State Farm Bank is an online-only bank that offers checking and savings accounts. The web site is clean, uncluttered, and easy to use. Customer service by phone has been efficient and friendly although it's not available 24 hours (no late night hours).
I only have the checking account, which has a great collection of features. Unlike some other banks, to get these features you DO NOT need to use your debit card a certain number of times each month.
-- No monthly fee if balance is over $500.
-- A competitive interest rate is paid on entire checking balance if over $2500 (click on the "Rates" tab above for current rate).
-- Free online bill paying that is very easy to use.
-- Your first order of 50 paper checks is free.
-- Option of getting monthly statements by mail or online.
-- Free online transfer of funds to and from accounts with other banks or financial institutions.
Two ways to deposit checks:
-- By mail.
-- State Farm is one of the few banks offering an "At Home Deposit" program. You endorse the check, then make an image of both sides of the check (using a scanner, iPhone, or Android cell phone), then send the image to the bank using an easy-to-use online process. No need to send the original check.
ATM and Debit cards:
-- No card fees.
-- Refunds 100% of ATM fees anywhere in the world with no monthly limit provided that you have at least one direct deposit each month.
-- No foreign transaction fee when withdrawing money from ATMs outside the U.S.
-- In addition to a standard debit card that can be used for purchases with or without a PIN, State Farm is the only online bank I could find that offers the option of an ATM card that requires a PIN for all purchases or ATM withdrawals. An PIN-only card can be useful if you prefer to avoid the potential problems that can occur if a standard debit card is lost and someone uses it to make purchases against your checking account.
I was given a $50 State Farm gift card as a a gift. Wonderful. I was saving it for an emergency. I finally decided to use it and needed to call in to activate the card. No big deal. The automated system tells me my gift card has declined in value to only $7.50. What! I called and explained to them that I wasn't aware that the card declines in value $2.50/mo if not used within the first 12 mos. There is a conveniently placed activation sticker covering the "fine print" on the back of the card detailing the charges. I spoke to a rep who did nothing, his supervisor declined to reinstate any monthly maintenance fees and a SF review board also denied my request to even get a month or 2 of the fees put back on the card. Had I known the card would lose value, I would have used it right away. I feel the placement of the sticker covering the charges is placed there on purpose so you aren't aware of the fees. I was extremely disappointed that after being a SF policyholder for 30 years, that they wouldn't reinstate a month or 2 of fees. I am in the process of moving all my policies to another ins agency.
I checked other gift cards like Buffalo Wild Wings, Flat Top Grill and TGI Fridays and none of those cards lose value.
Be careful. Know the terms and know State Farm doesn't care!
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.