Flagstar Express Money Market Account

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?

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

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

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.

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.

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

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.

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

Flagstar just cut MMA rate to 4.25% apy

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.

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??????????????????

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%

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!

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.

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!

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)?????

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.

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)"

Now down to 4.01% APY from 4.25% though the front page says 4.25, the rate tables page shows the new rate.