sloppy1 said:Flagstar just cut MMA rate to 4.25% apy
My account says 2.50% APY. I think they adjusted the rates at the end of the day yesterday.
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sloppy1 said:Flagstar just cut MMA rate to 4.25% apy
My account says 2.50% APY. I think they adjusted the rates at the end of the day yesterday.
Same here. My account and the 3 for my family members also shown 2.50% APY. I shot them an email inquiry but maybe it's time to move back to E*Trade anyway. But I do really enjoy Flagstar's next day transfers in and out of the account.
This page says they dropped the rate on 2/6 to 4.25% apy
Message edited by: sloppy1 on 2008-02-07 19:30:52 CST
They actually have 2 different types of "Express MMA".
Promotional Express MMA
Express MMA
Up until today both have had the same rate!
Maybe they changed that??????????????????
sloppy1 said:This page says they dropped the rate on 2/6 tp 4.25% apy
Flagstar Express MMA
Yeah I know. That's why I asked them to explain. Sure it's something simple data entry mistake. Or atleast I hope that's all it is.
Two different Express MMA and two different rates!
Money Market
APY (Annual Percentage Yield) is accurate as of February 7, 2008
Express Money Market - Promo Balance Interest Rate APY *
$0 - $24,999 4.18% 4.25%
$25,000 - $99,999 4.18% 4.25%
$100,000 - $999,999,999 4.18% 4.25%
Express Money Market Balance Interest Rate APY *
$0 - $24,999 2.48% 2.5%
$25,000 - $99,999 2.72% 2.74%
$100,000 - $999,999,999 2.97% 3.0%
sloppy1 said:They actually have 2 different types of "Express MMA".
Promotional Express MMA
Express MMA
Up until today both have had the same rate!
Maybe they changed that??????????????????
http://www.flagstar.com/servlet/banking/viewProduct/moneymarket?null
That explains it. The Promo account is 4.25% and the Express MMA is now 2.50%. Then they did screw up...BIG TIME!
My last statement available - DEC 2007 - says I have a "Promotional Star MMA".
My APY was 4.90% then.
I recall they told me these old MMA were automatically converted to Promo Express MMA a few months ago.
Today, my "Express MMA" says 3.0% apy (since I have a large balance).
However, it is not a statement but rather my current ledger sheet.
I guess we should all call them tomorrow and find out if they converted all of us to the non-promo MMA and are thus secretly screwing us on the interest rate!
Their phone csr says I still have the "promo express mma" and she sees that I am getting 4.25% apy on her screen.
She says she got an email that says the internet dept is having some "glitches" in their system that are causing incorrect rates to show on accounts accessed through the web.
Well, I logged in this morning and everything was corrected, for my accounts atleast. Showing 4.25%. I will say this for Flagstar, they corrected the problem quickly. Some institutions this would have taken call after call before you reached a CSR that even had a clue what you were talking about.
I just checked the link, and the account is paying 4.25% apy which these days, is very decent...also what is nice is the free debit card, and they don't charge you for using atms, and also are connected to ALLPOINT which means you can make free withdrawals with no fee on the other end either, when you use the Allpoint network machines (of which they are about 32,000 of them around the country)...
so, a nice little bonus feature on the account....and someone mentioned they have fast ach transfers also...so sounds quite nice for an online savings account with a decent rate....
ANother thing I like about Flagstar is their (atleast their ATMs around my place) ATMs. One of the newer kinds. It lets you make transactions (DEPOSITS) to other banks. I could never do an instant deposit to another bank. The ATM receipt will have an image of the check you deposited too. Very neat!
Just opened an account yesterday. Any experience with how long until I'm issued an account # and can use the online banking feature?
I noticed this at the bottom of the page....
* Initial Rate Information: Annual Percentage Yield (APY) is accurate as of 2/06/2008 and is subject to change at anytime without notice.
Looks like they haven't updated the page since 2/6/08.
Anyone know if the rate is still 4.25% as of today (2/20/08)?????
On my account as of 12/20
Interest Rate 4.180%
APY 4.250%
flagstar branches have opened up at convenient locations for me and I am considering switching my checking account to them.
if I understand correctly the express MMA is like a checking account correct? there aren't any limitations to the number of checks and withdrawals each month etc.
I am basically looking for a checking account that pays interest but don't want to do the 10 debit transactions and other restrictions that come with rewards checking.
thanks
Edit: never mind. I saw in the tiny print it's still the usual limit of six withdrawals and transfers.
Message edited by: niicceem on 2008-02-22 15:50:53 CST
niicceem said:Edit: never mind. I saw in the tiny print it's still the usual limit of six withdrawals and transfers.I think checks and bill pay are unlimited by ACH transfers are limited to 6.
Also an FYI I wish I had known before signing up - Flagstar limits you to $2000/day, $5000/month for the first 3 months. Had I known that, I would've moved my money around differently.
DVDBob said:niicceem said:Edit: never mind. I saw in the tiny print it's still the usual limit of six withdrawals and transfers.I think checks and bill pay are unlimited by ACH transfers are limited to 6.
Also an FYI I wish I had known before signing up - Flagstar limits you to $2000/day, $5000/month for the first 3 months. Had I known that, I would've moved my money around differently.
DVDBob are you saying I can pay unlimited number of bills using online billpay feature and I wouldn't get penalized? have you done it?
the following from the fine print is what confuses me.
"By federal regulation, not more than six preauthorized, automatic, online or telephone transfers or withdrawals are permitted per statement cycle. Three of these six transfers or withdrawals may be made by check or debit card (also known as Point-of-Sale (POS) withdrawal)"
niicceem said:DVDBob are you saying I can pay unlimited number of bills using online billpay feature and I wouldn't get penalized? have you done it?
the following from the fine print is what confuses me.
"By federal regulation, not more than six preauthorized, automatic, online or telephone transfers or withdrawals are permitted per statement cycle. Three of these six transfers or withdrawals may be made by check or debit card (also known as Point-of-Sale (POS) withdrawal)"
Sorry, I don't really know as I only plan to use ACH transfers with my account. From what you cut and pasted, it looks like there is a cap of 6 total tranactions no matter what method is used. I have found that Flagstar Customer Support is very responsive and very polite over the phone, so just give them a call and ask!
Now down to 4.01% APY from 4.25% though the front page says 4.25, the rate tables page shows the new rate.
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