Grades are also broken down by the financial products offered be each institution. State Farm Bank is rated "A-" in Mortgages, "D" in Credit Cards, "A-" in Bank Account Services, and "F" in Consumer Loans. Click on any of the financial products to see how State Farm Bank compares.
State Farm Bank has received 168 consumer complaints since December, 2011 – more than 94% of other banks.
Of those complaints, 96.4% of complaints were resolved in a timely manner. The CFPB allows 60 days to resolve complaints before considering them 'untimely.' State Farm Bank meets the 60-day response deadline less frequently than 63.5% of other banks.
After companies respond to complaints, customers may dispute the response indicating that the issue was not resolved adequately. 25.6% of customers dispute State Farm Bank's response to complaints — worse than 81.4% of other companies.
Most of State Farm Bank's customers complain about consumer loans with the primary issue being "managing the loan or lease."
State Farm Bank is primarily a savings institution with a consumer lending specialization. State Farm Bank is based in Bloomington, Illinois and is the 58th largest FDIC insured bank in America.
Naturally larger banks receive more customer complaints than smaller ones. This does not necessarily indicate that a bank is better than another in terms of service and customer support.
However, even after adjusting for bank size and number of customers, State Farm Bank receives far more complaints than most other banks. State Farm Bank recieves more complaints per customer than 98% of other banks – customers are significantly more likely to file complaints than customers of most other banks.
|#||Financial Product||Sub-Product||Complaint Issue||Complaint Count|
|1||Consumer loan||Vehicle loan||Managing the loan or lease||19|
|2||Credit card||Billing disputes||14|
|3||Mortgage||Other mortgage||Loan modification,collection,foreclosure||11|
|4||Bank account or service||Other bank product/service||Account opening, closing, or management||11|
|5||Mortgage||Conventional fixed mortgage||Loan modification,collection,foreclosure||9|
|6||Bank account or service||(CD) Certificate of deposit||Account opening, closing, or management||8|
|7||Consumer loan||Vehicle loan||Problems when you are unable to pay||8|
|8||Consumer loan||Vehicle loan||Shopping for a loan or lease||7|
|9||Mortgage||Conventional fixed mortgage||Loan servicing, payments, escrow account||7|
|10||Mortgage||Home equity loan or line of credit||Loan servicing, payments, escrow account||7|
|#||Company Response||Response Count||Timely Response Count||Disputed Count|
|1||Closed with explanation||144||139 (96.5%)||45 (31.3%)|
|2||Closed with non-monetary relief||20||20 (100%)||1 (5%)|
|3||Closed with monetary relief||20||20 (100%)||2 (10%)|
|4||Closed without relief||12||11 (91.7%)||3 (25%)|
|5||In progress||4||3 (75%)||0 (0%)|
|6||Closed with relief||2||2 (100%)||1 (50%)|