EDIT: Soft pull for me - I applied online and I am out of the marketing area. I got some free Checks In The Mail on 07/06 after applying on 06/22.
Terms:
$100 deposit available for new checking account customers only (no existing Flagstar checking account). For a limited time, open a new personal checking account with an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits, and we’ll deposit $100 into your account within 30 days after the first recurring direct deposit takes place. Minimum opening deposit is $50. Direct deposit must be established within first 60 days of account opening. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit. Contact a Flagstar representative for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit per customer per account. Offer subject to change or cancellation at any time without notice.
When you enter your zip code on the linked page it may say you are out of their market area but still qualify for the $100 bonus. Use the promotion code on your application (the one given to me was "M7"). I just opened the account this week, and do not yet have an account number though my initial ACH deposit has pulled from my supply bank. I will update if/when the bonus posts.
Hard or soft pull? Edit: Staci beat me to it LOL. Mod, please delete this post
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 9:45a
I do not see a hard pull on my credit report as of this morning, so I am assuming a soft pull. I was asked the typical identity questions (past address, date of origination of current mortgage, current mortgage payment) toward the end of the application process. I applied on 6/22.
Am I correct in assuming that an ACH push from any bank will satisfy the DD requirement?
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 10:09a
dp, sorry. That quoting feature is neat-o.
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 10:12a
nm
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 10:15a
MrNovember said: Am I correct in assuming that an ACH push from any bank will satisfy the DD requirement? I am not sure about that, I still don't have my account number. I would guess that would work since it has for similar offers from other banks. I am planning on using payroll for mine, let me know how ACH works.
I opened the Index Checking since it pays 0.50% interest. The express checking is paying 0.25% interest on the first $25K and 0.50% above that. Both offer free checks for life, no monthly fees and free online banking. The link above shows the details of the two accounts.
Credituser said: MrNovember said: Am I correct in assuming that an ACH push from any bank will satisfy the DD requirement? I am not sure about that, I still don't have my account number. I would guess that would work since it has for similar offers from other banks. I am planning on using payroll for mine, let me know how ACH works.
As far as I know, it does not. Flagstar is a smaller bank with branches only in the midwest, so they probably do these checks manually to see if people qualify for the bonus. I tried pushing from several banks and never got the bonus, so it appears only real DD will work.
EDIT: Soft pull assumed - no hard pull appearing 3 days after application.
Terms:
$100 deposit available for new checking account customers only (no existing Flagstar checking account). For a limited time, open a new personal checking account with an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits, and we’ll deposit $100 into your account within 30 days after the first recurring direct deposit takes place. Minimum opening deposit is $50. Direct deposit must be established within first 60 days of account opening. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit. Contact a Flagstar representative for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit per customer per account. Offer subject to change or cancellation at any time without notice.
When you enter your zip code on the linked page it may say you are out of their market area but still qualify for the $100 bonus. Use the promotion code on your application (the one given to me was "M7"). I just opened the account this week, and do not yet have an account number though my initial ACH deposit has pulled from my supply bank. I will update if/when the bonus posts.
Props to ibankdesign.com for reporting this one. Thank you for your post. Is Flagstar a big Bank ? I don't want to risk having some money in a bankrupting bank? Thank you.
staci86
Senior Member
posted: Jun. 25, 2009 @ 11:02a
Flagstar is not a small bank, but they are not one of the largest 50, either.
They originate a disproportionately high number of residential mortgages for their size, and have seen large losses to both assets and stock price. A hedge fund recently bought 70% of the bank.
As long as your accounts are FDIC insured, what does it matter if the bank is healthy or not? Keep your accounts under the limits, and use additional account beneficiaries if you need more FDIC insurance.
When the FDIC seizes a bank, there is typically zero interruption to the accessibility of insured deposits.
They have branches that are open saturday and sunday by me. I wish more banks were like that.
crqri
Member
posted: Jun. 25, 2009 @ 11:39a
This actually looks pretty good. I am curious, though, about their debit card reward program. I have never been involved in one so I am curious how Flagstar's program compares to the others out there. Can anyone please provide some insight. Thanks.
I wonder if after the bonus is received you can cancel the automatic payroll direct deposit without incurring any fees, then after six months, close the account. Anyone have an idea about this? Thanks.
krk77
Senior Member
posted: Jun. 25, 2009 @ 1:11p
I had a hard pull when I opened last year in Georgia (opened Checking + CD).
Thanks OP. $250/mo DD is kinda high, so I am on the fence about this one. Plus sounds like ACH might not work. How can we make ACH pass off as a DD?
krk77
Senior Member
posted: Jun. 25, 2009 @ 2:45p
yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 3:00p
americano said: Thanks OP. $250/mo DD is kinda high, so I am on the fence about this one. Plus sounds like ACH might not work. How can we make ACH pass off as a DD? I will just use the bill payer service to pay my monthly credit card bill with the $250+ each month.
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 3:02p
krk77 said: yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling Did you open this in a branch or online? I will continue to monitor my credit report to see if it shows up as a hard pull.
woodsley
Senior Member - 1K
posted: Jun. 25, 2009 @ 3:13p
Sorry how does this one work as an ACH direct deposit? I am having hard time now to understand this method.
Credituser said: americano said: Thanks OP. $250/mo DD is kinda high, so I am on the fence about this one. Plus sounds like ACH might not work. How can we make ACH pass off as a DD? I will just use the bill payer service to pay my monthly credit card bill with the $250+ each month.
krk77
Senior Member
posted: Jun. 25, 2009 @ 3:21p
I had opened in Branch.
Credituser said: krk77 said: yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling Did you open this in a branch or online? I will continue to monitor my credit report to see if it shows up as a hard pull.
Did you apply for any other products at the same time e.g. a debit card or overdraft protection?
krk77 said: I had opened in Branch.
Credituser said: krk77 said: yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling Did you open this in a branch or online? I will continue to monitor my credit report to see if it shows up as a hard pull.
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 3:26p
woodsley said: Sorry how does this one work as an ACH direct deposit? I am having hard time now to understand this method.
Credituser said: americano said: Thanks OP. $250/mo DD is kinda high, so I am on the fence about this one. Plus sounds like ACH might not work. How can we make ACH pass off as a DD? I will just use the bill payer service to pay my monthly credit card bill with the $250+ each month.I do not think an ACH will satisfy the DD requirement. I will be using a payroll DD of $250+ as required. I will then use Flagstar's bill pay service to use the money just DD'd as a payment toward a bill (a credit card in my case). I know some don't want to have that big of a chunk of their pay going to a bank they only intend to keep open long enough to get the bonus. I don't think DD is required to avoid monthly fees and the DD can be discontinued once the bonus is paid.
krk77
Senior Member
posted: Jun. 25, 2009 @ 3:37p
yes I got Debit card as well as default overdraft protection. It looks like it is more to do with Branch opening than the products I got.
DreamKrusher said: Did you apply for any other products at the same time e.g. a debit card or overdraft protection?
krk77 said: I had opened in Branch.
Credituser said: krk77 said: yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling Did you open this in a branch or online? I will continue to monitor my credit report to see if it shows up as a hard pull.
krk77 said: yes I got Debit card as well as default overdraft protection. It looks like it is more to do with Branch opening than the products I got.
DreamKrusher said: Did you apply for any other products at the same time e.g. a debit card or overdraft protection?
krk77 said: I had opened in Branch.
Credituser said: krk77 said: yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling Did you open this in a branch or online? I will continue to monitor my credit report to see if it shows up as a hard pull.
krk77
Senior Member
posted: Jun. 25, 2009 @ 4:08p
no. I was in branch. teller told me that opening account required pulling credit report. neither OD or debit card was important to me (I was opening account for $100 checking bonus as well as CD). He just offered OD at the end of account opening process and I just had to sign some paper.
Flagstar matches CD rates from other banks which do business in the same county (you have to be premier member, DD or 10 bank transactions will put you in that level)
DreamKrusher said: I expect the OD account triggered the hard pull.
krk77 said: yes I got Debit card as well as default overdraft protection. It looks like it is more to do with Branch opening than the products I got.
DreamKrusher said: Did you apply for any other products at the same time e.g. a debit card or overdraft protection?
krk77 said: I had opened in Branch.
Credituser said: krk77 said: yes it was TU hard pull. Also they have $100 account opening bonus most of the time (I saw it several times in the branch, most of the time doesn't require DD as well)
Edit: Spelling Did you open this in a branch or online? I will continue to monitor my credit report to see if it shows up as a hard pull.
mimi6789
Senior Member - 1K
posted: Jun. 25, 2009 @ 6:24p
I will confirm that I got hard pull as well long time ago. I did this promotion twice in the past. No OD. Had debit card. Each time, I got a hard pull.
EDIT: Soft pull assumed - no hard pull appearing 3 days after application.
Terms:
$100 deposit available for new checking account customers only (no existing Flagstar checking account). For a limited time, open a new personal checking account with an automatic, recurring direct deposit of income of at least $250 per month, excluding interest deposits, and we’ll deposit $100 into your account within 30 days after the first recurring direct deposit takes place. Minimum opening deposit is $50. Direct deposit must be established within first 60 days of account opening. All accounts must remain open and active for a minimum of six months. If checking account is closed within the first six months, Flagstar reserves the right to reclaim the $100 deposit. Contact a Flagstar representative for more details. Flagstar will issue a 1099 for the $100. Offer not good in conjunction with any other coupons or checking account offers. Some restrictions apply. Limit one $100 deposit per customer per account. Offer subject to change or cancellation at any time without notice.
When you enter your zip code on the linked page it may say you are out of their market area but still qualify for the $100 bonus. Use the promotion code on your application (the one given to me was "M7"). I just opened the account this week, and do not yet have an account number though my initial ACH deposit has pulled from my supply bank. I will update if/when the bonus posts.
Props to ibankdesign.com for reporting this one.
Hello, Credituser, Can I set up recurring direct deposit from my online bank account for that $250 instead of payroll or salary? Thank you.
Credituser
Addicted Member
posted: Jun. 25, 2009 @ 9:27p
sliu3 said:
Hello, Credituser, Can I set up recurring direct deposit from my online bank account for that $250 instead of payroll or salary? Thank you. Per Crazykole5's post on page 1 of this thread, I don't believe an ACH push will work.
Hello, Credituser, Can I set up recurring direct deposit from my online bank account for that $250 instead of payroll or salary? Thank you. Per Crazykole5's post on page 1 of this thread, I don't believe an ACH push will work.
I guess some people just can't read...it is only 2 pages lol.
Edit: I edited the quick summary...hopefully that will help...
Crazykole5 said: Credituser said: MrNovember said: Am I correct in assuming that an ACH push from any bank will satisfy the DD requirement? I am not sure about that, I still don't have my account number. I would guess that would work since it has for similar offers from other banks. I am planning on using payroll for mine, let me know how ACH works.
As far as I know, it does not. Flagstar is a smaller bank with branches only in the midwest, so they probably do these checks manually to see if people qualify for the bonus. I tried pushing from several banks and never got the bonus, so it appears only real DD will work.
how are you guys setting up direct deposit? my work requires a voided check. does flagstar send out free checks?
Credituser
Addicted Member
posted: Jun. 26, 2009 @ 12:00p
Squeezer99 said: how are you guys setting up direct deposit? my work requires a voided check. does flagstar send out free checks? My employer allows me to direct my paycheck to 3 accounts which can be updated online (which makes my life easy). The account comes with free checks for life and maybe they send out a starter set once the account is open. I received an e-mail today that the account was funded and was able to set up online banking today since they sent my account number as well. All together it took a week to open, fund, and have access to the account since I opened online 6/22.
Still no hard pull on the credit report after checking this morning.
Squeezer99 said: how are you guys setting up direct deposit? my work requires a voided check. does flagstar send out free checks?
If you have a local branch, you can tell them you need one and they should be able to give you something that works instead of a check (I got one from National City Bank when I did their offer)...can't seem to remember the name of it...
DreamKrusher said: Crazykole5 said: Credituser said: MrNovember said: Am I correct in assuming that an ACH push from any bank will satisfy the DD requirement? I am not sure about that, I still don't have my account number. I would guess that would work since it has for similar offers from other banks. I am planning on using payroll for mine, let me know how ACH works.
As far as I know, it does not. Flagstar is a smaller bank with branches only in the midwest, so they probably do these checks manually to see if people qualify for the bonus. I tried pushing from several banks and never got the bonus, so it appears only real DD will work.
What banks did you try pushing from?
I tried from several different banks...etrade, ING, several banks, and paypal.
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