Update 8/22/20: U.S. Bank has announced that existing State Farm accounts will become U.S. accounts on October 10th.
Original post: State Farm & U.S. Bank have announced a strategic partnership. As part of this partnership State Farm will exit banking operations and U.S. Bank will take over State Farm’s existing deposit and credit card accounts. The transition is expected to begin later this year and end in 2021, subject to regulatory approval. Also interesting is that the press release states ‘State Farm agents will have the unique opportunity and tools to introduce U.S. Bank deposit products and co-branded credit cards to State Farm customers’. Currently you can’t sign up for a U.S. Bank deposit account if you don’t live within the U.S. Bank footprint, this partnership could expand this footprint. U.S. Bank often offers checking account bonuses and holding a deposit account can also help in getting approved for U.S. Bank credit cards.
https://www.usbank.com/about-us-bank/state-farm-resources.html#documents
Scroll to bottom of white section.
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“Your financial services guide”
p. 18 on have ATM info.
Cliff’s – State Farm ATM card is totally worthless now.
Does anyone know if Congress approves a stimulus vheck how this will work with the State Farm to US Bank transition? US Bank is clear about changing account numbers; but in the Financial Services Guide for the conversion, they say US Bank will notify other banks for direct deposits such as paychecks. How will this work with the IRS? Direct deposit to new account number with US Bank help or paper check? Makes a difference for us going to other better bank interest rate pastures whether to leave the State Farm US Bank account open for a stimulus check direct deposit or not, if Congress approves. As a note, the IRS will not allow you to change your existing bank account info at their website tool as a security measure.
And as of 09/02/2020, State Farm’s savings interest rates are now a mere 0.01%, even for the relationship rates. Another reason to stick around or not. If you stick around, its a good introduction to US Bank’s rates.
I just had a look at the fee schedule for the State Farm account. 3% FTF is being introduced, ATM fees are being introduced, and the account will only be free for 12 months post-conversion. I’ve got no reason to stick around, especially since my credit card already gives me a free checking account with them.
Where do you see the 3% FTF being introduced? I’m sure they plan to introduce it in the near future, but have they already? I need to confirm before I travel with this card.
Looked at US Bank’s website product offerings and said no. Unless have more than $25k with them, no ATM rebates. And since I am in a state without a US bank presence, this does not work. They also charge $3 for outbound ACH transfers. And their interest on savings is pitiful 0.01-0.05%.
Started accounts with TIAA Bank, interest rates much better, generous ATM rebates, and online website and smartphone deposits as well as mail. Their online website interface once logged into your account is similar to State Farm’s except where they customized it in a handful of places. Only bad found so far for some their online depositing and transfers processes takes a few days vs. State Farm’s 1-2 days. Also Ally Bank has similar product features. One caution with Ally is reports seen online if use their accounts in any way for business purposes, such as an Ebay seller using Paypal, you risk getting your accounts locked and closed.
For those with the State Farm credit card, according to the website https://www.usbank.com/about-us-bank/state-farm-resources.html, it says “In early 2021, your card will transition to the new State Farm credit card program issued by U.S. Bank. With this change, you will continue to receive valuable and competitive credit card benefits.”
Possible nerf incoming? Hard to say. Wouldn’t be surprised though.
“Currently you can’t sign up for a U.S. Bank deposit account if you don’t live within the U.S. Bank footprint,”
You can if you are an existing customer of their credit cards
If I want to get the us bank checking bonus, I should close my StateFarm bank accounts by October, right?
Yep. Once they convert, then you’re considered an existing US Bank customer.
is it a hard inquiry or soft inquiry when applying for a state farm checking account?
Jake from State Farm is going to be Indian now :/
Indian? US Bank has a lot of faults, but offshore customer service isn’t one of them, not that I’ve experienced.