| Foundation year: | 1922 |
| Founder | George J. Mecherle |
| Key People | Michael Tipsord (Chairman, President and CEO) |
| Headquarters: | Bloomington, Illinois |
| Website: | https://www.statefarm.com/ |
| Mobile app: | Android/Apple |
| ☎ Telephone number: | 1-855-733-7333 |
| Routing number: | 071174431 |
| SWIFT code: | None |
| Number of employees: | 65,664 |
| Number of locations: | 30 operational centers, 343 claim officers, and 18,000 agents |
| ATM locator | Not available |
| Bank’s Rating |
State Farm: Introduction
State Farm, a large group of financial services and insurance companies, was founded back in 1922 by George J. Mecherle. Currently, State Farm tends to be the largest U.S. provider of property and casualty insurance, as well as one of the largest car insurance providers. However, the banking services of State Farm are also pretty competitive and attract a large number of customers.
As of 2018, State Farm was ranked No. 36 in the Fortune 500 list of the largest U.S. companies by revenues. At that time, the revenues of State Farm exceeded $87 billion. Currently, the company is divided into three main divisions: banking, mutual funds, and insurance.
State Farm Bank Review
Considering that, despite all, the core of activity of State Farm is insurance, there are certain disadvantages that arise from that. For instance, there are not so many ATMs available to the customers. Also, most of the operations you must carry out online, using your mobile banking account (read below).
But there are absolute advantages of this bank, too. You can easily get a home equity or auto loan through this bank. Also, there is a wide variety of banking services on offer (though, there are, for example, no CDs with the maturity date of less than 12 months). But overall, the return on CDs, checking and savings accounts are far higher than what traditional banks offer. After all, this is a good place to go if you need both banking and insurance.
These are the pros of State Farm Bank:
- A wide variety of banking services on offer.
- Higher-than-average return on checking and savings accounts.
- Convenient if you also need to get insurance.
Yet, there are also the pros of State Farm Bank:
- There are significant limitations in regards to the maturity dates and minimum deposits of some banking products.
- There are very few ATMs.
- You must carry out most of the operations online.
In addition to this page with helpful info about State Farm Bank, we also have a guide to State Farm online banking.