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.
Props to ibankdesign.com for reporting this one.
Message edited by: Credituser on 2009-07-10 20:30:00 CDT
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ABA transit if account was opened online = 272471852
App Status = 800-642-0039, wait for full menu then press 1, 2 then 2
App completion = 800-642-0039, wait for full menu then press 1, 2 then 1
ACH push does NOT seem to work to gain bonus.
Branches in MI, IN and GA, but available nationwide. Use promotion code M7 when applying online outside these states.
PrimaryIdentification Valid permanent in stateDriver's License Valid US Passport Valid Matriculate ConsularCard Minors (under 16 or withouta valid Driver's License) may provide a Birth Certificate or Photo SchoolID card Valid in state identificationcard (ID cards cannot be expired and are not acceptable if they have beenissued within the past six months**) Valid Out-of-State Driver'sLicense* Valid US Military IdentificationCard Birth Certificate or a StudentIdentification Card with a photograph for Minors***
SecondaryIdentification Birth Certificate Current Car Registration Current Pay Stub (withinpast 30 days) Current Utility Bill withName and Address matching the Primary ID (shut off notices are NOT acceptable) Company ID card with a photofrom a known local company Insurance Card or VoterRegistration Card Student enrollment verificationfrom the Registrar's office of a local college or university Discover, American Express,VISA, or MasterCard Debit or Credit Card with customer name printed onthe card and the last four digits, type of card and expiration date noted(copy must not be made)
Message edited by: jackcrawfish on 2009-07-10 11:52:12 CDT
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.
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.
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.
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.
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