Flagstar Bank still pushes for their $100 bonus for opening a personal checking account. This checking account bonus is offered to new checking account customers only and requires an opening deposit of at least $50. This money in the bank deal also requires account holders to establish a direct deposit income of at least $250 every month. The direct deposit must be setup within 2 months after account opening.

This checking account deal was tipped to us by one of our readers. There is an online application that you can use to open an account. This checking account promo is not offered outside the states of Michigan, Indiana, and Georgia since the system prompted us to call their toll free number 800-642-0039 to inquire for other checking products we can take advantage of. You can also type in M7 as the promo code.

The $100 bonus will be added to your account about a month after you set up the direct deposit. The bank also needs the account to be active for six months for the promo to be good.

Flagstar Bank has other checking accounts like the eChecking, Interest Checking, and Free checking which may suit your needs. These are also on a zip code bases so it will be best to visit their website to know about the current interest rates and special deals.

Flagstar Bank has offices in Georgia, Michigan, and Indiana. The bank is indexed with the FDIC under certificate number 32541.

The bank still claims that they are sufficiently capitalized despite being hit hard by the financial crisis. The reviews are quite mixed. The bank gets 3 stars for soundness and safety from BauerFinancial while Bankrate.com gave 1 star for performance. These were based on their June 2009 data.