STAR Financial Bank is headquartered in FORT WAYNE and is the 13th largest bank in the state of Indiana. It is also the 399th largest bank in the nation. It was established in 1988 and as of December of 2023, it had grown to 461 employees at 37 locations. STAR Financial Bank's money market rates are 7X the national average, and it has a B+ health rating.
Excelent Customer Service
My wife and I have banked with Star for many years. The reason we stay with them is because they have excellent customer service and a small bank feel. They always make you feel welcome when you walk in a branch and they go out of their way to help.
Helpful Bank?
We Have had a checking account with Star Financial Bank for 11yrs. My wife and i are disabled and have our checks direct deposited. For that Star Bank has been great. No problems and always help with correcting account errors. I admit when we started out that our credit was'nt good, but over the 11 yrs we worked hard to straighten it out and have got our credit score to the middle 700's. We have have ask Star bank for 3 different loans on three different occations and each time the answer came back "no". We were however able to go to other banks and high end credit cards to get our financial needs. That is the only complaint we have against Star Bank.
Debit Card Fraud
Fraud is rampant. Twice in 2 months my debit card has been breached. Never used the 2nd card. When I called the customer service, 'Greg' said there was no way to stop the charge "because you didnt respond to the text"; no, I called as soon as I got the text. He spoke over me several times, which instantly mad me angry.
Star is a good bank for mortgages, HELOC but anything else be very careful.
The local branch staff is awesome, but their customer service people are terrible.
No Empathy
I received charges from a policy that was cancelled which caused overdrafts. The funds were returned to my account by the insurance company but the fees remained, causing further overdraft. I left work due to illness and am now unemployed with no unemployment. I received a threatening letter about the collection. "Please be aware we will not idlely stand aside." I'm desperately search for a job i can do with my limitations. It's disheartening to receive a letter with language like this.
Worst Banking Experience Ever
Dealing with star was an awful experience from the day we walked into the branch on e. 96 st. in Indianapolis. Manager did not make a good impression when he acted put out to help us then it took us weeks to get atm cards after he said a few days. Did not open business account here since they did not have what we wanted. Fast forward four months and they failed to make a transfer from savings to checking after two calls to branch to do so. Was told it would happen right away and three days later we overdrew our checking account because he did not do what he said he would. Never apologized and only after calling the customer service line did they give credit back. The day after we moved all accounts away from Star and will never deal with them again. Beware.
Star Caused Financial Hardship On My Family
I obtained a business loan through Star Financial. The business was unsucessful and had to close. Star Financial sued me and garnished my wages for $1,000/ month not leaving enough money to provide for my family so we had to depend upon relatives. New slogan suggestion: Star Financial: your kids went hungry but at least we got our money.
Loan Troubles
I have had a boat loan thru Star since 2010. The dealership is the one that set up the loan. Ever since then it has been a nightmare. The first year I was making my payments from my payment book. The next year I started recieving late payment statements for no reason. When I called them they told me my insurance wasn't correct on the boat and that is why they had to charge me more. I checked with my insurance and the boat was covered correctly. The bank was wrong. After about 2 months they sent me another payment book with my payment raised and I am not sure why. I just talked to them yesterday and they still say I don't have the correct insurance. By the way I have never recieved any kind of statement from the bank telling me what I owe on the boat. Their answer to that was that they don't send out statements. You have to personally walk into the bank or call for the amount. I will never do business with Star again.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27235 |
| Year Established | 1988 |
| Employees | 461 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.88% |
| Return on Equity - YTD | 13.14% |
| Annual Interest Income | $130.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $2.98B$2.99B |
| Loans | Q4 2023vs Q4 2022 | $1.65B$1.6B |
| Deposits | Q4 2023vs Q4 2022 | $2.56B$2.54B |
| Equity Capital | Q4 2023vs Q4 2022 | $225.3MM$183MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $19.2MM$19.1MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $4MM$2.6MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $301K$521K |
