About FlagStar Bank

Flagstar Bank, headquartered in Troy, Michigan, is a growth-oriented community bank with approximately 170 banking centers in Michigan, Indiana and Georgia. Chartered in 1987 as a federal savings bank, today Flagstar has assets approaching $16 billion.
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Overall Rating

D
Grade

FlagStar Bank Report Card

Overall rating score 13%
Customer Rating
Based on 32 Reviews
Financial Health
Based on Texas Ratio: 62.52
Bank Fees
vs. Average
Bank Rates
vs. Average
Mobile Banking
Quality of Mobile Services

Customer Reviews

Most Helpful Customer Reviews

Zorro45's Profile Image

Reviewed by Zorro45

Jun 20th 2012

4 out of 5 marks

I bank online from out-of-state. Mrs. Bradshaw helped set accounts up. Fantastic, until recently.

I live out of the area and have grandchildren in the Jackson, Michigan area. Mrs. Bradshaw , at the Jackson Main Branch, helped me set up the necessary accounts for them, was incredibly professional and took the time necessary to assure everything was well. We remained in touch, until about October, 2011, when the contact ceased. No explanation given.

The online service, with an account at a brick-and-mortar bank, works quite well for me. The bank is struggling; looking at their stock price and their financial ratings indicates how bad off they are. For what I need, the bank works well. I hope they succeed. I hope the standard for customer service I initially found can be restored.

Is this review helpful? ▲ Yes 1 ▼ No 1

jonsfrustration's Profile Image

Reviewed by jonsfrustration

Jan 27th 2013

2 out of 5 marks

Customer service is awful

Refinanced online and they sold my loan to Flagstar. I have made two payment errors and have needed to call Customer Service . The first was I doubled paid my mortgage, and the second was they adjusted down my payment and I misread the month so I sent the reduced payment one month early. They called me and told me I underpaid my $1950 mortgage by $40 and they were accessing me a $79 late fee. I told them I was a good customer and had over paid every month and I was early every month. And would they please give me a courtesy "by". They would get back to me. Never did. So in both cases I called Customer Service and was hung up on by their automated 24 hour line. Hung up on. The first time I had to punch in the line for delinquent payees just to get a human. The first time I waited 1/2 hour on hold. And like I said today I got disconnected 3 times by their phone system. If you can possibly not deal with these clowns then don't . Oh how I wish I had stayed with Chase.

Is this review helpful? ▲ Yes 2 ▼ No 0

katemcb2000's Profile Image

Reviewed by katemcb2000

Oct 27th 2012

1 out of 5 marks

The worst bank ever!

We have had nothing but problems from this our Flagstar mortgage. I don't have the characters to explain all of our complaints, but I can't even imagine half of what they've done is even legal. We've had to have our personal bank intervene on our behalf and STILL just a few months later, we are having problems. I'm looking into refinancing.

Is this review helpful? ▲ Yes 2 ▼ No 0

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Bank Rates

NAME RATE (APY) MIN TO EARN APY MIN TO OPEN
Express Savings

0.05%

$0

$1

NAME RATE (APY) MIN TO EARN APY MIN TO OPEN
Express Checking

0.05%

$0

$1

TERM RATE (APY) MIN TO OPEN
12 Month CD

0.10%

$500

18 Month CD

0.10%

$500

24 Month CD

0.10%

$500

30 Month CD

0.10%

$500

36 Month CD

0.10%

$500

48 Month CD

0.10%

$500

60 Month CD

0.10%

$500

Banking Fees

Type Fee National average
Monthly Inactivity

N/A

$6

Non-Sufficient Fund (Overdraft)

$34

$30

Stop Payment item

$34

$27

Return Deposit

$34

$17

Domestic Wire Transfer (Outbound)

$20

$22

Domestic Wire Transfer (Inbound)

$0

$8

Non-Bank ATM

N/A

$1

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