State Farm Bank

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State Farm Bank Fees & Rates

• Fees
• Rates

• Type	Fee	National average
  Monthly Inactivity	N/A	$6
  Non-Sufficient Fund (Overdraft)	$25	$30
  Stop Payment item	$20	$27
  Return Deposit	N/A	$16
  Domestic Wire Transfer (Outbound)	$15	$22
  Domestic Wire Transfer (Inbound)	$0	$8
  Non-Bank ATM	N/A	$1

• • CD Rates
  • Savings
  • Checking

  • Regular CD

  TERM	RATE	MIN TO OPEN
  3 Month CD	0.05% APY	$100
  6 Month CD	0.10% APY	$500
  12 Month CD	0.35% APY	$500
  24 Month CD	0.55% APY	$100
  36 Month CD	0.67% APY	$500
  48 Month CD	0.82% APY	$100
  60 Month CD	1.16% APY	$500

  • Savings

  NAME	RATE	MIN TO EARN APY	MIN TO OPEN
  Savings	0.12% APY	$0	$100
  Savings	0.17% APY	$25,000	$100
  Savings	0.42% APY	$50,000	$100
  Savings	0.51% APY	$100,000	$100

  • Interest

  NAME	RATE	MIN TO EARN APY	MIN TO OPEN
  Interest Checking	0.25% APY	$2,500	$100

Most Helpful Customer Reviews

MattNYC recommends State Farm Bank

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

AlaskaAKUser reviewed State Farm Bank

Jan 4th 2012

2 out of 5 marks

“State Farm Bank In A Word: Incompetent”

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.

Also, when using State Farm Bank's secure email system (required to do basic account functions), you have to give them an account number: the system isn't actually linked to the user! They also take an average of four days to respond to requests.

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.

Is this review helpful? ▲ Yes 2 ▼ No 0

unhappygirl reviewed State Farm Bank

Feb 18th 2013

1 out of 5 marks

“Horrible nightmare!”

We set up our loan last Sept. We made the first payment that day and were told our payment books would arrive before the next payment was due. 6 weeks later we still hadn't received them. So we made a payment online. We called to see when the books would arrive. They had our address wrong. We gave them the right address and waited again. Still no payment books. Long story short...while waiting for payment books, we missed a payment and started getting late fees. After 4 months we finally get the payment books. My husband calls the bank and they waive late fees and assure us he will put the late payment on the back of our loan to bring us up to date. This month we get ANOTHER fee charge telling us we are late. (I wasn't late) They say we still have one payment missing which is the one they said they would put on the "back" of the loan. Now the person I spoke to says he's not allowed to put the payment at the end of the loan! Oh...and the clincher? The latest letter they mailed me with late fees...still doesn't have our correct address!! I will be making an official complaint to the bank and will be refinancing through someone who can get it right the first time.

Is this review helpful? ▲ Yes 1 ▼ No 0

See all 16 customer reviews »

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