The bank utilizes a process that is patently unfair to the consumer. When a hold is placed on your card (not the actual payment transfer) they deduct overdraft fees in anticipation of an overdraft. They also will stack all of the deductions before any deposits.
This has occurred repeatedly with an automated transfer from one account to another ... while I have the deposit set as a recurring item ( one would expect that is hits my balance at midnight) they process at 9.30 in the morning after all the pending debits , causing overdrafts.
They have refused to credit all of the overdraft charges that cascade and snowball.
I refuse to deal any longer with thieves.
Like many people, a year or so ago our family experienced a decrease in income. Thank goodness we had paid our mortgage on time for 9 years. So, under the fabulous HARP program - designed to help homeowners in stress to keep their homes - Flagstar began the refinance process with us. THEY LED US ON FOR MONTHS, knowing we desperately wanted to keep our home. Basically they would tell us they had everything ready, a low interest rate and a clear to close, but then they would find an excuse to drag it out another month, MONTH AFTER MONTH AFTER MONTH AFTER MONTH. After riding this emotional roller coaster ride, they finally bled us out, and we had no other option than to let the house go. This is a very DISHONEST bank, I highly recommend you steer clear of them.
I had water in my basement in December of 2013. Since that time I have paid over $14,000 to contractors for repair work that has been done. The insurance company issued a check of $5000 to cover part of the damage done at that time, which needed to be endorsed by FLAGSTAR to deposit the funds. Despite issuing appropriate paperwork detailing the work that has been done, I waited 3 months to get any sort of reimbursement. When the check finally came it was only for half of the original $5000 and it was made out to the contractor. Upon following up with Flagstar they told me that an inspection needs to be done on the property to ensure the work has been done so that the check can be made out to me. I understand the protocols for this madness, but I feel that since there has been appropriate invoices for paid work, contractor licenses, etc. submitted they would have understood that the work has been completed and therefore communicated the appropriate steps at that time. Poor communication and poor customer service.