Four or five years ago I met someone that had a State Farm agency in the Atlanta, GA area and I asked about the banking products. This individual said that State Farm was pushing their agents to hire someone to push the banking products but the State Farm agent said if they hired someone and they did an excellent job they would generate approx $5,000 in revenue. But, the agent would have to pay someone around $30,000 per year to market the bank products, so it didn’t make sense.
What about those of us with BMAs–Benefit Management Accounts? I have one locked in at 3.5%. I received a letter stating my account would be moved to an “Interest Method supplementary contract.” The letter further stated that the contract will “maintain the same competitive interest features of your current BMA.”
I do not know what any of that truly means as to my locked rate and if the funds will be insured. U.S. Bank is taking over State Farm Bank but no mention is made of that in the letter.
Does anyone have any insight into what is really going on?
US bank has horrible rates. I had placed my life savings in a State farm Money market account and scheduled a transfer to take most of it out before US bank took over. However, now I have no record of the transfer and I am livid! Conveniently US bank now says their system is down and I only found this out after waiting on hold for over 1 hour. I will call them again tomorrow and as soon as I can end all banking with them. They are horrid! This makes me wonder whether or not I want to continue any business at all with State farm too.
I had a mutual fund locked in for two years at 2 percent, a promotional deal. US Bank refused to honor it and change the rate to .03 percent. Seems like a crime to me.
I have a business account through US Bank. We have been State Farm customers for 35+ years. Since the pandemic I have grown more leery of keeping money in the US Bank account. Longer periods of down times where I can’t check balances. Very slow to post deposits & debits. This move does not inspire confidence in State Farm. We have an auto loan through State Farm & this will probably be our last loan. State Farm I trust US Bank I don’t.
Insurance companies should not be in the banking business and banks should not be in the insurance business.
Do you agents get trailers on your banking business?
Trailers? Like a travel trailer? Utility trailer? :-D
Anyone ever heard of Wells Fargo?
There’s too much bad history in instances where banks owned insurers.
Four or five years ago I met someone that had a State Farm agency in the Atlanta, GA area and I asked about the banking products. This individual said that State Farm was pushing their agents to hire someone to push the banking products but the State Farm agent said if they hired someone and they did an excellent job they would generate approx $5,000 in revenue. But, the agent would have to pay someone around $30,000 per year to market the bank products, so it didn’t make sense.
I had some bad experiences with Wells Fargo making mistakes with my accounts; so I closed them and went elsewhere.
What about those of us with BMAs–Benefit Management Accounts? I have one locked in at 3.5%. I received a letter stating my account would be moved to an “Interest Method supplementary contract.” The letter further stated that the contract will “maintain the same competitive interest features of your current BMA.”
I do not know what any of that truly means as to my locked rate and if the funds will be insured. U.S. Bank is taking over State Farm Bank but no mention is made of that in the letter.
Does anyone have any insight into what is really going on?
US Bank will not be my back at there low .01% interest rate. My local bank pays out more.
US bank has horrible rates. I had placed my life savings in a State farm Money market account and scheduled a transfer to take most of it out before US bank took over. However, now I have no record of the transfer and I am livid! Conveniently US bank now says their system is down and I only found this out after waiting on hold for over 1 hour. I will call them again tomorrow and as soon as I can end all banking with them. They are horrid! This makes me wonder whether or not I want to continue any business at all with State farm too.
I had a mutual fund locked in for two years at 2 percent, a promotional deal. US Bank refused to honor it and change the rate to .03 percent. Seems like a crime to me.
I have a business account through US Bank. We have been State Farm customers for 35+ years. Since the pandemic I have grown more leery of keeping money in the US Bank account. Longer periods of down times where I can’t check balances. Very slow to post deposits & debits. This move does not inspire confidence in State Farm. We have an auto loan through State Farm & this will probably be our last loan. State Farm I trust US Bank I don’t.