State Farm Bank

I’ve been a customer of this bank since it began as a bank. They were my primary financial institution for several years. Now, I have to say, the service is quite poor, the fees are punitive and are hidden in footnotes. Needless to say, I have taken my business elsewhere.
This is very much a legacy company trying to fit into the internet age and doing it quite poorly. The website is poorly designed and has numerous user interface issues. The smart phone app is dismal as well. You will be far better served by finding another bank.
What ever happened to the Good Neighbor we once knew?

Mortgage delay delay delay. Once you pay the application fee the customer service stops. 3 weeks and counting on the outsourced appraisal and they can’t find out the status. Can’t get a supervisor to call you run fast and go to a different bank that wants to serve customers.

State Farm Bank for all intent purposes is an internet bank. And with most internet banks, there is the good, the bad, and the ugly. The reason for having an account with them is for the ATM fees. There are none and they reimburse the fees applied by other banking institutions. They also have a toll free customer support number which I believe is staffed in the good old US of A. When ever I call, I get someone who speaks English and more importantly understands it as well.
One down side is that deposits are either mailed in or scanned via smart phone. I personally don’t care to do either. Another negative is in how they post automatic deposits. Nothing gets posted on Saturday or Sunday and of course holidays. So, say you normally receive a check on the last day of the month and it falls on a Saturday along with a weekend holiday which is celebrated on the following Monday, your payment will not post until Tuesday. That’s a 4 day delay which could be an issue for some.

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 didn’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.» They (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 @ $ 1,500 per year) to another insurance company. I haven’t had an insurance claim in over ten years.