A MyBankTracker Rating

State Farm Bank

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.

State Farm Bank logo

MyBankTracker rated 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. See how it’s rated.

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Customer Reviews

Most Helpful State Farm Bank Bank Customer Reviews

  • JT
    Reviewed By Jerry t. Oct 5, 2013

    Traveling and lockouts

    My account has been locked two months in a row due to unusual spending pattern while traveling.

    Now customer service tells me that a phone call prior to spending as I travel could still result in a lock out.

    I am going to check with a bank official for clarification before I take every dollar out and discontinue my two direct deposits.

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  • W
    Reviewed By werd Aug 2, 2013

    Verification process by phone and online is incredibly frustrating, and customer service is subpar

    I opened an account with State Farm Bank when I moved away from home to attend college because of the ATM fee refunds that are offered with their free checking account. I had been a customer for three years with few problems. However, once they implemented their new verification system in early 2013, everything went downhill. The system asks personal questions that are scoured from "public and proprietary records" (and seem to be mainly based off of your credit report). At first, I thought it was an interesting concept until it stopped working for me. First, I was locked out of the website. Then, when I called, the rep completely locked up my account. I was forced to take time off from work to visit a State Farm agent's office to have my account unlocked, which is ridiculous, because agents and their employees are technically not employees of State Farm (agent's offices are similar to a franchise). All the agent's employee did was call the bank herself and beg them to unlock my account with me standing with her. Evidently I could have just done that myself. How is this supposed to be secure?

    To make a long story short, stay away from State Farm Bank. About 2/3 of their call reps I have spoken with were rude and/or have no clue what they are talking about, and they typically are not very helpful until you ask to speak to a supervisor. Furthermore, if you have a problem, the only thing you have is a 1-800 number (again, State Farm agents and staff cannot view/troubleshoot anything with bank accounts once they have been opened - I used to work for an agent), and every time you call, you will speak to someone different, which is a waste of time when you have to explain the same problem multiple times.

    Regardless of their features, save yourself the time and headache: Bank with a company that specializes in banking, not insurance. (But their insurance is great though!)

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  • J
    Reviewed By JOEJOE Mar 5, 2014

    WORST BANK EVER DELT WITH

    ** BEWARE** : IN MY OPINION THIS IS THE WORST BANK ANYONE COULD EVER CHOOSE TO DO BUSINESS WITH !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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  • Type Fee National Average
  • Monthly Inactivity N/A
  • Non-Sufficient Fund (Overdraft) N/A 0
  • Stop Payment item N/A 0
  • Return Deposit N/A 0
  • Domestic Wire Transfer (Outbound) N/A 0
  • Domestic Wire Transfer (Inbound) N/A 0
  • Non-Bank ATM N/A