PR Newswire
TROY, Mich., June 6, 2022
Revamps Overdraft Program to Benefit Customers
TROY, Mich., June 6, 2022 /PRNewswire/ -- Flagstar Bank will eliminate its current non-sufficient funds fee of $36 and make other significant changes to its overdraft program, starting Aug. 1, 2022.
Here are key ways customers will benefit:
"We think the changes we're announcing today will help our customers manage their finances more confidently," said Anne Bertelsen, head of Retail Banking for Flagstar. "Our new program brings lots of options to make it easier for people to stay on a sound financial footing. Still, we understand sometimes customers need assistance to get back on track, and when they do, they can count on Flagstar to help them."
Bertelsen said Flagstar has offered an account for several years called SimplyOne that never assesses overdraft or NSF fees. "SimplyOne makes banking more accessible to more people in the community," she said. "It's a great product that has earned Bank On national certification for ensuring low cost, high functionality and customer safety."
Flagstar's programs to help financially challenged customers include Fresh Start, which allows people who are having difficulty bringing their account positive to repay Flagstar in up to four installments with no fees and no interest. "Customers can continue to use their checking account—it won't be charged off and won't be sent to an outside collection agency while they're enrolled in Fresh Start," Bertelsen said.
Here's what Flagstar customers can do to avoid overdrafts:
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $23.2 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 158 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 82 retail locations in 28 states. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $300 billion of loans representing almost 1.3 million borrowers. For more information, please visit flagstar.com.
For more information contact:
Susan Bergesen
Flagstar Bank
(248) 312-6237
View original content:https://www.prnewswire.com/news-releases/flagstar-bank-eliminates-non-sufficient-funds-fees-301561706.html
SOURCE Flagstar Bancorp, Inc.
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