Flagstar, formerly known as New York Community Bank, is a good choice for business owners looking for affordable checking accounts. There are three different business checking accounts for businesses and two enterprise-level analysis checking accounts. These range from a $0 to $15 monthly maintenance fee. All accounts have a built-in option allowing the fee to be waived by maintaining a minimum balance.
Another great feature of Flagstar is the availability to add treasury management products to any business account. These include merchant services, wholesale lockbox, cash vault services, remote deposit capture, payroll services, ACH, domestic and international wires, positive pay, transfers, and bill pay. Customizing a business account with the necessary treasury tools allows Flagstar customers to streamline their financial management process, saving time and money.
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When I was evaluating Flagstar, I compared similar financial providers offering business checking accounts. Since Flagstar is a traditional bank with in-person services, I compared it with similar banking models for pricing, ease of use, features, and software integrations. In general, Flagstar is comparable and also proved to offer higher interest rates than some traditional banks.
Pros
- You can choose from three business checking accounts and two enterprise-level analysis accounts
- Standard Business Checking has no monthly maintenance fee
- You can access treasury management products on all business accounts
- Business owners looking for a one-stop shop: Flagstar has a large collection of money management products. It’s a good fit for business owners looking for a financial institution where they can do their personal and business banking, apply for a loan, plan an estate, and set up wealth management services.
- Businesses seeking an interest-bearing business checking account: Flagstar has two options when it comes to interest-bearing checking accounts. It offers the Business Solutions Checking with Interest and the Business Solutions Analysis Checking with Interest. These accounts have different perks, but both pay interest with a balance as low as $1.
Flagstar Business Checking Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Opening Deposit | |
|---|---|---|---|---|
| Standard Business Checking | $0 | N/A | $100 |
 | Silver Business Checking | $0 | N/A | $100 |
 | Business Checking | $0 | N/A | $0 |
Visit Novo
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.
| ||||
 | Chase Business Complete Banking | $15; waivable
Summary of the criteria you need to meet each statement period:
| N/A | $0 |
Best For | Learn More | |
|---|---|---|
| Businesses with a low transaction volume: Flagstar has an account that allows up to 200 transactions per statement cycle. If you are looking for an account with a lower volume, U.S. Bank has the Silver Business Checking account with 125 free transactions each month. | Read our U.S. Bank business checking review |
| Business owners looking for an online-only fintech bank: If your business operates under an online-only model, you may be interested in Novo. While Flagstar does offer online banking, Novo is considered one of the leaders of the online-only business model. It offers business checking with no monthly fees or minimum balance, and everything can be done online. | Read our Novo business checking review |
| Businesses looking for a bank offering in-person services: While Flagstar does provide in-person banking options, it’s only available in a limited number of states. Chase is currently the largest bank in the US and has branches in 48 states
Chase has physical locations in all states except Alaska and Hawaii.
, making in-person visits more convenient. | Read our Chase business checking review |
Flagstar Reviews From Users
Note: When I was searching for Flagstar business checking reviews, I noticed there were no comments specifically for the business checking accounts. The reviews I was able to find were for the bank in general.
| Users Like | Users Dislike |
|---|---|
| Savings rates are higher than nearby banks | Customer service is unable to solve all issues by phone |
| Customer service is available on weekends | All additional services come with a fee |
| Branch personnel is very helpful | Autopay feature does not always draft on time, incurring late fees |
| Treasury management products are available to all accounts | Accounts must be opened in the branch |
I started by reviewing the comments from Flagstar customers. I noticed a theme with how pleased everyone was with the high interest rates paid on savings accounts and certificates of deposit (CDs). Customers are also happy with the fact that you can add any financial management products needed without paying for products that are not beneficial to the business.
I also noticed more unhappy customers who left reviews on Trustpilot than WalletHub. Many of those were dissatisfied with the customer service they received by phone, while others mentioned there were extra fees added to their accounts when the statement closed each month.
Because of these negative reviews, I conducted an experiment to see firsthand how helpful customer service was with questions regarding the selection of business accounts. I called the customer service phone number and pressed 0 for a representative. I then spoke with a representative who was extremely friendly and knowledgeable.
I asked quite a few questions, even some tough ones, to see if the answers I received were satisfactory. One of my more difficult questions required the rep to check with the operations team. I waited on hold for less than a minute, and the rep came right back with the answer to my question. In my opinion, the customer service I received was superb.
Here’s how Flagstar scored on third-party review sites:
Flagstar Business Checking Terms
Standard Business Checking | Business Solutions Checking | Business Solutions Checking with Interest | |
|---|---|---|---|
Required Opening Deposit | $100 | $100 | $100 |
Monthly Fees | $0 | ||
APY | N/A | N/A | Variable |
Standard and Same-day ACH Fees | Price based on the treasury management package needed to accommodate monthly transaction volume | ||
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 | Incoming: $15 Outgoing: $30 | Incoming: $15 Outgoing: $30 |
International Wire Transfer Fees | Incoming: $15 Outgoing: $50 | Incoming: $15 Outgoing: $50 | Incoming: $15 Outgoing: $50 |
ATM Fees |
| ||
Flagstar Business Checking Requirements
The bank’s website doesn’t specifically state the Flagstar business checking requirements for opening an account; however, these documents are fairly standard across the banking industry.
How to Open a Flagstar Business Checking Account
- Step 1: Visit a branch. Flagstar has the capability for online account opening; however, it only applies to business accounts. All business accounts require an in-person visit to a local branch. Visit Flagstar’s branch locator to find a branch near you.
- Step 2: Provide necessary documents. When visiting a branch to open a new business account, you will need to provide your legal business formation documents. It’s also important to have all partners or signers present at the time the account is opened so that the bank can collect the necessary personal information. Some information includes name, address, Social Security number, phone number, and percentage of business ownership.
Flagstar Business Checking Account Features
Over 56,000 ATMs
Flagstar has ATMs at all its physical branches, along with free-standing ATMs throughout the banking footprint. Since it partners with Allpoint and Presto, this increases the ATM network to 56,000.
Treasury Management Services
Opening a business checking account comes with access to all treasury management products such as cash flow sweeps, loan sweeps, merchant services, lockbox, cash vault services, remote deposit, payroll, ACH, domestic and international wires, and positive pay.
Online Banking With a Report-generation Option
Online banking at Flagstar is very intuitive, creating a user-friendly interface. It also has a reporting option, which makes money management easier.
$100 Opening Deposit
Business accounts at Flagstar are easy to fund since the minimum opening balance is $100 for all accounts
Linked Account Overdraft
Avoiding overdraft items and the fees that come with them is easy if you take advantage of the overdraft linking option. This allows you to link an additional Flagstar account that can be used to automatically transfer any funds in shortage to prevent an overdraft.
Free Notary Service for Customers
All account holders are eligible to have business or personal documents notarized in the branch free of charge.
Unlimited Check Writing
Flagstar recognizes the importance of payment processing; therefore, it allows unlimited check writing, making cash flow easier to manage.
Other Flagstar Business Products
Flagstar offers loans to business owners starting at $10,000, and collateral is required for all loans. There are multiple products to choose from with fixed or adjustable rates. Flagstar accepts accounts receivable, inventory, machinery, equipment, real estate, marketable securities, cash, and CD accounts. These loans can be used for purchases, refinances, and working capital.
These help with liquidity, funds consolidation, loan sweeps, and optimized deposits. Flagstar offers merchant services, wholesale lockbox, cash vault services, remote deposit capture, payroll services, ACH, domestic and international wires, positive pay, transfers, and bill pay. Each of these products help streamline internal financial operations.
Online security is of utmost importance at Flagstar. When submitting files for payment, there are a number of features to protect nonpublic sensitive information.
- File vault: Securely share documents with the bank and other users in your company using the safe vault storage area
- SFTP File Transfer: SFTP offers secure file transfer options that allow businesses to receive BAI2 files, balance reports, and NACHA return files via SFTP, as well as send ACH payment files, wire payment files, account transfer files, and check positive pay issue files to the bank. This will give you peace of mind that sensitive data is protected.
Frequently Asked Questions (FAQs)
Flagstar is a very reliable bank. It has a history dating back to the year 1859 based on the opening date of the parent company New York Community Bank. On September 23, 2023, New York Community Bank refreshed its logo and brand identity, unifying three entities into one and adopting the name Flagstar.
Flagstar is a very stable bank. Currently, it has $119.1 billion in assets, $82.4 billion in loans, $79.0 billion in deposits, and $8.4 billion in total stockholder equity. It is a leading regional bank with over 400 branches, including a significant presence in the Northeast and Midwest locations in high-growth markets in the Southeast and West Coast, approximately 90 private client banking teams, and a wholesale network of approximately 3,000 third-party mortgage originators. In the last three years, it has received numerous awards as one of the best banks to partner with.
New York Community Bank (NYCB) is now known as New York Community Bancorp, Inc. Many believed the bank dissolved when in fact it rebranded to Flagstar in 2023 in an effort to grow and expand. New York Community Bancorp, Inc. is the parent company for Flagstar, which is now one of the largest regional banks in the country. The name change allows it to serve a larger area than New York alone. Currently, it is in the process of acquiring Signature Bank, which will expand the banking footprint even further.
Fitch Ratings[3] shows a score of BB for New York Community Bancorp, Inc. It also has a positive rating under the outlook category, signifying this with a green circle icon, meaning its outlook is stable.
New York Community Bank, now known as Flagstar, is one of the largest in the nation. It currently ranks 31 according to the MX Report[4] for the biggest banks by asset in the US. It’s also the second-largest mortgage warehouse lender nationally based on total commitments.
Bottom Line
Flagstar is one of the top picks for business owners located in one of the nine states Branches in Arizona, California, Florida, Indiana, New Jersey, New York, Michigan, Ohio, and Wisconsin where it has a banking presence. There are several business accounts to choose from. The monthly maintenance fees range from $0 to $25, which is waivable by maintaining a minimum balance. Treasury products can be added to any account, making it a great fit for business customers across the country.
References:
[1]WalletHub
[2]Trustpilot
[3]New York Community Bancorp, Inc. Credit Ratings
[4]Largest Banks in the US by Asset Size (2024)
