Posted by William Charles on May 11, 2018
Bank Account Bonuses

Published on May 11th, 2018 | by William Charles


[Dead] [YMMV Nationwide?] Flagstar Bank $250 Checking Bonus – Direct Deposit Optional

Update 3: Bonus is no longer being displayed. Marking this as dead.

Update 2: Customer service reps are stating you need a specific promo code to sign up. The only way to get one is in branch so YMMV.

Looks like readers are having success opening in states other than Michigan (where all their branches are). In addition Maximizing Money has told that it was available nationwide. This is YMMV as always, but might be worth a try. Please leave your datapoints regarding this in the comments. Keep in mind they manually approve accounts and this takes up to 10 days and it looks like they are ChexSystems sensitive, so probably a no go for most readers.

Offer at a glance

  • Maximum bonus amount: $250
  • Availability: MI only. Maybe other states as well, read the comments.
  • Direct deposit required: Optional
  • Additional requirements: See below
  • Hard/soft pull: Soft pull
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: $0 with eStatements
  • Early account termination fee: 180 days, bonus forfeit + fee
  • Household limit: One
  • Expiration date: December 31st, 2018

The Offer

Direct link to offer

  • Flagstar Bank is offering a bonus of $250 when you open a new Flagstar SimplyChecking account and complete the following requirements:
    • Open with at least $50
    • Maintain a positive balance for the first 90 days
    • Set up a recurring direct deposit or schedule three or more recurring electronic payments within 60 days of account opening

The Fine Print

  • Must be a new personal checking customer of Flagstar Bank. SimplyChecking is a non-interest-bearing checking account.
  • $250 bonus will be deposited into qualifying checking account 91-100 days from account opening and will be labeled “Descriptive Deposit Promotional Credit”.
  • New checking account must remain open for a minimum of 180 days or an early account closing fee will be assessed along with the $250 repayment.
  • $2 paper statement fee or choice of free e-statement with online banking.
  • This offer is limited to one per household.
  • Personal accounts only. For tax purposes, the customer will receive an IRS form from Flagstar.
  • Offer subject to change or cancellation at any time without notice. This offer cannot be combined with any other checking account offers.
  • Flagstar employees are not eligible. Receiving this offer does not guarantee your eligibility.
  • All account applications are subject to our normal approval process.
  • Offer expires 12/31/2018.
  • SimplyOne Checking accounts are not eligible for this offer.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Account must be kept open for 180 days otherwise you will lose the $250 bonus and they will charge an early account termination fee. The account has no monthly fee as long as you opt out of paper statements, otherwise a $2 paper statement fee will be charged.

Our Verdict

Seems like a great deal given it’s a soft pull and you don’t need a direct deposit to trigger the bonus either. Added benefit is no need to worry about a monthly fee either. I’ll add this to our list of the best checking accounts, definitely worth doing if you’re in the eligible area.

Big thanks to reader, Creditguy who let us know. Learn how to find bonuses and contribute to the site here.

Useful posts regarding bank bonuses:

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I don’t see where it says only open to residents of MI. I’m in MN and my mortgage is through Flagstar so it looks good to me if they’d let me sign up!

I live in TX, and my mortgage is in flagstar. Given there is no fee and requirement, I will give it a try.

Where do you see MI Only? I live in AZ and Mortgage is through Flagstar don’t see why I wouldn’t be able to do this

what counts as an “electronic payment”? sorry if noob question

I have the same question

Usually it’s a billpay

There is no option for CC funding. You can move money from your other bank accounts. ($50 min initial deposit.)

Like the others said, willing to give it a go as a Flagstar mortgagee!

Yeap. I already did. I commented so that maybe DoC wants to update that part of the post.

I am in PA and submitted the application. Looks like they review all apps manually before approval. I have a feeling that would reject applications outside their footprint.

I did this deal last year and I closed it on 12/9/2017. Does anyone know if I have to wait 6 months or 12 months since that closing date to get this bonus again?

Same question. That, and whether a promo code is or is not required. Comments below say it is.

there is no MI only requirement, I chatted online with a rep to confirm, I’m in WI and she said I could open an account online

Is anyone else having issues on the initial application page? The page where I enter my name, DOB, and SSN shows as not a secure site. A bit leery to enter my personal information here, I tried several browsers…

I show a secure site on that page using Chrome, IE, Edge and Firefox so not sure why you’re not.

Hmmm. This page:

I get “Your connection to this site is not fully secure” from Google.

Don’t get that message popping up but looking further, I don’t see the secure padlock but get an exclamation point. When I click the exclamation point, then I get “your connection to this site is not fully secure” message in Chrome and “your connection to this website isn’t encrypted” message in Edge.

From what I’ve read, probably due to “mixed content” with their website since there is an https indicating a secure connection but the message is telling something different.

Good catch, I’d be wary also about using the site until it is fixed by Flagstar.

This may just be a bad website design where they don’t secure all of images or other content but transmit your data securely.

In my experience (using Chrome), the issue was that the site wasn’t masking my newly chosen Flagstaff online banking password (!). Kept showing up red with a legend to choose a different one, reiterating their process for choosing a good one, and never changed from plaintext to asterisks. I also didn’t see any checkbox option to “show/hide” the password.

anyone got any response from them?

Chex Party Mix
Chex Party Mix

They sent me an “adverse action” notice today. No dice.

Chex systems? Or for Out of State?…

Chex Party Mix
Chex Party Mix

It was a generic form. They didn’t mention out of state, so I assume it must have been Chex. My Chex report is the size of a novel.

Oof, ditto. I’m like 30+ inquiries right now so gonna skip this then, thanks for your dp!

Too Good 2B!

I got the same adverse action. A PDF file with nothing on it specific to my information though.

Denied via letter. Chex – MI

Insta-denied online, possibly b/c I have all CRAs frozen. The Adverse Action form showed a credit score of ” ” and another ,”qualfile,” score of 105 on a scale of 100 – a much higher number I don’t recall (IOW, essentially the minimum possible). I have no adverse Chex entries AFAIK, but there are quite a number of inquiries…

I’ll be thawing things in the near future for other reasons, so I may try my luck again.

I managed to open it from PA

How many days did it take to get approved and how many recent bank accounts?

I have opened at least 10 in the last 2 months. So they are not chex sensitive. It took them about a week and they asked for proof of address / DL. I still haven’t received my account details but they have debited my BOA account for the initial funding.

The Hard/Soft pull page doesn’t have comments anymore so I can’t see the actual comment from the 1 soft pull.

After getting internal server errors and not even getting into the app I finally got in. Denied b/c they couldn’t verify my identity despite no ID questions being asked.

Is your credit frozen?

When they say recurring direct deposit does that mean TWO direct deposits ?
or just 1 is enough or how many exactly ?

Also what is “recurring electronic payment” ? and when they say 3 they mean the same payment 3 different times or three different payments and each one of them is recurring ?

I am curious about this too. I pay my gas and electric via checking account but do not have them setup automatically (I am silly leary about that with an odd big bill coming through). But willing to do so for a few months along with my water bill for $250.

You can’t pay those with credit card?

Usually they mean billpay. You can pay your credit cards with billpay.

I asked the question and this was their reply:
“You can setup the three recurring payments through the merchant’s website or Flagstar Bank’s bill pay service. If you go through the merchant, make sure you are entering your account and routing number for the payments and not a debit card number.” I’m still not sure what recurring means. I think I will pay 3 different bills with billpay and do this each month for a few months.

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