Flagstar Bank data breach settlement: Find out if you qualify for up to $25,000

Flagstar Bank customers affected by 2 information breaches successful 2021 whitethorn beryllium capable to assertion up to $25,000 nether a projected $31.5 cardinal class-action settlement. 

Flagstar is 1 of the largest determination banks successful the state with 340 locations nationwide. The colony would resoluteness claims related to 2 abstracted information breaches successful 2021: 1 successful January, which affected 1.47 cardinal customers, and different successful December, which affected 1.58 cardinal customers. 

According to the lawsuit, much than 2.18 cardinal Flagstar customers' idiosyncratic accusation was accessed successful the breaches.

The suit claims that Flagstar not lone failed to support customers' idiosyncratic accusation but besides failed to promptly notify those affected. Flagstar did not admit to immoderate wrongdoing arsenic portion of the settlement, and the tribunal has besides not determined that Flagstar did thing wrong. 

Read more: 6 important information features to look for successful a bank

Eligible Flagstar customers person until Aug. 11, 2026, to assertion the colony benefits. Here's what to know.

How overmuch tin you get from the settlement?

There's a scope of benefits the colony offers, and eligibility depends connected however customers were affected by the information breaches.

Claimants whitethorn suffice for 1 oregon much antithetic benefits:

• Reimbursement for losses up to $25,000: This covers costs related to the information breaches, including unreimbursed losses owed to individuality theft, recognition monitoring, and recognition frost costs, fees for lawyer oregon recognition repair, and more. Documentation of those costs oregon losses is required to assertion this benefit.

• Residual currency payment: This payment is based connected the colony magnitude remaining aft different costs are covered. It's estimated to beryllium astir $60 per person, but could beryllium up to $599.

• Three years of recognition monitoring services: This payment covers recognition monitoring astatine the 3 large recognition bureaus, including notices of recognition study changes, individuality theft security protection, acheronian web monitoring, and more.

Customers who were California residents erstwhile the information breaches happened successful 2021 whitethorn besides beryllium eligible for a California Statutory Payment of up to $100.  

Read more: What is individuality theft, and however bash you forestall it?

Who is eligible?

More than 2.1 cardinal Flagstar customers whose accusation was affected by the 2 information breaches whitethorn beryllium eligible for colony benefits. 

Those who are eligible should person already received an email oregon a mailed missive notifying them that they are people members of the settlement. The assertion ID indispensable to taxable a assertion is included successful this notice.

Flagstar customers tin besides find retired if they're eligible by contacting the colony administrator: 

• By phone: 855-542-0397 

• By email: [email protected]

• By mail:

  Flagstar Settlement Administrator

  P.O. Box 4427

  Baton Rouge, LA 70821

Claim forms are disposable to taxable online present oregon to download present and message to the Settlement Administrator.

Don't forget: You must taxable your assertion signifier by Aug. 11, 2026. That's the past time to record your assertion online oregon to postmark your mailed assertion form.

The deadline has already passed for eligible customers to opt retired of the settlement. Those who are eligible and determine to bash thing — not taxable a assertion signifier online oregon by message — won't person immoderate colony benefits and besides won't beryllium capable to instrumentality portion successful immoderate different suit against Flagstar related to the 2021 information breaches.

When volition you person colony benefits?

There's nary nonstop day yet for erstwhile claimants should expect to person the colony benefits — but they could beryllium waiting a while. 

Final support for the colony is scheduled for Oct. 1, 2026. But appeals aft the last approval, arsenic good arsenic processing assertion forms, could instrumentality much than a twelvemonth to resolve, according to the colony website. 

Related: 7 communal banking scams (and however to debar becoming a victim)

How to support your idiosyncratic accusation

Protecting yourself from a information breach that affects millions whitethorn not ever beryllium possible. But it's inactive astute to instrumentality enactment to support your accusation erstwhile you can. Identity theft tin impact your quality to use for recognition cards and loans, little your recognition score, and adjacent enactment your wealth astatine risk.

Here are immoderate steps you tin instrumentality to support yourself today:

• Freeze your credit: Contact each of the large recognition bureaus and spot a frost connected your credit. You tin bash this for free, and past assistance the frost anytime you privation to use for recognition oregon a loan. A recognition frost prevents others from applying for thing successful your sanction that requires a recognition check.

• Monitor your credit: Make definite to show your recognition regularly. AnnualCreditReport.com allows you to presumption your recognition reports from each of the 3 large recognition bureaus up to erstwhile per week. This tin assistance you drawback immoderate inaccurate accusation oregon unauthorized accounts quickly.

• Monitor your accounts: It tin wage to cheque your slope accounts regularly, too, to guarantee purchases oregon withdrawals were really made by you. You tin besides acceptable up alerts and get notified anytime you marque a transaction.

• Use beardown passwords: Create a unique, beardown password for each of your online accounts — particularly fiscal accounts. That means avoiding utilizing the aforesaid password crossed aggregate accounts oregon immoderate password that is casual to guess, similar your birthday. You tin besides opt into two-factor authentication for other security.

Read more: How often bash you truly request to alteration your banking passwords?