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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Customer Reviews

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

AlaskaAKUser's Profile Image

Reviewed by AlaskaAKUser

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

kgoblinger's Profile Image

Reviewed by kgoblinger

Nov 21st 2013

1 out of 5 marks

Very Bad Customer service

Back in 2007 I secured financing through State Farm Bank which my insurance agent recommended. After several times talking to state farm bank i told them that I wanted the due date of the loan for the last part of the month. When I received the paperwork they had the payment being due on the 13th of each month. after several phone calls to their customer service they told me that i had a 10 day grace period. With that being said, I made my payments every month on the 22 or 23rd through their automated system which they charged me additional 10.00 fee for using that system. Come to find out that if i Made the payment on the 23rd it was late. It was a 78.00 late fee. I made 18 payment on the 23rd. Their customer service was very rude, argumentative and just down right nasty. They will not release my title until i make additional 1400 payment. I am pulling all my insurances car, home and life and going elsewhere to be treated like a human being.

Is this review helpful? ▲ Yes 2 ▼ No 0

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