State Farm Bank

Online Bank, statefarm.com

State Farm Bank logo
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MyBankTracker rating based on the following criteria that includes customer reviews, financial health, bank fees and other key factors compared to the other banks.
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About the 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 Fees

  • National Average
  • Monthly Inactivity N/A $6
  • Non-Sufficient Fund (Overdraft) $25 $30
  • Stop Payment item $20 $27
  • Return Deposit $10 $13
  • Domestic Wire Transfer (Outbound) $15 $22
  • Domestic Wire Transfer (Inbound) $0 $10
  • Non-Bank ATM N/A $1

Latest Customer Reviews

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  •  
    Reviewed By hondo2wall Jan 8, 2018

    Nightmare Online Loan Payment System

    State Farm Bank Loan Payment System is the worst element of banking with State Farm. I have had 3 car loans through State Farm and their system login just keeps getting worse. Their login website link is not within Google. You cannot call State Farm 800# and get anyone to help you. They indicate you have to call State Farm Bank. Well, State Farm Bank isn't a part of the "Good Neighbor" system, therefore, they do not have Customer Service personnel anytime to assist you like the Insurance side of things. The insurance side of things customer service indicates "Oh, my hands are tied and I cannot assist. You will have to call State Farm Bank in the morning when they are in the office." This is your typical "Banker's Hours" and not there when you need service. Why isn't State Farm Bank Representative part of the Good Neighbor Program? Everything should be tied together (Insurance, Banking, etc...). How much of our policy payments, loan payments, etc...are paying for bloated systems AND ADMINISTRATORS that are allowing such a debacle at State Farm? The process should be 1 system. 1 Login, 1 payment system including Insurance and Bank Notes, etc...1 snapshot immediately of everything online that you have with State Farm...NOT MULTIPLE SYSTEMS! Northwestern Mutual, Bank of America, etc...have their systems with everything together and State Farm cannot? Poor, Poor, Poor State Farm!

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  •  
    Reviewed By bigfoot21 Oct 31, 2017

    Two thumbs down!

    Applied for a visa card and was approved but never received the card. I called after a month went by and of course no one knew anything and I was transferred to several different customer service departments. When I finally was connected with someone in card services I was told that my card was mailed out but returned to them for reasons unknown. In order to get another card mailed to me I had to provide a copy of my drivers license and bank statement. I did and now a month later still no card. I checked my credit report and State Farm Bank shows that I had an account that was never used and it was closed. So 3 months after applying for a card....still NOTHING....I'M DONE. I have since went elsewhere and received a visa card within 3 weeks of applying. State Farm is very unorganized.

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  •  
    Reviewed By northsider Dec 26, 2016

    The check is in the mail - NOT!

    If you are looking for a CREDIT CARD,
    AVOID STATE FARM BANK.

    Until recently I had a State Farm Visa card.
    After a crappy experience with them this summer, I threw away the card. It is much easier to deal with the two other credit card companies I have accounts with.

    I have always paid my bill on time and in full.
    During the summer I did not receive my statement and I called State Farm. They would not give me a few more days to pay my bill (even though I never got my statement and the amount I owed was only about $25) So I had to give them my bank account number and let them grab money out of my bank account to pay my small bill and avoid late fees.

    But the story does not end there.
    State Farm owed me $138 in Loyalty Rewards and a month ago I attempted to get my $138. I wanted to pay my homeowners insurance with that $138, but State Farm would not let me do that. Also, they would not transfer the $138 to my bank account or mail me a check. All they would do is send me a Visa gift card, so I agreed to that - I had no choice. I was told the gift card would arrive in 12 business days. Well, it has been nearly a month, and no Visa card in the mail.

    I'll never do business with State Farm Bank again.

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  •  
    Reviewed By northsider Dec 26, 2016

    The check is in the mail - NOT!

    If you are looking for a CREDIT CARD,
    AVOID STATE FARM BANK.

    Until recently I had a State Farm Visa card.
    After a crappy experience with them this summer, I threw away the card. It is much easier to deal with the two other credit card companies I have accounts with.

    I have always paid my bill on time and in full.
    During the summer I did not receive my statement and I called State Farm. They would not give me a few more days to pay my bill (even though I never got my statement and the amount I owed was only about $25) So I had to give them my bank account number and let them grab money out of my bank account to pay my small bill and avoid late fees.

    But the story does not end there.
    State Farm owed me $138 in Loyalty Rewards and a month ago I attempted to get my $138. I wanted to pay my homeowners insurance with that $138, but State Farm would not let me do that. Also, they would not transfer the $138 to my bank account or mail me a check. All they would do is send me a Visa gift card, so I agreed to that - I had no choice. I was told the gift card would arrive in 12 business days. Well, it has been nearly a month, and no Visa card in the mail.

    I'll never do business with State Farm Bank again.

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  •  
    Reviewed By jaamo Feb 25, 2016

    Nice people, poor service

    We had been State Farm insurance customers for over 40 years. Never a problem, but recently, premiums became non-competitive. The few claims we had were handled promptly with no problems.

    Tried to open a cd account through the local agent. Process was unbelievably slow. First, tried to sell us financial advice instead of cd. Then, took 30 minutes to fill out forms, they made us sign an electronic version of form without showing us what we were signing. Then, after signed, they provided us copies of documents. Documents had errors. Early withdrawal penalty was twice as high as competing banks. ( Explanation: Doesn't matter if you hold to maturity.)

    That was on February 12. Yesterday, the deposit check was finally cashed. We still have no paperwork supporting the purchase of the cd, still don't know the maturity date -- is it 2/12 or 2/25???

    Sorry, but 13 days is too long to process and it still isn't done.

    Good rates, poor service in banking.

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  •  
    Reviewed By LarkinsAli Feb 23, 2016

    EXCELLENT Bank and Customer Service

    By far, State Farm Bank has been such a pleasant experience. I have been with State Farm Bank for 6 years now. I started a checking account with State Farm Bank because I have a car loan with them. The account gets me a discount on my car loan and there are absolutely NO FEES associated with the account. With my car loan at State Farm, they provide FREE GAP coverage, so I was able to get a $800 refund for the GAP coverage I bought at the dealership. They have provided me with great customer service. If I ever need anything, I just call my agent and we conference call the Banking team together. Their website is very convenient and user-friendly.

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  •  
    Reviewed By vanparys Jan 21, 2016

    Don't believe all the negative press!

    I am a previous Columbia Bank customer. Was with them for 16 years. Last year, they started charging me to keep my money with them(!). I had 7 accounts. I contacted my State Farm agent and we talked about moving my $ to them. It seemed to good to be true. No ATM fee's. I can withdraw money from any ATM, and SF covers the cost. Brilliant! I took my time in moving my accounts. I set up all 7 accounts with $25 deposits, and then moved all but my main checkig and savings accounts to them. I was able to do an external transfer from within the SF site. No problem. When I did have questions, I got quick and accurate answers. Yes, you have to answer funky questions to identify yourself, but since I have little reason or occasion to call, no big deal.

    I have been with SF bank now for 5 months. It is hassle free banking. I take pictures of checks that need to be deposited, I pay bills on line, and never have to pay for ATM fees! I love this bank!

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  •  
    Reviewed By 10paces p. May 20, 2014

    Don't buy or give State Farm gift cards

    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!

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  •  
    Reviewed By Sarah M. May 10, 2013

    A $10 per month "gotcha fee"

    I opened a money market account a few years ago. Towards the end of last year I withdrew most of my funds leaving a balance of about $100. I didnâ??t check my bank statements for 7 months because I figured that nothing could "go wrong" with an account with a small balance. I did look at my account a few weeks ago and saw that state farm had made seven monthly withdrawals for $10 each because of my low monthly balance. I was very upset. These charges are exactly what Elizabeth Warren has called "gotcha fees." The banks screw you, when they can, because they can.
    I tried to post a negative review on statefarm.dot com only to get a reply saying, "Hello [Name],
    Your opinion is very important to us and the State Farm community. We appreciate you taking the time to write a review on Money Market Savings. Unfortunately your review did not meet our guidelines for posting on our site." In other words you can't post a negative review on their site.
    My message to the state farm person that decided that a $10 per month gouging was OK is "Insurance is based on trust, I pay, and then trust that you will honor your side if there is a claim. You confiscated $70 of my money in the money market account as a "gotcha fee" and this netted you a grand total of $70. It should go without saying that I cancelled by bank account with you and last week I transferred all of my insurance (auto, home, and umbrella liability at $1,500 per year) to another insurance company. I havenâ??t had an insurance claim in over ten years.

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  •  
    Reviewed By jaamo Feb 25, 2016

    Nice people, poor service

    We had been State Farm insurance customers for over 40 years. Never a problem, but recently, premiums became non-competitive. The few claims we had were handled promptly with no problems.

    Tried to open a cd account through the local agent. Process was unbelievably slow. First, tried to sell us financial advice instead of cd. Then, took 30 minutes to fill out forms, they made us sign an electronic version of form without showing us what we were signing. Then, after signed, they provided us copies of documents. Documents had errors. Early withdrawal penalty was twice as high as competing banks. ( Explanation: Doesn't matter if you hold to maturity.)

    That was on February 12. Yesterday, the deposit check was finally cashed. We still have no paperwork supporting the purchase of the cd, still don't know the maturity date -- is it 2/12 or 2/25???

    Sorry, but 13 days is too long to process and it still isn't done.

    Good rates, poor service in banking.

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  •  
    Reviewed By tkelley72 Aug 12, 2014

    Terrible Web Site!

    I opened a cd account nearly one year ago and getting access online to my statement is impossible! I have yet to be able to access the actual statement without having to try 10-12 times at different times of the day and week. All i ever get is the "sorry but the site is temporarily down" message. I have sent several message via email and have even spoken to someone over the phone. I was told that they are aware of the problem and are working on it...... Bull! Unless their site was built by the same people that did the aca site for the government, the head of the it department should be fired. In this day and age of technology there is no excuse for a wed site to be so poor. I doubt that statefarm will respond to this but if you do, please do not tell me that the issue is being reviewed and will be resolved shortly. I have been hearing that for a year now with no improvement. I will be moving my money elsewhere where there is a more professional environment. Update: above is the review i sent to state farm. I just received a response from them. Big surprise. See below... Our staff has read your review and values your contribution even though it did not meet all our website guidelines. Thanks for sharing, and we hope to publish next time! Think they have something to hide????

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  •  
    Reviewed By bigfoot21 Oct 31, 2017

    Two thumbs down!

    Applied for a visa card and was approved but never received the card. I called after a month went by and of course no one knew anything and I was transferred to several different customer service departments. When I finally was connected with someone in card services I was told that my card was mailed out but returned to them for reasons unknown. In order to get another card mailed to me I had to provide a copy of my drivers license and bank statement. I did and now a month later still no card. I checked my credit report and State Farm Bank shows that I had an account that was never used and it was closed. So 3 months after applying for a card....still NOTHING....I'M DONE. I have since went elsewhere and received a visa card within 3 weeks of applying. State Farm is very unorganized.

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  •  
    Reviewed By northsider Dec 26, 2016

    The check is in the mail - NOT!

    If you are looking for a CREDIT CARD,
    AVOID STATE FARM BANK.

    Until recently I had a State Farm Visa card.
    After a crappy experience with them this summer, I threw away the card. It is much easier to deal with the two other credit card companies I have accounts with.

    I have always paid my bill on time and in full.
    During the summer I did not receive my statement and I called State Farm. They would not give me a few more days to pay my bill (even though I never got my statement and the amount I owed was only about $25) So I had to give them my bank account number and let them grab money out of my bank account to pay my small bill and avoid late fees.

    But the story does not end there.
    State Farm owed me $138 in Loyalty Rewards and a month ago I attempted to get my $138. I wanted to pay my homeowners insurance with that $138, but State Farm would not let me do that. Also, they would not transfer the $138 to my bank account or mail me a check. All they would do is send me a Visa gift card, so I agreed to that - I had no choice. I was told the gift card would arrive in 12 business days. Well, it has been nearly a month, and no Visa card in the mail.

    I'll never do business with State Farm Bank again.

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  •  
    Reviewed By ledesma12 Aug 3, 2015

    Terrible!

    I mailed a temporary check to pay my monthly bill. It arrived on time, but was rejected. Rather than calling me and letting me know that my payment had been rejected, state farm never attempted to contact me. I called 2 days after the grace period ended asking why the money had never been deducted from my account. They said the check was rejected due to insufficient funds or account being closed. Both are wrong. I had more than enough in the account, and the account was still up and running. I called my bank to confirm this, and they confirmed it and said the person placing the check through must have put in the wrong account number on the check. So I CALLED BACK. We were going to start off by just paying my bill and getting that squared away, but they don't accept cards over the phone, so I had to use my temporary check to put it through. But before proccessing the payment, they warned me I would be charged a fee for paying over the phone (who does that?!), and I asked if they could waive that since the payment didn't go through because an error on their part, and they said no-the only way to bypass the fee is to pay online. So I tried to pay online, but I had to enroll in online payment (why the heck?!) but GUESS WHO WASN'T ALLOWED TO ENROLL FOR STUPID REASONS?! So I had to register a whole other login in MY name instead of my husband's (if someone else wanted to pay his bill, why not just let them?), and I was FINALLY able to enroll into online bill payment although the website was a huge frustrating debacle in and of itself. So I finally paid my bill over an hour and 40 minutes later, but the late fee was still listed online after the SECOND PERSON ON THE PHONE told me it had been waived. So I had to call back, and then all of a sudden THIS phone call required a series of questions with multiple-choice answers to verify my identity (again... why do they have to know it's me trying to pay this freakin' bill?!!?!). After forever, things got sorted out, but this is THE LAST loan through state farm bank!

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  •  
    Reviewed By dave s Jul 31, 2015

    Worst customer service in the US

    Financed 2 new cars with them. They cant be less helpful trying to get info just to pay them. I called and told them I didn't know my acct #. They asked ss, then address, then phone 3, then if any of these cars in 15 years me or any of my family owned, then who did we buy our house from 30 years ago. After I answered all those correct he brought out another page to verify. Keep in mind I only wanted to pay them!

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  •  
    Reviewed By 10paces p. May 20, 2014

    Don't buy or give State Farm gift cards

    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!

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  •  
    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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