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State Farm Bank
Overall Satisfaction Rating
1.30/5
  • 5 stars
    4
  • 4 stars
    2
  • 3 stars
    0
  • 2 stars
    7
  • 1 stars
    83
Based on 96 ratings
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    State Farm Bank

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    State Farm provides several different insurance products, including auto, home and renters insurance. State Farm is not a participant in the InsuraMatch and *ConsumerAffairs insurance program. With one simple phone call, you can contact InsuraMatch to get quotes for vehicle coverage from multiple providers.

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      117 State Farm Bank Consumer Reviews

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      Page 2 Reviews 11 - 20
      Rated with 1 star
      Verified Reviewer
      Original review: Jan. 7, 2019

      Looked for six hours for an email address or fax number to send the following letter to State Farm Bank or Royal Bank of Canada or Black Rock. Was on hold at different places for at least three hours and no one picked up. The agents I did contact could not give me a fax number or email address for State Farm Bank, Royal Bank of Canada or Black Rock complaint departments. Have a growing concern for my funds. On January 7, 2019, the online account information was not accessible again and the bank specialist were not available - was on hold for almost an hour.

      To State Farm Bank, Royal Bank of Canada and Black Rock. January 6, 2019. State Farm and State Farm Bank has cost me around $5000.00. They deliberately ignored and disregarded important information and facts. They are guilty of objectual and technical ignorance. These are the mutual and money market funds I had with State Farm Bank before they moved them to Royal Bank of Canada and Black Rock. TRADITIONAL IRA: Money Market, LifePath 2020 Fund. INDIVIDUAL: LifePath 2020 Fund, Money Market, LifePath 2020 (B), Money Market (B). These accounts made it possible to move funds from the LifePath 2020 account to the Money Market account and redeem to the checking account. When there was a bear market, I moved my funds from the LifePath 2020 accounts to the money market accounts. Then as the bear market turned bullish, I would move my funds back.

      I lost all of this flexibility when State Farm Bank moved my funds to Royal Bank of Canada and Black Rock Financial. I not only lost my trading flexibility, I lost all access to my money. All of the bank agents that I contacted told me to go through my local agent. When I talked to my local agent, she was not trained or legally registered to handle any of my requests. All she does is handle insurance. I not only lost flexibility of my accounts, I lost complete access.

      Since State Farm Bank is a virtual financial institution, I am used to doing everything online. All of my fund tracking and maintenance are done online. I am 72 and disabled. When I couldn't even see how much money I had, it made me very physically sick. In 1999 I lost most of my MCIWorldCom retirement because of a Ponzi scheme and it all started by not being able to access the retirement funds. At this time the Dow Jones Industrial Average went from almost 27,000 to 22,000 points. I always moved my money from the LifePath 2020 to money market if the Dow dropped more than 1000 points. The move from one account to another was done overnight. This time the Dow dropped 5000 points and I lost a lot of money because all I could do was worry, get sick and cuss the guilty people.

      When first approached by my local agent to sign the consent forms to transfer my funds from State Farm Bank to Black Rock, I was told that this transfer was for the better. She told me there would be better investment options and that I would not lose any of my present benefits. When the funds became visible online, it appeared the worse was over, even though all ability to move or redeem funds was lost. Had to go through local agent to access any funds. The local agent is not an investment broker. She is hard to find and has not been trained to do any transactions. Personally, I do not feel comfortable in letting her into my financial matters.

      On January 4, 2019 things got worse when online access to my checking accounts was lost. I was not able to do an external transfer which I have done many times and funds arrive at external location the next day. Had to locate the local agent, who had taken the day off, and told her losing access to my funds was not acceptable and was costing me money, she got bank agents to call me to access my account and do the transfer by phone.

      Talked to Kaitlyn first and she couldn't confirm me because I couldn't tell her the balance of my account or the amount of my last deposit. I couldn't access my online account, so I didn't know. Asked her to get her boss. Kaitlyn got a bank specialist, called John, who appeared bothered that I asked for him. He got my information and said he would move the funds. On January 5, 2019, the transfer showed the funds taken out of my account, but it did not get to the external location. Lost a deal of around $2500 profit. Have lost all confidence on online banking and on the virtual States Farm Bank.

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      3 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 20, 2018

      I recently bought a new vehicle and financed with the manufacturer credit provider to get an extra $1,500 discount. After the first payment, I began the process to re-finance with State Farm since I have had State Farm auto and home insurance since I first got a driver's license. What a mistake! Not only did I not get the "best rate" quoted on their website with a credit score over 800 and 1/3 the cost of the vehicle paid down, due to State Farm's back-office incompetency, the loan did not fund for two weeks after I applied. I wound up having to make a second payment on the first loan so as to not be delinquent and then wait for a refund check.

      Then, State Farm Bank had the gall to start charging me interest from the day I applied rather than the date they funded the loan. Nowhere is this disclosed in any of the documents relating to the loan. It probably doesn't matter because it's most likely illegal. If you have ever obtained a State Farm Bank loan you should carefully examine the details of how they apply your payments. It is very possible that State Farm Bank is charging you more interest than allowed by law. I plan to seek out an attorney to file a class-action lawsuit against SFB for this egregious behavior. Needless to say, State Farm will soon no longer insure anything I own.

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      10 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 17, 2018

      Updated on 03/27/2019: Long story short this has experience is actually as bad as dealing with Xfinity; which was rated the worst company in America. Not only did it take 4 weeks to resolve an issue for simply logging into a new account, but then I did not have access to my account, which then took another few weeks to resolve.

      However, this was only the beginning. All I wanted to do was find a deposit sharing ATM to deposit cold cash into this checking account. I live close to Wrigley Field in Chicago. Now mind you Chicago is one of the largest cities in the world. Guess what....not one single ATM to make a deposit. When I contacted State Farm I was actually told to purchase a money order and mail it in to them for deposit!!!! I honestly thought they were joking. Of course I could fund from my BofA account but I think they charge me $3.00 for an external ACH transfer. Bottom line it appears as if depositing money into a State Farm checking account will cost you money. I almost feel like they are nothing more than a next level prepaid debit card service.

      I honestly have no idea how they still offer banking. Customer service is basically useless as they must submit a ticket to get anything done and that take days if not weeks to resolve. And the app which I was told would find me a deposit sharing ATM was worthless. It took me to two PNC bank ATMs all of which did not offer cash deposits? I mean if they don't offer ATMs in Chicago I can only wonder where on earth are these magical ATMs. I not only would not recommend State Farm bank but I it has turned me off to any of their other products. I don't mind futility but it seems they are actively trying to sabotage ease of banking. Not sure why they even offer this horrendous product.

      Original Review: To summarize I opened an online checking account with State Farm. At first I was unable to even log in and this took close to 10 days to fix. So once I was able to log into my account I clicked on my account and this is the message I have now received going on 10 days... "We apologize! Our online deposit account application is not available at this time. We are working on a solution and the application should be up and running soon. For immediate needs, please contact us at 1-877-SF4-BANK (1-877-734-2265)."

      When I click on transfer funds this is what it says. "We apologize! Our online deposit account application is not available at this time. We are working on a solution and the application should be up and running soon. For immediate needs, please contact us at 1-877-SF4-BANK (1-877-734-2265)." So in my near month long time being with State Farm I have had to call in close to 10 times and still do not have a truly functioning checking account. This is not my only checking account but if it were I would be in trouble. They do not have branches and this is a virtual bank so if online services are not working what are customers to do? On top of that I could not believe this issue is not resolved in over a week? I can't believe they have one customer who puts up with this.

      On a positive note the debit card they sent did work and I was able to access the money in the account using an ATM. They supposedly reimburse fees for ATM usage but your account cannot be closed within the same month of those fees or they will not reimburse you so for now I have to keep my account open even though after this experience I will never recommend such an unreliable service.

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      4 people found this review helpful
      Customer increased Rating by 4 stars!
      Verified Reviewer
      Resolution response: Dec. 12, 2018

      Perhaps I should have been more patient but finally the situation was resolved. I will definitely update with how their overall banking platform is but I please that they corrected the issue. Given the holidays I can understand the delay.

      Original review: Dec. 12, 2018

      So I had opened up a checking account online and that was easy. I received my debit card and PIN in the mail. However when trying to create an online profile I kept receiving an error message. This is when the futility of this virtual bank shined. Over the course of 2 weeks I called 8 times and was assured that a support ticket was created and would be reviewed. Often I would be placed on hold with no one ever coming back to the call. The fact that it could take this long for a simple log in issue is scary. Imagine if you have a real problem like fraud or identity theft. They are not ready to do banking.

      2 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Nov. 30, 2018

      These guys should stick to insurance and leave credit to companies that know what they are doing. After putting an unnecessary hold on my card and not bothering to try and contact me, it took me 5 weeks to get someone from their fraud dept to speak to me. I called twice a week for 5 weeks! Left messages, talked to supervisors... all assuring me the fraud dept would call me back the next day. They would confirm they had received the document requested for verification but no one would take the hold off. Finally 5 weeks later I got lucky and spoke to Jim in the fraud dept. He claimed they never got a doc - although the supervisors said their dept had noted it had been received. I probably wasted 10 hrs on the phone over 5 weeks with these guys. Worst customer service ever. Jim would not give me his last name - threw me loads of attitude - then closed my account. Thank god I am rid of State Farm.

      9 people found this review helpful
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      Rated with 1 star
      Verified Reviewer
      Original review: Nov. 4, 2018

      In an attempt to be diligent in protecting card security, I called while traveling to card services. I provided full name, address, social security number. I did not know card # -- card was lost. They asked me a security question. I did not know the answer. I provided State Farm agent name, limit, balance, card last used, email address, home phone, cell phone. They would not agree to block the card as they claim they could not verify my identity. 1/2 hour on the phone for the most frustrating experience. They need to review the process... Protect the account and consumer first. Worry about reissue of card at a later time. Very poor customer service. No wonder we have so much loss and expense due to fraud. I have filed a complaint with the bank as well as other consumer agencies.

      8 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Oct. 12, 2018

      I was 2 going on 3 months behind due to job issues. I paid $1100 dollars before the deadline. I gave everything I had. Due to becoming a full-time employee no longer working through temp service now I get paid bi-weekly. They pick up my car for $75 after I paid 1100 dollars. In order to get the car back in my possession I need to pay the late fee of 25 dollars plus the $75 car payment plus a $475 dollars towing fee plus a 150 dollar administrator fee adding the fee total 740 dollars. But wait the towing company charging me an extra $300 dollar for getting my car back in my possession. In which I had to drive an hour there. A hour of waiting to have my car release. To a company that has a lot but no office building. My car is not secure. Behind a old gate with one rusty chain.

      To let the towing man tell it State Farm was already trying to send it to auction within 36 hour that they had it. I guess not looking at GA repossessing law. What I don’t understand is... “like a good neighbor State Farm is there.” Well State Farm wasn’t there for me in fact $75 dollar cost me $1100. It’s sad to say cause I have two vehicles Finance to State Farm plus both of them I have State Farm full Coverage insurance, two life insurance policies and I’ll top of that home mortgage Insurance. They lost a customer of 5 yrs.

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      14 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Oct. 9, 2018

      Since I've started this account, there have been nothing but fees for things that are normally free with other banks. Transfer fees and foreign transaction fees are especially painful. Most banks don't charge these things anymore. The final straw was this weekend. I deposited a check to cover some automatic drafts that were coming through. It was approved and then the items came through - and were all rejected.

      I called the rep and she said, "Well, this is a holiday weekend and so no money was moved yesterday." Oh, okay, but yet you were rejecting drafts left and right when you have a check pending on the account. On a side note: the check was approved and normally would have cleared the next day. The day I deposited it was not a holiday. I don't give a crap if it's after 2pm. Most people make deposits after 5pm on Friday. Most banks will hold all items if there is a payment pending on the account. Not State Farm.

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      6 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Sept. 30, 2018

      One problem after another and it is never State Farm Bank at fault. Unexplained fees on statement, unreceived payments blamed on USPS, 15 days to get from DE. to GA. not likely. How long in your mailbox? Goodbye State Farm Bank. Shabbyest c.c. Co. I have ever dealt with.

      8 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Aug. 18, 2018

      I have been with State Farm insurance for 12+ years and have always recommended them to anyone looking for an insurance company. When I bought my first brand new car, my agent suggested that I finance it through their bank. Worst mistake of my life. When there was some hardship in my family last year, I missed a payment. I called a couple months ago to rectify the situation and was given the option to add the payment to the end of the loan. Awesome! Seemed simple enough. They were to mail me a form, I would fill it out and send it back with a check for the interest and was informed to make sure the money was not in the account so when they tried to take the payment, it would be for the current month and not the missed payment.

      Well the form came too late, the money was not in the account as requested and now I am behind 2 months of payments. State Farm has proceeded to call me so much that I have been forced to block them. They now have started calling my work even though I am actively putting whatever I can towards the account on a monthly basis. I understand that I am the one who missed one payment ($364) but the terrible customer service and downright harassment from this division of the company has made me rethink them as a whole. I will never refer anyone to them for insurance ever again. And honestly, I might refinance my auto loan with another company just to end the harassment sooner.

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      11 people found this review helpful
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      State Farm Bank Company Information

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