State Farm Bank
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State Farm Bank

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Last updated: Jan. 9, 2018

89 State Farm Bank Consumer Reviews and Complaints

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Verified Reviewer
Original review: Jan. 9, 2018

After paying off a motorcycle loan I had with State Farm Bank I inquired about a new loan for a newer motorcycle with fewer miles. Since my original loan my credit score has drastically improved. Improper collection reporting has been corrected. No late payments. I was assured by the bank my past loan wouldn’t be taken into account when applying for a new loan.

Well the terms that were clearly stated in print were changed in the banks counteroffer. Counteroffer? Yes a counteroffer by the bank. The amount requested was after I got the dealer to come down in the asking price by 2,000 and now the bank wants me to put down 1;600 to get the motorcycle. This is more than I was required to put down on the first loan with bad credit. I would avoid using this bank for a legitimate loan. Too shady and deceptive. They clearly stated at first a 2013 vehicle could be financed for 72 months. Well, that changed to 60 months. My credit is good enough to get a new motorcycle with no down payment.

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Verified Reviewer
Original review: Nov. 18, 2017

This company can preapprove for a mortgage, give you a list of info they want and after you pay their “vendor fee”, ask for more information that gets a little personal. We didn’t like how the processes were going and backed out after the appraisal. Just got a letter in the mail saying we “didn’t have sufficient funds to continue”. No we thought you were beyond dumb in your process. I have bought 8 houses through different lenders and State Farm is by far the worst. I will not even let them keep our car insurance after this. They should give up on financial and stick to insurance.

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Verified Reviewer
Original review: Oct. 5, 2017

From the time I cancelled my Homeowners Insurance when they tried to double the rates on me, they have been trying to scam me. They cannot give a TRUE principal balance on my house because they can't give a correct Amortization, they add in "house inspection fees," do NOT credit payments, give escrow amounts then change them, issue Escrow checks then deduct them back, issue new statements showing past due amounts before they credit the monthly payments to make them look like they are not being paid, decide they are not taking payments and send them back to try to Foreclose.

NOW they have called my Homeowners Ins. Co and told them my house is vacant and being foreclosed on, so that my Homeowners is threatening to cancel us. Furthermore the Homeowners Insurance came out of my Escrow that they have. There MUST be a way to sue this crooked company for the stress, lies, unethical practices that are going on here, I have one Federal Judgement already that they did not abide by from last year!!!

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Verified Reviewer
Original review: Sept. 17, 2017

I had an auto loan from State Farm Bank. They kept messing up. One month they forgot to pull the auto payment, then they were pulling too little. Each time they messed up, I paid the price in late fees. Then, on May 24th they automatically withdrew my payment, as normal. On June 1st they pulled it again, 23 days early, and overdrafted my account. They held me responsible and closed my checking account. In July I had a total loss of my vehicle. My insurance handled its portion and Payment Protector handled all but a few hundred. While shopping for replacement vehicle, my credit score mysteriously dropped. I finally found out that State Farm Bank listed my account as "consumer deceased". Now I am about to lose my home, all credit cards, flossing out on finishing school, and losing my job. I identify as a deceased person anywhere I go. I may be alive, but State Farm Bank killed my identity.

Verified Reviewer
Original review: July 27, 2017

Opened a loan with State Farm Bank 12 mos ago. Biggest rip-off ever. Paid 1500 extra towards principal and they applied it to interest only - 3 phone calls to try to fix but without a true explanation. Was told there was nothing they could do - like a good neighbor stay over there.

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Verified Reviewer
Original review: May 9, 2017

They give you a grace period of 10 days so if you pay on a Saturday and it says you pay on a Saturday but yet they charge you a late fee. Also I have 2 payments left on my car and NEVER asked for a payoff then they have the nerve after I just paid taxes. Mind you with two payments left they will turn me over to collections. Haha. Don't threaten me when you are charging people late payments and they pay it on time. That fraud. So my advice is do not get this bank or insurance. They are horrible. The customer service girl's name was Dana. So rude...

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Original review: April 22, 2017

State Farm Bank repossessed my car for missing 2 payments 3 yrs. ago. After I paid the car off now I have to pay $3000 in fees to get it back. No one got in touch with me to let me know about these payments or I would have sent them off asap. STATE FARM BANK treat their customer should very poorly.

Verified Reviewer
Original review: April 20, 2017

I opened an auto policy for two of my vehicles and noticed that State Farm had banking services. I applied for a checking account online and when filling out the application, I entered my physical address and there was a message that popped up that stated my address was invalid and instructed me to input a valid address. I entered my address repeatedly. Finally I opted to use my daughter in law's address but used my mailing address when prompted to enter a mailing address. I figured it's a valid mailing address so I will receive mail through my post office box number. I would then go into a State Farm Office and correct the address to mine. I opened the account with 50.00. I also received a statement confirming the balance in the account was 50.00.

Well they mailed a debit card and pin to my daughter in law's address and nothing to my mailbox. I specified that I had a mailing address that they just ignored. When I received the card I went online and activated the card with all prompts and it was confirmed that the card was ready for use. I went into a merchant's store tried to use the card for a 19.00 purchase and it declined. I called the customer service and they said I need to verify my address. I had an automobile registration for one of my cars with my physical address and my DL that had my mailing address on it and went into my local State Farm office and my agent verified and sent in the copies to verify my address. When I called to find out if it was verified, the customer service agent told me that I needed to have my social security card and a written letter as to what my address was sent in.

So I went back into State Farm and had my agent fax that over, then I called again to see if it was verified. They told me that it still wasn't and that I needed to send in one more piece of mail with my physical address on it, or utility bill. My utilities are included in my rent and everyone that I do business with that needs to send me mail uses my P.O. Box number. This is ridiculous and I should have never ever opened this account. I asked if that was the last thing they needed and then I asked when after they receive this will I be able to use my account. They told me that they are backed up and it will take several business days to release the hold on my account. I opened this account on the 1st of April and I received the ATM card a week later. They took almost a month and my going to State Farm three times on three different days and are unable to service my account because they are backed up?

Probably because they are looking for more information to learn how to run a successful banking business. I am closing this account after I retrieve my fifty dollars. These people need to stick to auto insurance. I'm not too happy with Jake at State Farm, he's got no business talking to anyone that late at night anyways. DO NOT OPEN ANY BANKING SERVICES With STATE FARM, you'll regret it!

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Verified Reviewer
Original review: April 18, 2017

Approximately, 17 years ago, I purchased a CD from State Farm Bank. The CD acquired interest rate per year, which meant that I did not get a good return on my CD. So, approximately 4 years ago to gain more interest on my CD I contacted SF bank and locked my CD into a three year commitment; thereby, obtaining a better interest rate. I received a statement approximately 6 months later on my CD and noticed that my request for a change (the three year commitment) was never incorporated. I contacted SF Bank and inquired as to why my request was not updated. A SF representative stated that SF bank was unable to contact me. Since, 9/11 banks have demanded complete information from customers regarding deposits into the banking system. Despite that SF bank had my email address, my home phone number, my mailing address, my physical home address, and my cell phone number SF bank alleged that it was unable to contact me.

Like its affiliate, State Farm Insurance, be wary of SF and its affiliates. I immediately, cashed my CD to stop the "bleeding" from SF bank. Unfortunately, I am still bleeding from my Universal Life Insurance policy. It is a matter of going beyond the "point of no return". To cancel out my Universal Life Insurance policy would be like cutting my head off to remove the fly from my nose, instead of just waving my hand in front of my face, despite that I was given dishonest information about my Universal Life Insurance Policy. The purpose of this review is to help other individuals make better choices regarding State Farm. If you want less drama go elsewhere or to another more credible insurance company. If SF treats their Universal Insurance policyholders with "drama" while the policyholder is alive how will SF treats the policyholders' beneficiaries when the policyholder is deceased. Again, all that glitter is not gold.

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Verified Reviewer
Original review: March 10, 2017

I opened a CD. After I opened it I tried to create an account that I could view my balance from month to month. The website would not allow me to be a user. When I contacted customer service I was told that if I only had a CD I could not create an online account. I would need to have a loan, checking account, money market etc. I asked if I would be receiving a monthly paper statement and was told I would need to make a special request and be approved for that. HELLO STATE FARM BANK, welcome to 2017. You have an online ONLY bank and don't allow a customer with a CD to view their account???

Verified Buyer
Original review: Jan. 21, 2017

I have my loan through State Farm. I have been paying my loan each month. I received a notice that I was 3 months behind. They told me I missed a payment in December 2015. I had took their offer to not make a payment for Christmas that month. They are now telling me that due to that they have applied each of my payments to the past month. Now they say they will repossess my vehicle.

Verified Buyer
Original review: Nov. 18, 2016

Whatever you DO NOT apply for a mortgage with State Farm. I had an excellent credit rating when we started this process. They ran my credit report on two separate day and 4 1/2 months later they are calling to verify employment which is holding up the loan. I have been at my job for almost 14 years and my husband almost 35 years. After months of wasting our time gathering all the information they requested. But they can't waste their time picking up a phone to verify employment. They use some online service that you spend 2 hours of your time going set up online when you work for a fortune 500 company.

I now have phone book of documentation Tax returns, W2'S, Paystubs and they still need to verify employment??? For a small loan on the property that appraised at twice the value and when I receive the call I am informed he spent an hour trying to do this??? Please this is a vacation property and I had a unsecured personal loan in 2 days to initially purchase this property. I was trying to save money on interest. After being solicited we went through them for a loan. If you are like me and work 60 hours a week to have these things please contact a company who knows how to handle these transactions.

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Original review: Oct. 12, 2016

If I were to write all the reasons why you shouldn't consider State Farm Bank for a loan, it would take me 6 months to complete. Listen... DO NOT DO IT!!! Day 7 of trying to complete a simple auto loan. Still no end in sight. You have been warned!!

Verified Reviewer Verified Buyer
Original review: Sept. 29, 2016

Got an offer in the mail for State Farm bank balance transfer offer - 1.9% for 23 months. Sounded GREAT! While paying my State Farm Auto Insurance to my agent, I had them process the bank's offer to save time and maybe get a better line of credit for the offered balance transfer. So, it turns out that SFB gave me a $3,000 balance transfer offer of 1.9% for 23 months with NO BALANCE TRANSFER FEE. HOWEVER, THE LARGE PRINT GIVETH AND THE SMALL PRINT TAKETH. In other words, what this $3,000 offer ends up doing is suckering the ignorant, ALMOST to pay $1,368 over two years for what a balance transfer fee would have been 45.6%. Luckily I calculated this out. By offering such a small annual fee and offering such a long term, most folks would not notice that they are unknowingly putting themselves into this trick bag. Let us all know that with State Farm Bank it is not, "buyer beware" but buyer RUN LIKE HELL!!"

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Verified Reviewer Verified Buyer
Original review: Sept. 27, 2016

I have ordered for steel roller pen worth Rs. 365 - Received a message that "your order no. ** has been despatched via FIRST FLIGHT on 16/09/2016 12 am AWB no. **" but till date I am waiting for the parcel. On enquiry from first flight they have replied that they have not booked such parcel. Will you please help me in sort out the matter.

Verified Reviewer
Original review: Sept. 20, 2016

My experience was horrible with State Farm Bank and co-signing a loan: I was applying for an auto loan and found I was not approved - because of negative input from a State Farm loan I was a Co-Signer on. I was confused because I had no idea there were late payments on the State Farm loan and I am very credit cautious. Here is what I found out... TOO LATE:

Although my part of the loan application with State Farm noted my new married name and address, somehow State Farm changed it on THEIR END to my previous name and an address I had previous years ago when I had auto insurance with them. Because of the incorrect info State Farm put in their system, I was never notified when the applicant was late on payments (I was a Co-Signer). My credit was destroyed due to this company and their errors! DESTROYED! When I was trying to resolve this issue I had to speak to 3 different departments before one of them was able to correct the issues. Of course, this was way too late as my credit was already destroyed. I would never recommend State Farm Bank to anyone - they are an insurance company, not a bank and it shows.

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Verified Reviewer Verified Buyer
Original review: Sept. 10, 2016

My truck was up for repo. On August 12th I sent in a $500.00 dollar western union. They got it at 8:45 the next morning and they came and got it at 10:30 the next morning. After I called State Farm they had to bring it back and I lost a whole day's pay to get off work to handle it. I called yesterday Friday the 9th 2016 to make a payment and the lady told me that my vehicle was no longer redeemable. She said it was auction off this weekend and it was on their lot. If my truck wasn't redeemable when did the repo man bring it back and it is still sitting in my yard. I am looking for anybody can help me with this. I would tell everybody to stay away from state farm bank and I've had it for 4 years and never missed a payment.

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Original review: Aug. 12, 2016

If you are thinking about getting an auto loan with State Farm don't!!! They are horrible as a lender and everything has to be processed through their service team. They tell you one thing and then do another!!! I promise you they are horrible! Stay AWAY!!!

Verified Reviewer
Original review: July 7, 2016

On June 9, 2016 my home was broken into for the second time since 2012. Garage in Feb. 2016 and shed May 2016. Today an agent came to my home and treated me like an criminal. Asked if I owed student loans. Or medical bills. Insinuated that because I was ** there was NO WAY I NOW could afford the things on my list. I had manuals for everything I owned!! He said it wasn't good enough. To go local stores and see if my number was on file. Been in my home for six and half years. Four break-ins. Was tired of taking losses. Been with my fiancée for fours years whom help me take care of our home and kids. Never been soo disrespected and insulted in my own home. Called his supervisor and made a complaint. Wondering if I was a different nationality would that have occurred.

Original review: June 15, 2016

I cannot believe I've actually been on hold for over 30 minutes, but I need to discuss my auto loan with them and have no choice. This is NO WAY to do business or treat customers. We are your customer. We have a choice where to get loans - I'm going to get another loan to pay off this one. I have never had an experience like this!

Verified Reviewer
Original review: March 15, 2016

I contacted State Farm multiple times today and was transferred quite a bit as well. The main issue wasn't even a big deal. All I needed help with was seeing my credit card statements online. Somehow my insurance information was on my online account but my credit card was not. I was okay when they asked for my name and account number, but what really blew me off were the random questions. They also asked me why I called about 4 times on the same line with the same person. In the middle of the whole ordeal I was somehow transferred to the phone number on the back of the State Farm credit card. No one I was transferred to knew why I had been transferred, and every time I was transferred no one could help. I ended up with State Farm Bank support and just gave up when a lady by the name of Bianca gave a slight bit of attitude while I kept calm and said "thank you" and promptly ended the call.

Verified Reviewer
Original review: Feb. 20, 2016

I have been an insurance customer of theirs for 16 years. Very good insurance company. I made the mistake of signing up with one of their bank accounts. HUGE mistake. After I opened it online, and deposited money via ACH wire transfer from a much better bank, THEN they decided they wanted all kinds of info to "verify me" rather than just looking in their own files. Screw them. I tried to transfer to my money back OUT of the account also via ACH wire transfer, and they blocked it!

So now I got hit with a return item fee AND I can't get my money out of there! So now I will have to waste hours and get a headache dealing with them, just to "close" an account they didn't really even open, even though it was "approved" before I sent them any money. Just totally bizarre. All I wanted was a completely different savings account I could send money to via payroll deposit every pay period. What I got was a headache and a return item fee, and hours of wasted time. I should have listened to the online reviews. NEVER EVER EVER do business with State Farm Bank under ANY circumstances.

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Verified Reviewer Verified Buyer
Original review: Jan. 16, 2016

Be aware of Columbia, IL State Farm! Had State Farm 20 yrs +. Divorced + became POA for my father. Rates increased $500.00 in less than 2yrs. When attempting to solve the issue, was treated with severe disrespect + was informed that I was going to be needing money from them someday. Keep up because before you know it, those small increases of coverages add up into the hundreds. I switched companies due to the fact that there was a lack of communication and disrespect.

Original review: Dec. 29, 2015

I have had a State Farm Bank credit card for a few years and have had it set up for automatic monthly payments for some time. This past summer all of a sudden the auto payments stopped being made because their system shows my bank account info as all 1's. When logging into the online system to correct, I show the correct banking account info. When making a one-time payment online, it uses the info previously stored and the payment is received correctly. Every single month since then (for a total of 5 months now, I believe) I get a call from a customer service rep saying my payment is late. I explain to them that something is wrong in their system, it was fixed the previous month & that I had been assured the payments would process correctly. Every month I get the same call.

I even spoke with someone in Administration who profusely apologized and said it was definitely fixed for good. Yet I got another call this month. Collection agents are not given any info on your account and state they cannot read your account notes & history until you verify all info & then they have to read it while they are on the phone. They send it to be corrected and the very next day another collection person calls who has no info. I have cancelled the credit card and will never use them again. I have had their home & auto insurance with no issues for decades. I will continue to warn everyone I know not to get involved with the State Farm Bank portion of the business.

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Verified Reviewer
Original review: Dec. 21, 2015

I am very dissatisfied with how State Farm Bank handled my request for a new card. It was my fault I needed one but the change was needed to prevent wire fraud. When I requested my new card the agent told me it should be here Monday and mentioned nothing about a 3pm cut off when we spoke on Friday. I would never have agreed to overnight charge if the representative told me the card could not be prepared until Monday-Tuesday.

Today, Monday, I was told the new card and shipping was not "initiated" because I missed the 3pm cutoff Friday. FedEx delivers on Saturday and State Farm Bank Credit services runs 24/7 so I am confused why my card was ignored on Saturday and not yet ready as of 10:30am Monday. I am dead in the water without my card and it is Christmas. This does not tell me State Farm appreciates a customer like me who pays "all" his bills by draft for 14 years.

I have no choice now but to apply for another card thru another carrier and rely less on State Farm. I even saw USPS delivering Express Packages on Sunday. Not only do I not have a card but now I notice pending charges disappeared from my account and the agent could not see the charges I saw online. This isn't the first problem. I have had many State Farm mistakes over the years. All putting me at risk of not having financial means or being victim of fraud.

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Original review: Nov. 27, 2015

One thing after another. Getting to two months and not hearing anything from them. State Farm never initially added my fiance so when our storage unit got broken into, they gave us hell for my fiance. Well, we put him on it 2 years ago! And to try to call them, I'm on hold for 30min-an hour. Cannot do that as my business hours are theirs. Just want this over so I can just get rid of State Farm altogether. If this is how they handle a claim, I want to switch to another company. Act like everything is your fault. Hard enough that we had so much stolen that we've worked years to accumulate, now they're making it even more difficult. I will never recommend State Farm to anyone!

Original review: Nov. 14, 2015

So far, I'm beyond unimpressed with State Farm Bank. I applied for an account roughly a month ago. This has to be the SLOWEST moving company ever. They sent me out paperwork stating that they couldn't verify my name or address (yet other banks could) and asked me to fax in paperwork. As of today, I've received a debit card and that's it. A useless debit card. I received the card 4 days ago, but I'm still yet to receive a pin. There is no checking account listed in my State Farm account online. I've been given zero information on how to deposit money into the account... But I'm not going to deposit money into an account that I can't even access. If everything is going to be this difficult, it really isn't going to be worth it! Just been a headache so far.

Original review: Nov. 10, 2015

If you have a State Farm credit card you are probably familiar with State Farm Dollars. In recent months I requested online to redeem my state farm dollars by utilizing the redemption process found online when logging into my credit account. I have both personal and business accounts with State Farm. Anyway, when I redeemed the dollars I requested the dollars be applied to one of our vehicle loans. Followed the online prompts to have them applied and all was good. Today I received a check for those dollars that I requested be applied to the loan. I have called once before about receiving a check instead of the amount being applied to whatever I chose at that time.

The rep told me I must have made a mistake when making the request and chose to have a check rather than the amount applied to one of our accounts. I didn't think so but whatever. So today I proudly called to let them know I was correct that they had made a mistake and sent checks instead. So I requested they review the check issue history and advise how many checks had been issued but not cashed. She told me if they had exceeded 120 days then that money was just gone. I would not be reimbursed. Really? Why? Because on a business account you can only received State Farm Dollars via check. So I asked why their website didn't advise me of that when going through the whole redemption process. In other words, they don't care if those $'s are lost. But I do, so I will be actively seeking a replacement company for my consumer and business accounts. State Farm is taking customer service lessons from Comcast.

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Original review: Oct. 9, 2015

I wished we never used State Farm Bank for our auto loan because when you talk to them about life issues that comes up, where you paid and showed proof of paying your bill on time, and because we used western union that didn't send the money on time like they said, they charged us late fees and not contacting us about it until we got a knock on our door trying to repo our car. We had to pay 1,236.30 to send money wired to State Farm Bank and paying for fees with tow and storage fee.

Please do not and I repeat DO NOT USE STATE FARM BANK FOR ANYTHING. They lie and do not want to help you. And to customer service, there is ** and homeless person will treat you better for the spare change they get than State Farm Bank trying to so-called help you. Please whoever reads this don't use State Farm Bank for auto or home because if you do you will lose your car and home at the same damn time, and trust they don't care if you lose your job or home. They see it as they have a job and could care less how and what you do as long as you pay them now.

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Verified Reviewer
Original review: Sept. 16, 2015

My account became inaccessible by internet while traveling abroad. Over a period of 9 days, I made numerous long distance calls and spent hours explaining the problem which was caused an update of their system. After a week, I had access for 1 day and then it was lost again. In the middle of this fiasco, my ATM card was declined over a weekend in a foreign country because State Farm failed to notify their "vendor" about my travel. Phone service is terrible.

State Farm Bank Company Information

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State Farm

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