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Flagstar Express Money Market Account

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alert mods    
rated:
   posted: Jul. 18, 2007 @ 12:44a

Saw this from the Banking Guy's blog:

Flagstar Express Money Market Account

# - 5.30% APY on all balances (7/17/2007). See quick summary for latest APY.
# - No minimum balance or fees
# - Free checks for life
# - Visa Debit Card
# - Online statement detailing account activity

Edit by Moderator: Clarified Title

Message edited by: scanchain on 2008-06-16 11:52:01 CDT
   posted: Jul. 18, 2007 @ 12:44a

- Hard TU pull
- $1 to open
- Affiliated with AllPoint and Presto! if you don't have any FlagStar ATMs near you
- Free Postage-Paid Deposit Envelopes
- Free billpay
- Require two forms of ID be mailed in with signature card

APY history
2.30% 4/27/09
3.00% 1/15/2009
3.55% 12/9/2008
3.66% 7/25/2008
3.5% 6/1/2008
3.65% 3/27/2008
3.9% 3/20/2008
4.25% 12/20/2007

Routing #
272471852

Message edited by: Nummerkins on 2009-06-27 15:41:13 CDT

alert mods    
rated:
   posted: Jul. 18, 2007 @ 9:46a

I have applied and will update the Quick Summary with more info when I have it.

Since there's a FlagStar location near me, this would be a great place to deposit 0% BT checks locally.

EDIT: They require two forms of ID to be mailed in with the signature card

Message edited by: Nummerkins on 2007-07-18 13:43:08 CDT
alert mods    
rated:
   posted: Jul. 18, 2007 @ 5:21p

Nummerkins said:I have applied and will update the Quick Summary with more info when I have it.

Since there's a FlagStar location near me, this would be a great place to deposit 0% BT checks locally.

EDIT: They require two forms of ID to be mailed in with the signature card Photocopies only, I hope. Do they insist the copies be notarized?


alert mods    
rated:
   posted: Jul. 19, 2007 @ 12:15a

ThursdaysChild said:Nummerkins said:I have applied and will update the Quick Summary with more info when I have it.

Since there's a FlagStar location near me, this would be a great place to deposit 0% BT checks locally.

EDIT: They require two forms of ID to be mailed in with the signature card Photocopies only, I hope. Do they insist the copies be notarized?

They can be photocopies. I went ahead and mailed in 2 forms of ID. It's not like they don't have most of the info already as part of the app process.


alert mods    
rated:
   posted: Jul. 20, 2007 @ 6:42p

Did you ever find out if it is a hard or soft pull? If it is soft, I might be in on this.


alert mods    
rated:
   posted: Jul. 21, 2007 @ 12:39p

I applied for a checking account with them and they pulled a hard on trans union


alert mods    
rated:
   posted: Jul. 24, 2007 @ 6:10p

I applied for the account and they pulled a hard with trans union although they said that they wouldn't!


alert mods    
rated:
   posted: Jul. 24, 2007 @ 6:34p

Although the link to the Express Money Market page is still active, the APY has dropped below 5% according to this page.


alert mods    
rated:
   posted: Jul. 30, 2007 @ 3:01p

According to the FlagStar internet banking CSR, the rate is currently 5.3% and they are aware that another section of the site is reporting a different rate.

I'm just waiting on my welcome material in the mail and then I guess I'll have to see if they honor the rate. If not, this has got the be the worst bait and switch I've ever seen. I am aware they can change the rate at any time, but a rate drop like that would be a little extreme.


alert mods    
rated:
   posted: Jul. 30, 2007 @ 8:24p

Banking Guy (Bankdeals Blogspot) agrees that there are 2 money market accouns with the same name but diferent rates. Keep us posted.


alert mods    
rated:
   posted: Aug. 1, 2007 @ 9:52a

I have signed up for this deal. First I checked with a branch and they only offer a MM at about 4.8%. So I signed up though the web site. The signature card they send will state CHECKING account, below that Express MMDA Promo. I called to verify that its correct and they confirmed. I have had the account added to my online access and can confirm that it does have a 5.3% APY.

Message edited by: me232 on 2007-08-01 09:54:21 CDT
alert mods    
rated:
   posted: Aug. 7, 2007 @ 1:33p

Finally got everything in the mail. Took awhile since I signed up July 18th.

Online account setup takes a few days from when you register online. That said, once I could log in I can see I am getting the correct interest rate:

Interest Rate 5.180%
APY 5.300%


alert mods    
rated:
   posted: Sep. 28, 2007 @ 9:23p

OP might want to update the title. Rates are now 5.0/5.11.


alert mods    
rated:
   posted: Nov. 3, 2007 @ 2:04p

A Flagstar-initiated ACH pull causes minimum of 3 days lost interest:

Initiated pull 10/30/07
Received email from Flagstar stating this will take 3 business days 10/30/07
Funds departed target bank 10/31/07 Wednesday (no interest earned)
Funds invisible 11/1/07 (no interest earned)
Funds arrived Flagstar 11/2/07 Friday (no interest earned)

This is $0.41 of lost income per $1,000 in transit.

Message edited by: goodlife on 2007-11-03 14:18:28 CDT
alert mods    
rated:
   posted: Nov. 3, 2007 @ 2:17p

Express Money Market Promo 5.11 APY, compounded monthly, credited monthly:

Flagstar has very restrictive ACH limits:

For my first ACH from within Flagstar, I had a $2,000 daily limit and a $25,000 monthly limit.

On my second ACH within Flagstar, I had a $15,000 daily limit and a $25,000 monthly limit.

Somehow I missed this reading about this restriction in their 21+ different disclosure documents. https://www.flagstar.com/banking/disclosures/atm_eft.jsp

Also: $20 account closure fee before 6 months.
$10 inactivity fee after 6 months.

No minimum balance required.


alert mods    
rated:
   posted: Jan. 12, 2008 @ 6:53a

The rate for this account is now given as 4.800% APY
This is still the best B&M savings account in my area.
The people at the local branch are very friendly and they are open convenient hours.

On the other side, a friend of mine in the banking industry said Flagstar is on shaky ground and to make sure I do not go over the FDIC limits with them.


alert mods    
rated:
   posted: Jan. 29, 2008 @ 11:05a

Rate is 4.40% APY as of 1/30/08.

Message edited by: Nummerkins on 2008-01-31 10:08:13 CST
alert mods    
rated:
   posted: Feb. 7, 2008 @ 5:42p

goodlife said:

Also: $20 account closure fee before 6 months.
$10 inactivity fee after 6 months.

No minimum balance required.

Darn, they just dropped the rate to 2.50 % APY, and I'm stuck with this account for 4 more months.


alert mods    
rated:
   posted: Feb. 7, 2008 @ 6:43p

Flagstar just cut MMA rate to 4.25% apy

Message edited by: sloppy1 on 2008-02-07 18:44:35 CST
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