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.
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.
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.