Thank you for banking with Flagstar. This comprehensive guide answers questions about rates, check orders, ATM cards, account changes, online banking, and much more.
How do I access my money?
You can access your money via an ATM, your Visa® Debit card, by writing a check, and through our branches.
How do I make deposits into my account?
You can easily:
- Set up direct deposit by completing a Direct Deposit form.
- Request a one-time electronic debit from your account at another financial institution to your Flagstar account
- Transfer funds through online banking
- Complete a wire transfer
- Visit a local Flagstar branch (Branch Locator)
- Transfer funds using 24-hour Telephone Banking at (888) 248-6423
- Deposit a check through the mail with our Check Deposit By Mail form
When are deposits available for withdrawal?
The availability of funds depends on the type of deposit you make. Please check our Funds Availability Policy for additional information.
Can I make a deposit in the ATM?
For best results, always use a Flagstar-owned ATM. Please use our ATM locator to find the ATM closest to you.
What is direct deposit?
Direct deposit is a method to have payroll checks, government checks, and/or interest or dividend earnings electronically transferred to a checking, savings, or money market account. To set up direct deposit of your payroll, please use our Direct Deposit form. To set up direct deposit of your social security benefits, please visit the social security direct deposit website.
How do I set up direct deposit?
Complete and print out our Direct Deposit form. Once you have completed the requested information, give the form to your company's payroll department. To establish direct deposit of your social security benefits, visit the social security direct deposit website. Funds can be direct deposited into your checking, savings, or money market account.
What is the difference between my balance and my available balance?
Your available balance represents funds available for withdrawal including any overdraft or bounce protection. Your balance includes pending transactions that have not yet been posted to your account but have funds being held against your account; for example, a recent point of sale transaction.
What is an ACH and how does it benefit me?
An ACH (Automated Clearing House) transaction is a highly reliable and efficient electronic funds transfer system from your checking or savings account at another financial institution to your Flagstar account or from your Flagstar account to an account at another financial institution. Some of your regular household bills (for example, your auto insurance bill) can be set up as ACH withdrawals as well. ACH transactions are a quick, easy way to transfer funds into your account without sending a check.
How do I request a one-time ACH debit from my other account to my Flagstar account?
Use our Authorization for One-Time ACH Debit of Funds form. This form is valid only to initiate a one-time ACH debit of funds from another financial institution to a Flagstar Bank deposit account. ACH transfers are available only between financial institutions located in the United States.
What is a wire transfer?
Wire transfers allow you to transfer funds domestically or internationally to your Flagstar account or to accounts at another financial institution.
What is the cost for domestic and foreign wire transfers?
Please refer to the Disclosure Guide for the current rate for incoming and outgoing foreign and domestic wire transfers.
What information do I need to complete a wire transfer?
- Full name of the person receiving the wired funds
- Address of the person receiving the wired funds
- Dollar amount of the wire
- Routing/ABA number of the receiving bank
- Account number that will receive the funds
How do I request a wire transfer?
Visit any branch to request a wire transfer.
When will my funds be sent?
International and domestic wire transfers requests must be received and submitted by 6 p.m. ET Monday-Friday.
How do I check the current interest rates on my existing accounts?
View rate information through your online banking account. If you are a checking, savings or money market account customer, you can view all your Flagstar Bank accounts at www.flagstar.com. You can check balances, view a history of your accounts, create custom reports and pay bills from your checking account. Online banking also allows customers throughout the U.S. to apply for certain types of Flagstar checking, savings, loan and certificate of deposit accounts online.
Call 24-Voice. You can get current interest rates on your accounts by calling our free 24-Voice telephone banking service at (888) 24-Voice (888-248-6423).
How do you calculate interest on my account?
Principal ($) x interest (%) ÷ 365* (days) x number of days the money was on deposit (*366 on a leap year). Rounding the calculations will alter the results.
How is my interest rate determined?
When you open your account, you will receive either a full account disclosure with current rates or an abbreviated disclosure. The abbreviated disclosure includes an annual percentage yield and the interest rate offered within the past seven days.
Will I receive notifications of changes to my account interest rate?
We will send you a 30-day advance notice when there is a change in terms that reduces the annual percentage yield or otherwise adversely impacts you. No rate reduction change notice is provided to variable rate account holders.
What is Flagstar Bank's ABA/routing number?
Flagstar Bank's routing number is 272471852.
Is there a fee for closing my account?
There are no fees associated with closing accounts that are in good standing. However, if there are any outstanding checks to be paid, the account should remain open until these checks clear. You also have the option of completing an Authorization to Pay Outstanding Checks form to pay from another Flagstar checking account. Certificates of deposit will incur a fee if closed before the maturity date. There is a $15 fee for closing an account within the first 6 months of account opening.
How do I order a Flagstar ATM or Debit card?
ATM cards are available at your local branch and can be issued and activated during your visit. Debit cards can be ordered at your local branch or by calling Flagstar Customer Service at (800) 642-0039 for Personal Banking Accounts, or (888) 324-4100 for Business Banking Accounts during regular business hours. They will be mailed to you in 7-10 business days.
How do I activate my ATM/Debit card?
To activate your new card, call the number on the activation sticker that is affixed to your card. The activation number is (800) 972-0380, or (248) 312-2325 if you are calling from outside the U.S. When calling to activate your card, you will be prompted to create a PIN for your Debit or ATM card.
How do I change the PIN on my ATM/Debit card?
If you know your PIN, ATM and Debit card PIN changes can be completed at a Flagstar ATM, or by calling Flagstar‘s 24-hour telephone banking service at (888) 248-6423.
I can’t remember my PIN. How do I re-set it?
Please call Flagstar Customer Service at (800) 642-0039 for Personal Banking Support, or (888) 324-4100 for Business Banking Support during regular business hours so one of our representatives can assist you with resetting your PIN.
How do I report a lost/stolen card?
Call Flagstar’s 24-hour telephone banking service at (888) 248-6423 as soon as you realize your card is lost or stolen. An immediate restriction will be placed on the card so it cannot be used.
My card is blocked. What do I do now?
Please call Flagstar Customer Service at (800) 642-0039 for Personal Banking Accounts, or at (888) 324-4100 for Business Banking Accounts during regular business hours for assistance.
I don’t recognize a transaction on my account. Who do I contact?
Please call Flagstar Customer Service at (800) 642-0039 for Personal Banking Accounts, or at (888) 324-4100 for Business Banking Accounts during regular business hours to review the transaction with one of our representatives. If determined to be unauthorized, you will be required to complete the Unauthorized Electronic Debit Form. Your current card will be closed and a new card will be issued.
My card is damaged. How can I get a replacement card?
If your card is damaged and needs to be replaced, you can go to your local branch, or contact Flagstar Customer Service at (800) 642-0039 for Personal Banking Accounts, or at (888) 324-4100 for Business Banking Accounts during regular business hours. A fee may be charged to replace your card.
Where can I make deposits to an ATM?
Deposits can be made at any full service Flagstar ATM and any Allpoint ATM that accepts deposits.
Can I use my ATM/Debit card outside of the U.S.?
You can use your ATM/Debit card in most countries outside of the U.S. where VISA is accepted. However, before you travel please inform us of the potential use of your card internationally, so we can let you know of any card limitations. You can reach Flagstar Customer Service at (800) 642-0039 for Personal Banking Accounts, or at (888) 324-4100 for Business Banking Accounts during regular business hours.
Can my ATM/Debit card be used at gas stations?
Yes. When you swipe your card at the gas pump, the station generally requests an authorization to confirm that your account is open and active, which shows up as a pending charge. This pending charge may vary from the final purchase price.
My total purchase at the restaurant doesn’t appear in my pending amount on my statement. Why?
Restaurants and hair salons may add an estimated tip to the transaction total when requesting an authorization. Because of this practice, your final purchase amount may vary from the authorized pending amount.
The amount pending on my hotel reservation is more than what I anticipated. What happened?
Hotels are allowed to request an authorization for an amount based on your length of stay, applicable taxes, plus additional expected dollar amounts. Cruise lines and car rental companies may also follow this practice. Upon making your reservation, you may want to ask for the total amount of the authorization.
What is a CVV code?
The CVV is a three-digit number located on the back of your card in the signature line. You may be asked to provide your CVV or security code when making a telephone or online purchase. Merchants may ask for this code to protect against unauthorized purchasers using your card number without the card.
Your Certificate of Deposit (CD) Account:
My CD has matured. How should I proceed?
Certificates of deposit typically renew automatically for a like term. Check your CD for specific renewal information. The interest paid to the CD account becomes part of the new principal balance upon renewal.
How do I renegotiate my certificate?
Flagstar will renegotiate a CD over the phone for internet customers during the 10-day grace period. If you opened your account at a branch, either send a letter requesting the CD to be renegotiated or contact your local branch directly.
How do I renew my certificate?
Renewable certificates automatically renew for an additional like term with a 10-day grace period after maturity. Interest will adjust to the current rate.
Can I add money to my CD?
During the term, you cannot add additional money to your existing certificate of deposit. During the 10-day grace period, you can add additional funds to your existing certificate of deposit.
You can open a new certificate with a minimum deposit of $500.
How do I close my CD?
When your CD expires, you have a 10-day grace period in which to renew or close your CD without penalty. You can contact us for further instructions.
Is there a penalty for early withdrawal?
Certificates with fixed rates:
- Term of 180 Days: 30 days of interest forfeited, earned or unearned
- Term of 12-24 months: 180 days of interest forfeited, earned or unearned
- Term of 30-60 months: 180 days of interest forfeited, earned or unearned, or the mark to market penalty, whichever is greater
Can I receive interest disbursements from my CD account?
Interest disbursements can be credited to your CD quarterly or transferred to a Flagstar checking, money market, or savings account monthly.
How does receiving interest disbursements change my interest rate?
The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.
How is my interest calculated?
Interest is calculated by the following formula: Principal ($) x interest rate (%) / 365* days x number of days the money was on deposit (*366 in a leap year). Rounding the calculations will alter the result.
We will calculate interest using a daily rate of at least 1/365 of the interest rate. During a leap year, we will use a daily rate of 1/366.
Annual Percentage Yield (APY)
Annual percentage yield is the amount you earn on an interest-bearing investment in a year, expressed as a percentage. For example, if you earn $60 on a $1,000 certificate of deposit (CD) between January 1 and December 31, your APY is 6%. When the APY is the same as the interest rate that is being paid on an investment, you are earning simple interest. But when the APY is higher than the interest rate, the interest is being compounded, which means you are earning interest on your accumulating interest.
Accrued interest is posted to your account monthly, quarterly or when the term of the CD expires.
What is my current interest rate/APY?
Visit your online banking account to view your interest rate or call 24-hour Telephone Banking at (888) 24-Voice.
Can I set up my CD account with online banking?
Yes, if you currently have an active online checking, savings, or money market account.
How do I pay my mortgage using MyLoans?
Paying your home loan online is easy with MyLoans. Once you register, you can access your account 24/7 and make payments. You can also view loan information such as your balance, interest rate and even taxes. You can also get online statements, saving you a drawer full of paper statements. To get started, sign up for MyLoans. Just complete a short form with your name, address and loan information to get your login information.