What is the bank account category and how do I update it in MyLoans?
According to federal regulations, Flagstar Bank is required to provide clarification of your bank account category as either “Business” or “Personal.” When establishing the bank account(s) for your MyLoans account, please select “Business” if your bank account was established for business purposes (e.g. DBA Account, Business Checking) or “Personal” if your bank account was established for personal use (e.g. Personal Checking, Personal Savings, Money Market Account).
