State Farm Bank
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About State Farm Bank
State Farm Bank is an online financial institution that offers a variety of banking products and services. It’s a subsidiary of State Farm Mutual Automobile Insurance Company and is headquartered in Bloomington, Illinois. State Farm Bank offers checking and savings accounts, certificates of deposit (CDs) and credit cards — all through an alliance with U.S. Bank. It also offers personal loans through LightStream and home loans through Rocket Mortgage.
Pros & Cons
- Free checking account options
- Easy ways to waive fees
- Auto-enrollment in U.S. Bank's Smart Rewards Program
- No physical branches or products of its own
- Limited availability of U.S. Bank branches
- Safe Debit account has non-waivable monthly fee
State Farm Bank offers a lineup of low-fee checking and savings accounts, credit cards and business banking through its partnership with U.S. Bank. It’s ideal for current State Farm insurance customers who prefer to keep all their financial accounts under one roof.
Top State Farm Bank Reviews
I have had my banking account at State Farm for over 4 years and they have been the best bank I have ever work with. They have never charged me any overdraft fees. Their telephone...Read full review
Banking is backed up by a reputable company. They reflect what online banking is through the rest of the "pack" and I have been banking with them for about 7 years now, and they'v...Read full review
What is State Farm Bank?
State Farm Bank is a division of State Farm Insurance that offers a variety of banking products and services, including checking, savings, money market and lending accounts. The bank also offers a variety of online and mobile banking services.
State Farm banking customers can manage their accounts at over 2,000 U.S. Bank branches, and withdraw cash for free at any MoneyPass and U.S. Bank ATM nationwide. If you have questions about your account, you can call U.S. Bank customer service at any time.
How does State Farm Bank work?
Rather than create its own bank accounts and loans, State Farm Bank partners with established financial institutions to bring its customers the best in banking.
- All State Farm bank accounts and credit cards are offered through U.S. Bank.
- All State Farm personal loans are offered through LightStream, a Truist company.
- All State Farm home loans are offered through Rocket Mortgage.
You can open any bank account online or with a local State Farm agent. Rather than applying directly with State Farm, online applications get submitted through U.S. Bank’s website.
All State Farm Alliance customers are auto-enrolled in U.S. Bank’s Smart Rewards Program when opening a bank account. This program includes perks like these:
- Earn interest on your Bank Smartly checking account
- No overdraft fees when you overdraw by $50 or less
- Overdraft forgiveness when you overdraw by more than $50
- Free access to U.S. Bank ATMs
State Farm Bank products and services
State Farm’s banking products are offered through U.S. Bank. This means that accounts are insured by the Federal Insurance Deposit Corporation (FDIC) through U.S. Bank, and customers use the U.S. Bank mobile app to manage their accounts.
State Farm Bank offers these products:
- Checking accounts
- State Farm Bank has two checking accounts, both of which can be opened as minor accounts for teens aged 13 to 17.
- U.S. Bank Smartly Checking — U.S. Bank Smartly Checking has added perks for State Farm Alliance customers, including no monthly fee, the ability to earn interest on your balance and fee waivers for non-network ATMs. You can unlock additional perks depending on the account’s balance.
- Safe Debit Account — Safe Debit is a checkless account designed to help customers avoid overdrafts and fees. Rather than allow overdrafts to happen, it declines transactions that would result in insufficient funds. Safe Debit has a $25 opening deposit and a $4.95 non-waivable monthly fee. Customers can also monitor their credit score and get discounts on money orders.
- Savings and money market accounts
- State Farm Bank offers one high-yield savings account and two money market accounts.
- Standard Savings — State Farm’s Standard Savings account has a $25 minimum opening deposit and no monthly fees. But the interest rate is lower than other online banks.
- Elite Money Market Savings Account — The Elite Money Market has tiered interest rates that increase as your balance grows. While its standard rates are low, it also offers bonus APYs that go up to 3.50% at publishing. There is a $10 monthly fee that’s waived your first year and when you have a U.S. Bank Smartly Checking account after that.
- Retirement Money Market — State Farm's Retirement Money Market account is a tax-advantaged savings account that earns interest and has no monthly maintenance fee. While it could be a good way to diversify your retirement portfolio, it only earns 0.01% APY at publishing.
- Certificates of deposit
- With State Farm, you’ll find standard CDs, as well as CD specials, step-up, trade-up and retirement CDs. Standard CDs have a $500 minimum deposit with terms ranging from three months to five years. Other CDs have a $1,000 minimum opening deposit. You’ll lock in the best interest rates with a CD special.
- Credit cards
- State Farm Bank offers three credit cards: the State Farm Premier Cash Rewards Visa Signature Card, the State Farm Good Neighbor Visa Card and the State Farm Business Cash Rewards Visa Signature Card. All cards have no annual fee, and the Premier Cash Rewards Card also offers a $150 welcome bonus for new cardholders.
- State Farm Bank also provides customers with auto loans, mortgages and personal loans. While all auto loans are directly through State Farm Bank, personal loans are through LightStream and mortgages are through Rocket Mortgage.
- Business banking
- With State Farm Bank, small businesses can enjoy a variety of business banking products, including checking, savings, money market and lending accounts. You can also access a variety of digital tools, such as payment and cash management solutions.
- State Farm is best known for its auto insurance, but it also offers homeowners insurance, small business insurance, health insurance, disability insurance and pet insurance. When you request an insurance quote, 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.
State Farm Bank fees
State Farm's Safe Debit account has a $4.95 non-waivable monthly fee, and the Elite Money Market account has a $10 fee that’s waived with a linked Smartly Checking account. You can enroll in overdraft protection and avoid fees by linking an eligible account.
State Farm Bank’s fees include:
- $2.50 for non-U.S. Bank and non-MoneyPass ATMs
- $35 for stop payment requests
- $36 for overdrafts over $50
- $2 for paper statements
- $20 for incoming domestic wires
- $30 for domestic outgoing wires
- $25 for incoming international wires
- $50 for outgoing international wires
State Farm Bank FAQ
What is the State Farm Alliance?
U.S. Bank refers to all State Farm customers as “Alliance members.” Being an Alliance member gives customers access to a range of U.S. Bank accounts and perks that are specifically designed for State Farm customers, including waived fees and higher interest rates.
Does State Farm Bank use Zelle?
Yes, State Farm banking customers can use Zelle to send and receive money from friends and family.
Is State Farm Bank and U.S. Bank the same?
State Farm Bank and U.S. Bank are not the same. However, State Farm Bank offers its banking services through a strategic alliance with U.S. Bank. So in that sense, every State Farm Bank account is a U.S. Bank account.
How can I open a State Farm Bank account?
You can open a State Farm Bank account online or in person with a State Farm agent. To open an account online, you’ll need to provide your name, address, Social Security number and date of birth. To open an account in person, you will need to bring the same information along with a valid ID.
Does State Farm Bank have a mobile app?
No. All State Farm Bank customers use the U.S. Bank mobile app to manage accounts, locate ATMs and deposit checks.
Is State Farm Bank legit?
Yes, State Farm Bank is a legitimate financial institution. It’s a division of State Farm Insurance, which is a well-known and reputable insurance company. All bank accounts offered through State Farm Bank are federally insured through U.S. Bank for up to $250,000.
State Farm bank is ideal for current insurance customers who want to keep all their accounts under one roof, as well as anyone looking for a low-fee online bank.
State Farm Bank Reviews
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I took out an auto loan which I paid off early on 23 APR 19. When I purchased a replacement in MAR 23 I went to get the title of the old vehicle to sell to dealer. Could not locate, went to get duplicate and was told it was still being held by State Farm Bank. Went to local SF office where loan originated. They called SFB and I was told title would be sent in 7-10 days. Received only Lien Release, no title. Contacted SFB and was told this was all I would receive and I would have to pay for a duplicate title. I already paid for the title when I purchased the title. All SFB had to do is notify PA electronically upon satisfaction of the loan and the title would have been sent.
Now more than a month later, $75 dollars lighter, and 3 trips to the title office I still am without a title, and hope the dealer will still buy the vehicle, SFB has been no help in this matter. DO NOT DO BUSINESS US/State Farm Bank. They are a total waste of time to deal with. Deal only with banks that have offices in your community so when you have a problem you can talk face to face with someone. Banks like US/State Farm Bank rely on the fact that they are states away to get away with poor abusive customer service.
This company is a joke. After years of on time payments I switched banks and something got switched off. Normal loan companies would send you some sort of notification that payment was overdue but not this company. Instead they took the car in the middle of the night and thus started a 2 day ordeal to get the car back. That's not even the best of it! After months of fighting to at least have it removed from my credit report they tell me they didn't follow protocol in how they processed the repo but still won't do anything. Just went to sell the vehicle 8 months after this nonsense and suprise here is another $175 fee they stated that needs to be paid. Never using this company for anything again!!!
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State Farm Bank went through some transition in summer 2021 switching their auto loans to another bank. They apparently sent 2 letters informing me of what I needed to do to to make this transition. Neither of the letters came from State Farm Bank or had the name State Farm on them -- rather some business name acronym, EMVOP (this is what State Farm's Customer Service told me). With all the junk mail and scam mail out there, I am sure these letters were not looked at closely or with seriousness, if they even arrived (apparently one in June and one in August).
Following that, there was no communication from State Farm Bank (it's March 2022 -- 6 months after we apparently received mail notification from some company that was not Sate Farm Bank). This morning a repo man came to take my wife's car -- luckily she and the car were at work. I was in complete disbelief. I was told by State Farm Bank Customer Service I had no other option but to pay the remainder of the loan, which was quite a bit for us, or lose the car to auction in 15 days. One could say that I could have noticed the car payments weren't coming out of our bank account -- this is of course true.
However, like many families working hard to make it now well, with kids, school, sports, volunteering, the hectic aspects of life brought by the pandemic, etc., things can get missed -- even big things like car payments. When these things happen a good company reaches out to its clients. I am, at least for now, a State Farm Customer and they have all the information they need about be to get a hold of me, or even my local representative. Instead, I apparently received 2 letters from EMVOP and then they sent the Repo Man!? I am completely disgusted with every aspect of my dealings with State Farm Bank -- no communication, heavy handed, no options, cold customer service. I am looking elsewhere for insurance and will never look at the company as a whole in the same way. My whole family has always had State Farm insurance. That stops here.
If I had written this review prior to the merger with US Bank I would have had a positive review, now one star feels generous. In 2020 after the merger I started getting letters that I needed to refile paperwork for my auto loan to be drafted automatically from my bank. After confirming with the bank that this wasn’t a scam I mailed in their form and a voided check as requested. Months later I am still getting notices so I figure lost in the mail so I send again. A few more months and still getting letters so after confirming they don’t have my info I both mail and fax a copy.
Now months later they still don’t have my info so even though the bank and insurance are separate I visit a local insurance agent who sighed as they said they have received numerous similar complaints. They help me fax in another copy while on the phone with the bank office who confirm it has been received, figured that finally fixed the issue…
Now apparently July 2021 is the first time that old paperwork won’t work so my auto draft didn’t go through and for the first time in 3.5 years I have an overdue payment. I don’t receive an email, text or snail mail message about this…now that would be treating me as a valued customer. I work with commute 14+ hours overnight this weekend and I woke up today after 3 hours to a phone call from a debt collector. No late payments in 3.5 years and the month after this change they sic a debt collector on me.
After calling them and describing everything above their only recourse for me is to either mail or fax them the form and a voided check…the very thing they have failed to properly process five times already. I however have come up with another option, next week I will take my 800+ credit score and refinance with another entity to remove my loan from their care. This company should not be able to run a lemonade stand much less a bank. Avoid at all costs!
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.
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.
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.
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.
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”.
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.
State Farm Bank Company Information
- Company Name:
- State Farm
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