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State Farm Bank

State Farm Bank

 3.9/5 (208 ratings)
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  • 1 stars

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.

Overall Satisfaction Rating

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State Farm Bank Reviews

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Page 2 Reviews 10 - 20
Rated with 1 star
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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
Rated with 1 star
Verified Reviewer
Original review: Aug. 29, 2019

I don't have the time or space to explain the hours of phone conversations I had with a Customer Service Rep, A level 2 Person and a Supervisor. They cost me money by giving me misinformation and cost me the sale of my truck. They took responsibility for nothing except saying their rep gave me wrong information. Stay clear, they didn't earn their overall (*) star rating from everyone by being good. You are better off with nothing than anything from them. Worst experience ever!!!!

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

We were in the process of buying a house in June of 2019 so I went in to discuss their home insurance. When the agent heard that we were buying a home he suggested that we get rates from State Farm Bank. I thought he was just going to contact the branch's agent and have him send me some general information to see if I would be interested, so I said sure and gave him our information (he already had most of it from the home insurance quote, like our SSNs, so nothing seemed out of the ordinary). But nope. Instead they ran mine and my husband's credit and preapproved us for a loan.

We already had another bank that we were going with for our mortgage, and on top of that their rates were a whole percent higher than what the other bank was offering us. However now our credit scores have been lowered from their hard inquiry and we may not get as great a rate as we had previously. Also, they BOMBARD you with every form of communication you can think of. Emails, snail mail, phone calls, texting, leaving voicemails. Thanks State Farm. So glad I dodged that bullet

13 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Aug. 9, 2019

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've always upgraded capability & kept security front and center.

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

My son got a vehicle loan through State Farm Bank. We are insured with State Farm also, no issues there. My son was rear ended resulting in a huge repair for the truck. They reported it as a total loss, but DID NOT tell us that. they just gave it back to keep driving and paying for. Shortly after, my son enlisted in the Marines and left for 13 months. State Farm Bank said that in accordance with the servicemembers Civil Relief Act, his payments would be put on hold pending his return. I was assured that they would not report non-payments to any credit bureau, and he could resume payments upon his return.

Last week when he came home, they told him they wanted $1200 a month for 30 months. We decided to try to trade out of this deal, but were informed that since the truck had been reported as a total loss, it was basically worthless. On top of that, they reported 13 missed payments to the credit bureau, which has destroyed his credit. We had the free gap insurance that should have paid for the truck when it was totaled, but clearly since State Farm owned the note and the policy, they protected their own interests and screwed over a young Marine. I will NEVER DO BUSINESS WITH STATE FARM BANK AGAIN.

22 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: July 22, 2019

State Farm has a large variety of financial resources. State Farm has more resources than most know. I've had State Farm Auto and Life Insurance since I was a teenager. My IRA is with State Farm. All my banking is done with State Farm Bank. I have RV insurance with them. Of course being an auto insurance company, they would offer auto loans with competitive rates. I would not overlook this financially stable company.

Be the first one to find this review helpful
Rated with 5 stars
Verified Reviewer
Original review: July 17, 2019

I was quite surprised to know my insurance company also offered auto loans. The loan was competitive and included GAP insurance without paying more. It wasn't needed, but good to know its included. I will use State Farm Financial on more purchases at a later date.

4 people found this review helpful
Rated with 2 stars
Verified Reviewer
Original review: May 30, 2019

We've carried insurance with them for years and have been pleased with our local agents. The State Farm credit card is a different matter. We have not been satisfied with their customer service. A couple of years ago we made a hotel reservation using our card points and had so many problems when we arrived at the hotel that we never attempted that again. Recently I needed to get information on my online account and forgot my password. I never received the promised email, so I called to see what I needed to do.

They would not talk to me since my husband's name is on the account, even though I have a card, do all the banking and had all the information that they needed. My husband got on the phone, and they asked him what our last balance was. When he turned to ask me, they told him that he could not get that information from anyone else. My husband promptly cancelled the card. Time for a new company.

7 people found this review helpful
Rated with 1 star
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Verified Reviewer
Original review: May 3, 2019

I have a Money Market account and wanted to open a CD while the rate was good. I spoke to a representative on March 13, and she input everything and asked how I would prefer to receive the paperwork to sign. The ONLY options were Fax, Mail, or visit a State Farm agent's office. I chose Mail, and she said it would arrive in a week to 10 days. On April 1 nothing arrived so I called and the representative confirmed nothing had been sent (he had to speak with the New Accounts Team) but it will be sent out by mail. April 24 and still no paperwork. I called again and asked if the papers could be sent by other means such as encrypted pdf or through the State Farm Secure Email system (you would think this is the intended application) but they said NO. Only the 3 methods.

I then remembered I had an old computer printer that included FAX, so I got it it up and called again. The next rep. said he could process the FAX and I received a form to authorize an electronic transfer from the Money Market to the CD. I faxed the signed form back and verified (the next day) that it was received and the CD would be processed. Then on April 29, two more forms arrived in the Mail, a CD application and a Signature Card. These were what should have been sent in March. I completed both and faxed back the same day. Finally on May 2nd the CD was issued.

The takeaways are State Farm customer support in general and the New Accounts Team in particular do not seem to know what they are doing. Also, the company is stuck in the past by relying on antiquated FAX technology without considering the many secure options available these days for private document transmission. I am happy to have the CD set up, but will not put myself through this again. And may consider closing out the other accounts we have (Money Market, IRA, CD) when possible.

13 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 16, 2019

Whenever I have problems with State Farm Bank, which is often, they never have solutions. I mail in paperwork to update my account information, they ignore it. Whenever an online purchase fails to go through, it's never their fault. Whenever I ask why small transactions won't process, they say that they clearly see I have the funds to purchase the object and nothing's wrong on their end so they don't see what the problem is, so I must have done something wrong.

When I'm standing in the grocery store unable to pay for $40 of groceries because they canceled a card which wasn't set to expire for five more months because they're sending me a new one (which I did not request) in the mail, they act surprised and offended that I have not received it yet and complain about having to reactivate my current, perfectly functional card for this one purchase and then redeactivated it immediately after. If it was once or twice, I could live with that, but they've proven themselves time and time again to be incapable of handling even basic interactions. No fee ATM withdrawal isn't worth this. Searching for a new bank ASAP.

16 people found this review helpful
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State Farm Bank Company Information

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