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.
