I just noticed State Farm Bank is now offering online check deposits which it calls MyTime Deposit. It's a remote deposit service that allows you to deposit paper checks using your smartphone or with your PC and scanner. You are eligible for this service once you have a State Farm Bank checking, savings or money market account. I was told by the State Farm CSR that they allow you to deposit up to 10 checks a day for a total deposit of $10K. For the week the limit is $50K or 50 checks.
State Farm Interest Checking
State Farm Bank's Interest Checking account used to have top rates, but the rates have fallen quite a bit in the last year. The top rate is now 0.74% on balances of at least $2,500 (as of 2/23/2011). There's a $10 monthly fee unless a $500 balance is maintained or if the account receives a direct deposit (ACH credit) during the statement cycle. The direct deposit also gives you unlimited ATM surcharge rebates.
Special CD Rates
Every so often State Farm Bank comes out with a few competitive CD rates. The latest ones are two special CDs: 1.31% APY for 15 months and 1.71% APY for 30 months. These rates are listed at the bank's rates page as of 2/23/2011. According to the CSR, they typically make CD rate changes early Wednesday mornings. So these rates should last at least until next Wednesday.
Some details about these CDs from State Farm's CD page, Truth in Savings Disclosure and from my conversation with the CSR include:
- $500 minimum deposit (doc)
- Grace period after maturity of 10 calendar days (doc)
- Early withdrawal penalty of 180 days’ interest (earned or not) on the principal withdrawn for CDs with terms longer than 12 months (doc)
- Interest payments can be added to the CD, paid by check, deposited to a State Farm Bank account, or electronically transferred to an account at another institution (doc)
- CD can be opened online, by phone or at a participating State Farm agent(doc)
- Rate locks when they receive the funds (CSR)
- CD can be funded by check, ACH transfer or an internal transfer from a State Farm Bank account (CSR)
- At maturity, you can receive the funds by check, ACH transfer or a wire transfer (CSR)
Other State Farm Bank Perks
One other perk with having a State Farm Bank account is free TurboTax Basic or Deluxe Online. Details are provided in this State Farm page. The offer is limited to the first 25,000 who register.
State Farm Bank Overview
State Farm Bank is a sizable bank with $15.35 billion in assets. It has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 11.29% (excellent) based on September 2010 data. Please refer to our financial overview of State Farm Bank for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 34617).