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State Farm Bank

State Farm Bank

 3.8/5 (171 ratings)
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About State Farm Bank

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

State Farm is best known for its auto insurance, but it also offers homeowners insurance. When you request a quote, State Farm suggests one of three levels of coverage: Essential, Expanded or Premium. You can select add-ons and see if you qualify for discounts. AM Best has given State Farm a high rating for its financial strength.

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State Farm Bank Reviews

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: July 20, 2021

We pay off totally about car loan and we pay by phone but for many weeks nobody we gave one specific answer. The worst part is the customer service. I have to waiting for almost two hours to answer our phone call and we have to find a attorney to get a solution our bill, because we used everything. Insurance car and home, saving money, car loan and honestly it was a nightmare to repair everything.

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Rated with 1 star
Verified Reviewer
Original review: April 2, 2021

I'm a long-time customer of State Farm (going back to my teens). My parents have also been long-time customers as have my sister and both of my brothers. My and her family have all had insurance through State Farm for years as well. I've been really impressed over the years with State Farm's customer service. It feels weirdly like a member of the family. Back when my old agent was with State Farm, he even contributed to my Eagle Scout project back in 2002.

I wanted to write this review, though, because we had an absolutely abysmal experience with their loan department/collections department. My wife has her car loan through State Farm. We moved several times since getting married and last year (2020) merged our bank accounts before buying a house. An unintended side effect of that was that her loan payments stopped going through to State Farm. It has been a hectic few months with the merge, buying a house, the pandemic, etc... and we didn't realize this was the case until we woke up this morning and found out that State Farm had re-possessed her car and its contents (which are all medical supplies as she is in the healthcare field).

When we called, we were told that State Farm had sent several letters to our old address and had tried calling, but we never received those letters or calls. They also couldn't find any info about her loan the first few times we called because they had the wrong SSN on file (which didn't match what was on her actual loan paperwork), so they brushed us off. We both have been very faithful in making our payments on time until that point, but when they finally realized their mistake and were able to find the loan info, we were told that, regardless, we'd have to pay the entire loan amount along with the fees to recover her medical equipment, car, storage fees, etc... (all totaled this would be over $7,000) to keep the car from going to auction in 15 days.

We were prepared to pay the lump sum of the months we inadvertently missed, but to be told that we had to pay the entire loan amount to keep her vehicle from going to auction, be without transportation/means to see her patients and without her medical supplies during a pandemic is pretty low. At one point, one of the agents yelled at my wife because she couldn't find the info they needed quickly enough while sifting through her loan info. The agent was so rude, it drove her to tears in her panic to find the info they needed from her.

I am extremely disappointed with the company. Speaking with State Farm's loan department was a terrible experience. I am not sure what else can be done, but this has been a huge deal for us as we don't have that kind of money. My parents, siblings, in-laws, and friends/co-workers all know about this because of its impact on us and are all planning on leaving State Farm over this.

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    Rated with 1 star
    Verified Reviewer
    Original review: March 6, 2021

    Didn't apply my loan modification correctly in Jan 2020 and then never updated and corrected after a year of numerous calls and emails. They never provided itemization or statement detail. Then sold loan with incorrect info, so now I look like I'm in forbearance to the new lender.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 23, 2020

    Worst and most unprofessional company I’ve ever dealt with and that’s saying a lot. I encouraged my son to consider them for his home mortgage and decided to give them a shot. I can’t express how deeply I regret asking! They can’t keep of with proof of home owner insurance as he’s had to provide that for now the 3rd time even though his insurance provider required acknowledgement of them receiving each time he sent it because of their ineptness to keep up with anything in his file.

    While waiting for them to “find” it the last time they tried to make him pay and increased amount of almost 400.00 where they added an additional policy to his note payment. Customer service is pathetic to say the least no one returns a phone call and they just pass you around hoping you’ll give up and just pay whatever they ask. Run don’t walk to the next lender on the list State Farm Bank is not where you want to be you will end up paying for their mistakes with your credit rating, your sanity and possibly your home even. We should have read reviews before considering them and we would have known what a sham they really are! I was forced to rate 1 star to be able to post review or I assure you I wouldn’t have given them any.

    7 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 30, 2019

    I have cancelled polices after making payments, with them stating a text or email was sent and no email or text was ever sent. In December they told me I hadn’t paid a payment since October so I needed to pay September and November for the car insurance so I paid it, then they cancelled it because they said I didn’t pay 27$. In December I paid the house and the car then they said the same thing for the house that I was 2 months behind, I asked them why didn’t they tell me I was a month behind in November. Why did they wait till December to tell me?

    They couldn’t explain it and had no answers. And then the person I was talking to said that he had no idea that he didn’t deal with payments and I had to wait for another lady to be there. It seems that no one has any idea about what happened to my 2 payments for the car and they wanted to double my payments for the house and raised my premium. I believe that they target elderly people in the hopes that they will not notice that their money is never making it to the “State Farm”.

    15 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 19, 2019

    I recently applied for and received a State Farm credit card. I was attracted to the favorable interest free period for balance transfers as well as the interest rate. The balance transfer process was exceedingly clumsy and involved a 45 minute phone call to transfer 2 balances. I had some misgivings about the process as at one point the agent I was working with said there was a double payment to one account showing and she had to get a supervisor to back it out. I checked my account a couple of days later and that duplicate transfer was still showing as pending. The only contact given for problems with an online notification-which I did. I received a letter yesterday saying that this was corrected and only the two original balance transfers would be put on my account.

    I checked my account today and the duplicate charges were processed. After a 20 minute phone call State Farm's only advice was for me to call the other credit card company. They could not even authorize taking off the duplicate transfer fee. I have found the customer service with this bank to be slipshod and extremely unhelpful. There are other banks with similar terms, you would do better applying to them.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 29, 2019

    Proceeded with refinancing procedure through State Farm in May 2019. After mountains of paper works submitted with 2 hard pull of me and my wife's credits with many paid offs my credit cards and 6 months later I decided that they were wasting my time. If you thinking of any types of loans through State Farm Bank, Please save yourselves the headache. I paid money for rate lock. I paid for your home estimator. I submitted mountains and mountains of paper works. Mind you I have to turned in almost every week to them within 6 months time frame. RUN AWAY FROM THIS MEDIOCRE COMPANY THAT IS TRYING TO GET INTO BANKING AND FAILED MISERABLY. Would not recommend this company to anyone!!!

    20 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 1, 2019

    I applied for State Farm visa card on 5-21-2019 after receiving promotion in mail stating that I would receive 15000 bonus points after spending 1000 dollars on card within the first ninety days of having the card. I spent over 1200 dollars within 60 days. They refused to give me the statement credit. They said I had to spend 1500 dollars to qualify for 15000 bonus points unless I provided them with a copy of the offer. I didn't keep a copy of the offer. I did spend over 1500 dollars within the first ninety days from when I activated the card. They still refused to issue me the statement credit. They said that I had not spent the 1500 dollars. This a lie! I will be looking for a different card. I will also be looking for another insurance company that is not called State Farm! Sincerely Gregg

    14 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 28, 2019

    Received letter from State Farm Bank stating that if I didn't use my visa card by a certain date; that they were closing my account. I didn't use the card and ended up shredding the letter that they sent me. Next time I checked my credit report; they reported to the credit bureau that "I" closed the account. Of course I had destroyed the letter that they sent but somewhere in their records they should have been able to confirm their own action; and therefore I could not get the credit bureau to change the reason why the account and who really closed the account. State Farm should stick to insurance and leave the banking to other reputable people.

    9 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Sept. 20, 2019

    After moving and changing my address online through State Farm's portal. They still managed to send my new card to my old address, which was returned due to 'non-deliverable'. Then, after I call them, change my address AGAIN, they said they would send the card. Two weeks later still no card. BUT, they did send me an address changed piece of mail. I called them again about my missing card. NOW 'someone' in the 'fraud' department wants to talk to me before they send another card and oh, by the way that department is closed for the next 3 days so basically I was told to go pound sand.

    Come Monday, I will be cancelling and closing my account. Every other major card company has a 24hr line that I can get my card. Nope, not State Farm. Steer clear for any banking needs. Insurance, they are decent...just not banking. -Side note, their 'hold' music is about 10x louder than anyone you will talk with, so if you get put on hold BEWARE! It may blow your eardrums, I know it gave me a migraine.

    10 people found this review helpful
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    State Farm Bank Company Information

    Company Name:
    State Farm
    Website:
    www.statefarm.com