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Rates and Account Review
Last Update: May 30, 2008
Flagstar Bank is a community bank headquartered in Troy, Michigan with more than $15 billion in assets and banking centers in Michigan, Indiana and Georgia. The Express Money Market Account is an online account that has no minimum balance requirements and no monthly fees.
| | Balance | APY | Interest Rate | $1.00+ | 3.50% | 3.44% |
| Express Money Market Account
(800) 642-0039
>> Reader Reviews |
Minimum Deposit
$1 | Monthly Fee
None | Minimum Balance
$1 | Compounding
Daily |
Besides resilience in a falling rate environment, the Express Money Market Account has the goods that both hard-core and new online savers love - no minimum balance requirements and no monthly fees. That's just a starting point.
Checks and an ATM Debit Card
The Express Money Market Account, like any good money market account, comes with checks and a Visa Debit Card. Checks are free for the life of the account. The Debit Card can be used in place of a check or cash anywhere Visa is accepted worldwide. The Visa Debit Card can also be used to access to cash at over 32,000 ATMs in all 50 states through a partnership with Allpoint and Presto. (Other ATM owners may charge a transaction fee for using their ATM.)
Before you withdraw money, know that 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.
If you go over the withdrawal limit in any cycle, you will be charged an Excess Fee of $10.
Minimum deposit to open is $1. Interest is compounded and credited to the account monthly.
Buyer Beware
Opening an Express Money Market Account may not be as easy as other online accounts. Customers have reported that Flagstar Bank requires two forms of ID to be mailed in with a signature card. Plus, a hard credit check may be initiated which can lower your credit score.
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