Flagstar $100 Bonus

This bonus is only available to residents of: GA, MI, IN Only .
Flagstar is offering two checking account promotions. One offers $100 for opening a checking account and establishing direct deposit of at least $250/month. Here's the online promo page . The website makes it look like you can apply online; however, I called, and the CSR said that a branch visit is required. Some of the important details in the small print include:

* New checking account customers only
* Minimum opening deposit of $50
* Direct deposit of income of at least $250 per month
* Direct deposit must be established within first 60 days of account opening
* $100 will be deposited into your account within 30 days after first direct deposit
* Account must remain open and active for a minimum of 6 months
* Bonus will be reported in your 1099


The other checking account promotion guarantees 2% APY for 12 months from account opening for all balances up to $100,000. It requires opening an interest-bearing checking account (I was told the eChecking doesn't qualify). Like the $100 bonus, direct deposit is required. If it's not established within 60 days, the rate may be reduced. Like the $100 bonus, this also requires a branch visit.

This 2% promo doesn't seem to be listed at Flagstar's website. It was advertised in yesterday's Fort Wayne Newspaper (6/13/09). The ad is available online here. A reader also saw it advertised in a Michigan newspaper.

According to the ad, there's a limit of one promotion per customer. So it appears you can't do both promotions.

Readers have reported a hard credit inquiry when applying for new Flagstar checking or savings accounts.

Branches are located in Michigan, Indiana and Georgia. The bank is a member FDIC (FDIC Certificate # 32541).