About State Farm Bank

State Farm Bank, F.S.B. received formal approval for a thrift charter from the Office of Thrift Supervision (OTS) in November 1998 and is generally referred to as State Farm Bank. Its focus is on consumer-oriented financial products, complementing State Farm's insurance focus on personal lines. State Farm Bank is a nontraditional financial institution and does not have branch offices. The bulk of direct customer interaction and product assistance is provided by State Farm agents.
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Overall Rating

MyBankTracker rated State Farm Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.


MyBankTracker Rating

Customer Rating
Based on 26 Reviews
Financial Health
Based on Texas Ratio: 10.9
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Mobile Deposits
Mobile Deposits
Mobile Banking
Quality of Mobile Services

Most Helpful Customer Reviews

sarahs's Profile Image

Reviewed by sarahs

May 5th 2014

4 out of 5 marks

Good service. No ATM charges. User friendly online banking.

Very user friendly. No physical bank to go to, but never a problem. Phone app makes it very easy to deposit checks. Reimburse ATM fees at the end of the month. Very friendly and helpful customer service reps when I call in. Very quick and easy to do money transfers to other accounts.

Is this review helpful? ▲ Yes 1 ▼ No 0

MattNYC's Profile Image

Reviewed by MattNYC

Jun 20th 2012

5 out of 5 marks

Great Experience for a Remote Bank

I really have had a great experience with SFB. Getting started is a little quirky since you have to deal with your local agent, but I did most of that via e-mail and fax anyway. I think that actually helps keep it small enough to manage everyone well. If it grew too fast that might change its character.

Customer service has been amazing--I usually use the on-line webform. I hate that you have to speak your information into the phone when calling teh automated service--even if you are in the middle of a crowd. I find that highly unsecure and have asked them to enable touch-tone entry (haven't checked recently so they may have fixed that). Due to some slow transfers and mis-timing (on my part), I have had a few NSF fees; however, if you are in good standing, you can request up to three "courtesy" rebates every 12 months (so I have never had to actually pay that).

I LOVE the ATM fee rebate--but I still try to go to the cheapest ATMs so as to not reward the "vampires." I used my card in Mainland China and got a much better rate than from the currency exchanges and also (again) paid NO fees. (No foreign transaction fees either.)

Their on-line scan-to-deposit site is great--I scan checks I receive and have them in my account within one business day (if over $500, they hold the excess another business day). I believe they still offer a service where--if you are depositing at least $100--you can print out a free, pre-paid FedEx label and overnight it to them. I haven't used this since the introduction of the electronic method I already mentioned.

I have no complaints. I was nervous making a remote bank my primary checking account, but I cannot imagine doing it any other way now.

Is this review helpful? ▲ Yes 1 ▼ No 0

SCO's Profile Image

Reviewed by SCO

Mar 6th 2012

5 out of 5 marks

My Kind Of Bank- Can Do Anything From Transfer Funds To A Friend, Pay Bills, Remote Check Deposit- All From My Phone!

I have been mroe than satisfied with my banking experience with state farm bank. Their online and mobile capabilities are innovative and make banking simple for me which is what i need. I get unlimited atm reimbursements which is awesome, whereas my friends will go out of their way to find their bank's atm to avoid atm fees. Oh, and i don't have to keep a minimum balance either! State farm bank's free checking accounts truly are hassle-free, fee-free, and gimmick-free! Can you tell i love state farm bank?

Is this review helpful? ▲ Yes 1 ▼ No 0

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