I already had more than enough in my escrow account to cover the tax bill. They just pretty much told me that this was the new payment and I had to pay it. I immediately called our original mortgage holder and asked them what was going on. They told me that there had to be a mistake and they would try to straighten it out for us. I am now waiting to hear from them. In the meantime I decided to go to Flagstar's web site and check on their reviews. I am sick!!!! How did we get into a mess like this?!!!! My payment was due on the 1st, but not late until the 16th of the month. They have called us several times wanting to know when I am going to make the payment because it is late. I have never had a late mortgage payment in the 20 odd years that I have had a mortgage, so my credit rating is pretty good............unless Flagstar ruins that for me too. All I can do is wait until the higher powers seal my fate. Hopefully I won't be too bad of news!
Going to the drive-thru was my first mistake... being greeted by one peson and having your transaction processed and given back to you by another person is not the proper way to do business.
I asked to make a withdrawl from my savings account that clearly had enough money in it but instead the withdrawl was taken from my checking, which didnt. I was charged fees for borrowing on my 'overdraft loan' to cover this employee error as well as a $35 NSF charge.
After receiving the letter in the mail about being negative in my account I called to have this corrected.
When I called I was basically told that it was my error, and you bet that they couldn't fix it as fast as they messed it all up. When I complained about not being told the account was being brough negative because if I had been told I could have corrected the person right then to take it out of the proper account, I was told that it isn't "POLICY" to tell people when they are bringing their account negative and that "people do it all the time even if they have sufficent funds in another account" --YOUR RIGHT...it isn't POLICY...it's a COMMON COURTESY, was put on hold for 25 minutes and then transfered to another person who also couldn't help me.
My account is still negative, and I'm still waiting on a manager to 'fix' the problem, and call me back...if that ever happens. Can't wait to close all my accounts so I don't have to deal with the morons at this financial institution anymore.
Amen to the wait times.
After waiting 15 min I finally got a live human being who ended up transferring me to the wrong department where I had to wait another 10 min before speaking with someone. Then another 20 min later I finely got to the correct department and got a rude lady who would not even answer general questions without having my account number. At this point I'm soooooo pissed off I let her know that putting customers on hold for an eternity is not a stellar business practice and hung up.
Don't ever ever ever ever do business with Flag Star!!!!!!
It's too bad I have to select one star for this review. One star is too generous.
THE WORST RECRUITERS, she called me at 12:59 i called her back 2 min. later she doesn't answer for TWO days and the calls back when i left her a vociemail of a certin time to call me,
recruting is not hard, im currently a recruiter for a marketing company,
great tellers and customer service reps, but somee, worst recruiters ever..
I refer to Flagstar as the "hidden bank." Call the local branch with question or problem and I am given an 800 number. The online banking is not user friendly. Bank statements are confusing. The statement shows "pending" on either credit or debit. Re a debit entry...SHOW THE NAME OF RECIPIENT. FLAGSTAR shows name if sender for direct deposit. Branch turnover reveals turmoil...lots of it.
Don't ever be so unlucky to get a mortgage loan through or brought by Flagstar. These losers send you a statement saying your monthly payment is not late until the 16th of the month and then they call you everyday if your payment is not received by the 1st of the month.
I am a realtor and work with many banks in assisting people with their short sales, this bank makes Bank of America look like a walk in the park! We have been put through the same process at least 3 times and they never move us past the review point. The customer service people are not helpful at all, apparently there are no managers to speak to or they just won't speak to people on the phone.
Still in REVIEW in Cedar City
My best friend was diagnosed with cancer and was in the end stages of paraneoplastic syndrome which takes away motor skills. He could not work or even cook for himself and wound up in a nursing home. We had 3 short sale offers and submitted the paperwork. The bank said they did not recieve the offers on ANY of the three. They lied. They are letting the home go into forclosure because the loan is VA backed and mortgage will be paid off by the federal government. They klnow that and, they dragged their feet processing because they know they can get the money for the house paid for by the US government to poay off the original loan and, then pick the house back up on a forclosure bid for pennies on the dollar and sell it again. Filthy practice if you aks me. Probably illegal, and if it is not I can't imagine the US government would like this. I know the tax payers won't like it, after all its coming out of their pockets ultimately. Disgusting greed of the bankers on display for all to see again, it is just disgusting, and Unappreciative. Why did we bail out banks? So they could continue to screw us over apparently. This guy is a veteran too. How wrong can you get?
Headline from another site -- Google "flag star"
MANHATTAN U.S. ATTORNEY SUES FLAGSTAR BANK FOR
FRAUDULENT MORTGAGE LENDING PRACTICES AND SETTLES
FOR $132.8 MILLION AND OTHER CONCESSIONS
I'm not a Flagstar vict-- er, customer. THANK YOU, JESUS !
Tried to obtain basic information on a mortgage loan....on hold in total almost 2 hours with no results. Transferred multiple times to various departments...each less competent than the prior. To their credit after leaving a message for a return call the person that called back was not able to help and needed to transfer again to someone else. At this point I am beyond frustration and am delirious at how pitiful this bank operates.
First off...any rating above 1 star above had to be put there by a manager who is getting a bonus. That said, this bank is the worst bank I have ever used. Do yourself a favor and stay away. I hear the bank may be for sale soon??? They started getting rid of the branches in Atlanta. Lets hope this trend continues!
The service is rude and virtually nonexistent. I have never been treated so disrespectfully by any organization and we had never had a late payment or caused Flagstar any trouble. All we did was try to close out a loan and I still haven't received escrow funds due to us. Run not walk from this horrible institution!!
The wait time is always at lease 45 minutes or more. We refinanced our home with another lender "thank God" well come to find out Flagstar had force placed insurance on us because they said we did not notify them in a timely manner of our current insurance...THEY ARE SUPPOSE TO PAY OUR INSURANCE OUT OF ESCROW! THEY HAVE ALL OF OUR INSURANCE INFORMATION! So therefore our escrow went negative. Well we are suppose to get the force placed insurance check back..They say it was mailed on 2/3/12...Havent seen it. Our new lender said this has nothing to do with them and that we should have that check by now. The 30 day window to disburse the funds to us has passed. Each and every day I call they just say oh the account is being worked on but it can take up to 30 days to locate the check..WTF you cant tell where the hec you sent a $1700 check?! It has been a horrible expierence and I would never reccoment them to anyone.
After reading the reviews posted here, and comparing my own experiences with Flagstar, I can only come to the conclusion that Flagstar must be encouraging their employees to write good reviews about them on this site while the customers are waiting on phone lines to be answered. Service is lousy at best, but don't fret for me because I hired an attorney to straighten out my business with them. Good luck to all.
This mortgage company is awesome! They have constantly worked with me when I had issues or was behind on payments. I cannot say enough good things about Flagstar Bank. My previous mortgage company, Chase Home Finance, was willing to take my house away after being late 1 month and was very rude to me! However, all the people I have dealt with at Flagstar Bank have been very helpful and courteous.
Thank you, Flagstar Bank, for setting a high standard for mortgage companies! It is greatly appreciated!
This bank has the worst customer service of any bank I've ever used. You will have to keep an eye on you're account at all times to make sure you are not charged fees. They also have the highest fees of any bank I've ever dealt with. In the future, I will avoid this bank at all costs.
Customer Service at Flagstar Bank is absolutely horrid. They are rude and not helpful at all. I tried to get Bi-weekly payments and you would think a bank would like to help and make sure that you could make your whole payment each month but nooooo they are not flexible what so ever! They do not care about there customer at all. I give up!
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.
After waiting over half an hour on 2 separate occasions, and numerous transfers, I finally got to talk to someone who told me they would e-mail me the information I needed. Needless to say, I never got the e-mail. Now I have to call back and spend more time on hold and being transferred!
You can't even use their "automated service!" The recording tells you to stay on the line, then you are disconnected.
Time to try out credit unions!
Flagstar bought our mortgage in August, then they didn't not pay our real estate taxes (which we pay in our mort payment to them). After getting delinquent tax notices from the town we called flagstar only to be left on hold for an hour. When a rep finally got on the line she was rude, took our info and told us someone would get intouch with the town and us. It's now a month later with no call to the town or to us & no tax payment to the town... I've called Flagstar 3 more times enduring forever hold times & clueless reps with no info to tell me. I have now had to pay the tax money ($1,700+) to the town out of my pocket so we dont end up in the news paper for non payment of taxes. All it would take for them to fix this is a phone call to the town tax collector to fix this in their system, ten minutes of time tops. I don't see what the problem is, four times on the phone & one month's time could not get this fixed???
If this isn't fixed by 1/11/12 I am going to sue them in small claims for my extra payment & a days pay, get a judgement and then have the judgement executed by the sheriff on their local branch, I'll take cash, the furniture up to the value of my judgement. I'll alert the newspaper & TV news before hand, watch for this on youtube.
BTW, I would've had no stars, but that wasn't an option.
I had paid my property taxes directly to the county for my home as had been arranged in my mortgage and without my knowledge or permission Flagstar Bank set up and withdrew from an excrow account in my name that same property tax which I had already paid.
I could not get anyone to talk with me about this and now they want me to repay them the money that they claim to have sent out and the county claims that they did not receive a payment from them.
Money was moved and my checking account was closed without my knowledge. I had no problems that would merit this kind of treatment. I bounced a check due to this. How can a bank move MY money around without my knowledge? Banks are out of control and should be avoided at all costs.
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.
I recently switched to Flagstar after my credit union seemed like it was never going to update its online banking platform from the 90's. It was so easy to open my checking account and set up my direct deposit at the branch, and everyone I spoke to was friendly and helpful!
A short time later, I opened up a saving account as well, online at flagstardirect.com. The Flagstar direct accounts generally carry a higher interest rate, and only require a $1 deposit to open, no minimum balance!
Last but not least, the online banking abilities are far superior to other banks I've used, or credit unions. They have a built in software called FinanceWorks that helps you track and trend your spending, and set goals for yourself, predict future expenses... it's AMAZING! I have never felt more confident that` I have all my finances in order!
I previously worked as a mortgage default counselor for the VA for 15 years. It was my job to sit on hold, go through automatic information systems, and to speak and negotiate with the loss mitigation and foreclosure sections of almost every mortgage company in the country. So, I hope you realize that when I say Flagstar is the least user friendly mortgage servicer I have ever dealt with, EVER, I say it with a lot of experience under my belt. I had previously worked with Flagstar to try to clear up how my friends elderly mother had ended up with forced place insurance for two years, and that was a horror. Then, the mother died, and I've been trying to help the family work out the details of getting the mortgage in the correct name and keeping the payments up to date. The automated phone-tree at Flagstar is the longest, most confusing useless one I've ever seen. You need to go through far too many layers of pressing buttons if you are calling about anything that doesn't fit within their predetermined categories. Their office hours do not consider that most people paying their mortgage work, and the hold times are totally unacceptable (give the amount of time you have to spend getting to hold to start with). I have dealt with some nice, friendly people, and to them, thank you. But I've also dealt with some annoying customer service reps who's only object is to get me off the phone. The day after my Mom died, I called and tried to ask some general questions. The fellow refused to speak to me because I'm not on the loan (even though the documents had already been sent permitting me to speak, because I had dealt with them previously). Keep in mind, a good friend's Mother had died the night before, so when I became frustrated and angry that he would not even address a general question which did not require specific loan information, the man told me I was being rude and threatened to end the call. Not exactly the compassion I would hope for when customers are dealing with a death, or some other tragedy. If you have any choice whatsoever, avoid this company.
I have banked with Flagstar since it entered the Indianapolis market. I went there for the very good(at that time) interest rates on deposits/CD's. I have always had trouble with most every transaction I have ever had there: opening a new account, purchasing a cd, rolling over a cd, opening an IRA, opening health savings account was a total fiasco. Each transaction took so much time that I missed appointments because of the ineptness of the clerk. In addition to the excessive time that each transaction took, the clerk(s) had to have help, seemed to not know how to do things and in the case of my HSA, the idiot set me up with an IRA account instead of the HSA and I had to devote an entire day straigtening that mess out with the home office in Michigan. I already had an IRA, had funded it to the limit for that year, and when the idiot placed my HSA funds in an IRA she nearly caused me to have a taxable situation with penalties obligation with the IRS. I caught this major screw-up, no one else did including the higher up idiots in Michigan. Now fast forward to this year when I need to remove funds to make a major real estate purchase I was insulted by the clerk/bully when I refused to take out a mortgage. I didn't want or need a mortgage, I was paying cash and didn't want a mortgage. This bully got very loud with me when I refused his "car salesman" approach to convince me otherwise. I got MY MONEY to make my purchase and didn't give in to his strong arm tactics. A few weeks after that my IRA cd matured and when I went in I requested a different clerk I was confronted by "MR car salesman" who grabbed my cd paperwork out of my hands and proceeded to tell me what I was going to do. Excuse me?? My money, my decision! When I asked about current cd rates (too low) he must have seen that I wasn't impressed and he proceeded to tell me in a very loud voice that he was putting my money in an annuity. I then told him to give me back my paperwork and he refused, again telling me that an annuity was in my best interests. I told him, "I don't need an annuity for an IRA because I already have the tax advantages of an IRA". As he turned to walk away I reached for and grabbed my paperwork back from him, angering him even further. How dare a woman question him, I guess. He then berated me very loudly as I left that bank branch. I then investigated and found another place for my IRA. My new financial institution tried to have them wire my funds to my new IRA and they refused so I had to make another trip to Flagstar. I went to another branch this time and again I was met by three bullies who did everything possible to prevent me from moving my money. Took me over two hours to walk out with my money in a cashiers check. I have some additional cd's there and when they each mature I am out of there!!! I will not be treated in the manner that I have been by them or any other bank. Their employees are not properly trained, except maybe in Gorilla tactics. They even want a "star rating" before letting me post this....Flagstar deserves NO STARS!!!
Better than 8 weeks ago Flagstar recieved the first of 2 Homeowners Insurance Proceed Checks, which we need to complete repairs in our kitchen. Attempts to contact them about when we can expect our contractor to start recieving payment have been fruitless.
In the mean time, our contractor refuses to continue the job.
We are left without use of our kitchen, which has created a tremendous hardship on our family.
It was suggested to us, that holding money that doesn't belong to them, is their way of stacking there books to improve their bottom line, therefore improving their position in the market. Not only is this a deceptive business practice, it is criminal. Intentionally causing hardship for families they are suppose to be assisting is unforgiveable. Obviously, they aren't a company any reasonable person would want to invest their money in.
We are going to refinance our house with another bank, because that appears to be the quickest way to get our money back.
This has been the worst experience. Roof damage (a lot of damage) requested release of half the check on Sept 20. Had plans for the roofing company to come out and guess what, no check. Then called 3 more times, each time being told it was requested. Today is October 18th, and was told they requested it on Monday the 17th and "it should" go out by Friday. They could care less that we are trying to coordinate the roofing company (who won't start work until they receive a payment) and our house is being rained on. Not to mention taking time off work just to make sure the work is done properly. Customer service is a joke. What they have been doing is as close to theft as you can get!
I guess I have to give them one star for answering the phone, but even that took them 30 minutes and they still put me back on hold only to pick up later and tell me my paperwork is complete.
I just got divorced and my husband is being very difficult refusing to help pay ect... I called Flagstar about this and they offered no help whatsoever. He didn't pay for 2 months and now they're charging a 15$ fee every time I make a payment because they wont allow me to pay online until the balance is paid as well as the late fees. People go through this all the time, and banks should be prepared to help a responsible ex-spouse who is willing to pay the mortgage, but doesn't have any spare cash to get through this so they can get back on their feet. It would benefit us both to not penalize the heck out of them and make it difficult to make any payments at all. When you sacrifice meals to make the mortgage, they shouldn't be tacking on extra fees so you can't make it. Everyone I've talk to has just been like "oh well, this'll hit your credit" and nobody has offered any kind of advice or options.
This institution leaves a LOT to be desired. I tried to get in contact with customer service. It took at least 40 minutes and 4 transfers to get to someone who absolutely could not speak/understand English. I asked to be transfered to a 5th person, and she asked me for my address. I kept telling her my address on the account had errors in it--someone manufacted a wrong number. She kept interrupting me and then finally hung up on me. I would never EVER do business with these people again. I read the other two reviews--I agree 100% Really REALLY bad on customer service!!!!!!!!!!!!!!!!!
I used to work for Flagstar Bank up in Hillsdale, Michigan. I can honestly say that this bank is by far the best bank I have come into contact with. They care very much about their employees and customers. I would highly recommend banking with them! About the below reviews, I from experience have had several nightmares dealing with banks. There will always be a bump in the road at some point. I am sure that Flagstar made everything right with the late payment and corrected the issue. Remember that saying "One negative makes up for a million positives?" I think these are prime examples of that. Do you ever think about reviewing based on the warm greeting from the door? No! You think about that one time you had issues.
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.
My homeowners insurance added Flagstar to the check so it had to be sent to them for funds to be released. After I sent the check they requested all the documents that were already sent to the insurance company. Okay, so these are not the bank funds . So I sent the documents. 2 weeks later I called again and they said they never received the documents. They were sent again, then the case was transferred to someone else. Long story short... 6 months later they sent the check to a contractor that they requested .. Still dealing with other issues... Horrible bank..!
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....