State Farm Bank

Report Card
B-
Overall Grade
A-
Mortgages Grade
D
Credit Cards Grade
A-
Bank Account Services Grade
State Farm Bank is rated overall in the top 60 percentile (out of 100) based on 168 customer complaints.

Statistics

Complaints Currently In-Progress3
Complaints per $100K of Deposits15.8
Complaints Resolved in a Timely Manner96.4%
Resolutions Disputed by Customer25.6%
Average Time Until Resolution30 days

Financial Report

Owner Corporation
EstablishedMarch, 1999
FDIC InsuredMarch, 1999
FDIC Certificate #034617
Number of Branches1
Total Assets$17 Million (58th)
Total Deposits$10.6 Million (69th)
Total Equity$1.7 Million (62nd)
Quartarly Net Income$16.5 Thousand (70th)

Contact Information

Corporate Headquarters
One State Farm Plaza E-6
Bloomington, IL 61710
United Statesflag
Website
www.statefarm.com/finances/banking
Data Summary
State Farm Bank logo

Grade Summary

Overall, State Farm Bank received a grade of "B-" based on how quickly the company responded to complaints, how often customers disputed their final resolution, and how many complaints were recieved per customer.

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.

Overview

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.

Corporate Headquarters
Complaints by Product
Complaints by State
Complaints Against State Farm Bank
#Financial ProductSub-ProductComplaint IssueComplaint Count
1Consumer loanVehicle loanManaging the loan or lease19
2Credit cardBilling disputes14
3MortgageOther mortgageLoan modification,collection,foreclosure11
4Bank account or serviceOther bank product/serviceAccount opening, closing, or management11
5MortgageConventional fixed mortgageLoan modification,collection,foreclosure9
6Bank account or service(CD) Certificate of depositAccount opening, closing, or management8
7Consumer loanVehicle loanProblems when you are unable to pay8
8Consumer loanVehicle loanShopping for a loan or lease7
9MortgageConventional fixed mortgageLoan servicing, payments, escrow account7
10MortgageHome equity loan or line of creditLoan servicing, payments, escrow account7
Responses From State Farm Bank
#Company ResponseResponse CountTimely Response CountDisputed Count
1Closed with explanation144139 (96.5%)45 (31.3%)
2Closed with non-monetary relief2020 (100%)1 (5%)
3Closed with monetary relief2020 (100%)2 (10%)
4Closed without relief1211 (91.7%)3 (25%)
5In progress43 (75%)0 (0%)
6Closed with relief22 (100%)1 (50%)
Complaints over the Past Year