State Farm Bank Reviews

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.

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.

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!

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.