State Farm Bank is a mid-sized bank that was organized as a separate entity from the insurance giant’s main business. While many consumers equate State Farm with insurance and investment products, it’s banking component offers a range of personal products worth considering.
State Farm Bank’s depository banking products consist of savings, checking, money market, Certificate of Deposit (CD), and IRA accounts. Its checking account options are simple and include a free account with no monthly fee avoidance requirements, and an interest bearing account that requires direct deposit in order to avoid a monthly fee. The bank’s savings account offers an interest bearing way for consumers to save and comes with a small ATM fee monthly rebate. Money market accounts provide varying rates of interest depending on the level of account balance threshold met. Certificates of Deposit (CD) are also available in term lengths ranging from 3 to 60 months and IRAs in term lengths from 12 to 60 months. The bank operates wholly through the online channel, thus making customer service an important aspect to consider before opening an account. State Farm Bank’s website publishes real customer reviews that help consumers get a more realistic feel for the product offerings. The bank is partnered with a number of ATM networks, including NYCE, PLUS, PULSE, and STAR, making it easy for customers to access funds and perform banking tasks.
State Farm Bank online banking is an important aspect of the bank’s business because it does not operate any physical branches. DepositAccounts provides customer reviews on experiences with the online banking system. The web-based platform allows customers to deposit funds remotely, pay bills, transfer funds, and manage credit card accounts with the bank. A mobile banking app also makes these account management tasks easy and convenient to perform on the run. Consumers can also sign up for retirement accounts and monitor fund growth via the online banking system.
State Farm Bank was established as an aspect of State Farm’s expansion into financial services in 1999. It is an institution organized as an entity distinct from the major State Farm insurance brand. The bank is headquartered in Bloomington, Illinois and serves its customers through its online channels.
State Farm has a very good bill pay/transfer between accounts system compared with the clunker I use at my credit union. They also refund your ATM card usage at the end of every month, which I find invaluable for travelling. And if you desperately need to give a physical check to someone you can go to most State Farm agents. Real people answer the phone and I've been helped in minutes with a problem.
I've had an Ally bank account, and I think they have slightly better rates and a similar deal with the ATM card. I think its irritating how you have to sign up for this through an agent, but it only takes 5 minutes and its about as timeconsuming as when I signed up for a Chase or Ally bank account online.
I am a current customer with a State Farm Bank Checking account.
I've had numerous accounts with multiple institutions. I've never seen a more poorly managed and stunningly inconsistent financial institution. I continue to receive conflicting information based on what part of the Bank I'm in contact with depending on the issue. For example, one part says the bank can't do this or that while other staff at the bank say my account is fine and they absolutely support this or that. I've actually got a form on my desk from one part of the bank requiring my signature while another part of the bank says I don't need to sign it and that everything is fine with my account.
The nail in the coffin for State Farm Bank is the fact that they don't support Mint.com or Quicken. Yep, it's 2012 and State Farm Bank does not allow you to download transactions into Mint.com nor do they allow you to download transactions into Quicken (Express Web Connect or Direct Connect). What's amusing is that over the four weeks it took me to confirm this with State Farm Bank, their online support staff would say that it does, then they would get their terms wrong (not knowing the difference between "Direct Connect" and "Express Web Connect"), and then say that they don’t support Mint.com or Quicken at all.
Their telephone support agents are polite and cheerful. However, they can only do so much. The bank's back-office staff are poorly trained, uninformed, and (based on their very poorly written communication) stupid.
I can summarize State Farm Bank up in one word: incompetent.
I can not, and do not, recommend State Farm Bank for anyone. Look elsewhere for your banking needs. The benefits of ATM access are not worth the hassle and stunning incompetence that is State Farm Bank.
NEVER OPEN ANY ACCOUNT WITH STATE FARM, I USE TO HAVE ACCOUNT WITH STATE FARM BANK FROM LAST 11 YEARS. THEY PUT MY ACCOUNT IN COLLECTION WITH LACK OF THEIR CUSTMER SERVICE INCLUDING THEIR SUPERWISER. INSTEAD OF LISTENING TO MY PROBLEM. SHE CANCEL MY ACCOUNT EVEN THOUGH IT WAS PAID IN FULL. AND SUPERWISER SAID SHE GOING TO CANCEL MY ACCOUNT BECAUSE I TOLD HER , SHE CANNOT UNDERSTAND MY PROBLEM AND THE COMLICATION OF CREDIT REPORT. TOTALLY RUDE , THEY NEED TO EITHER CLOSE THEIR BANK OR CHANGE THIER STAFF. IF ANY BODY FROM THEIR BANKING WANT TO TAKE CARE OF THEIR CUSTMER PLEASE CALL AT 9034519188.
Extremely annoying having to answer at least 4 different multiple choice questions after I have signed in correctly.
These questions go back 20 years asking about cars, addresses, phone numbers, did a child live at such and such address, state, thirty years ago. Who remembers car, phone , house built twenty years ago. Feel like it is truly an invasion of my privacy. A phone call to SFB states it is another agency who compiles the question. RIGHT!! All the info is coming from State Farm. I understand security but this goes beyond original security questions and it occurs every other time you sign into your accounts. Next it will be a Drome overhead.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 State Farm Bank had $168.32 million in non-current loans and owned real-estate with $1.92 billion in equity and loan loss allowances on hand to cover it. This gives State Farm Bank a Texas Ratio of 8.76% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for State Farm Bank decreased slightly from 10.29% as of December 31, 2012 to 8.76% as of December 31, 2013, resulting in a positive change of 14.89%.This indicates that the balance sheet and financial strength for State Farm Bank has improved slightly in recent periods.
In the past year, State Farm Bank has increased its total deposits by $988.26 million, resulting in 10.65% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth State Farm Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. State Farm Bank has $15.77 billion in assets with $1.92 billion in equity, resulting in a capitalization level of 12.19%, which is excellent.
|FDIC Certificate #||34617|
|Assets and Liabilities|
|Equity Capital||$1.68 billion|
|Loan Loss Allowance||$245.60 million|
|Unbacked Noncurrent Loans||$154.08 million|
|Real Estate Owned||$14.24 million|
|Historic Data - December 2012|
|Equity Capital||$1.70 billion|
|Loan Loss Allowance||$250.70 million|
|Unbacked Noncurrent Loans||$154.08 million|
|Real Estate Owned||$22.28 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.09%|
|Return on Assets||0.33%|
|Return on Equity||2.88%|
|Interest Income||$609.38 million|
Always verify rates and promotions with the bank or credit union. We are not State Farm Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.40%||$10k||-||Health Savings Account|
|1.01%||$25k||-||IRA Money Market|
|1.01%||$25k||-||Roth IRA Money Market|
|2.05%||-||-||60 Month CD|
|1.60%||-||-||48 Month CD|
|1.15%||-||-||36 Month CD|
|0.63%||$100k||-||24 Month CD|
|0.31%||$100k||-||12 Month CD|
|0.11%||$100k||-||6 Month CD|
|0.07%||$100k||-||3 Month CD|
|2.10%||-||-||60 Month IRA (Traditional,Roth)|
|2.10%||-||-||60 Month CESA|
|1.65%||-||-||48 Month IRA (Traditional,Roth)|
|1.65%||-||-||48 Month CESA|
|1.20%||-||-||36 Month IRA (Traditional,Roth)|
|1.20%||-||-||36 Month CESA|
|0.68%||$100k||-||24 Month IRA (Traditional,Roth)|
|0.68%||$100k||-||24 Month CESA|
|0.36%||$100k||-||12 Month IRA (Traditional,Roth)|
|0.36%||$100k||-||12 Month CESA|
State Farm Bank is an Internet only bank and does not have branch locations. Its headquarters is located at One State Farm Plaza E-6 - Bloomington, IL 61710