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U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts

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Contributor

Re: U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts


@bizarrocreditworld wrote:

I apologize to rgninja for not seeing this post. I posted a separate announcement in Personal Finance which was moved here. 




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Moving away from big banks and building my credit union relationships
Message 11 of 13
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Mega Contributor

Re: U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts


@VPExecutive wrote:

@simplynoir wrote:

@rgninja wrote:

https://www.prnewswire.com/news-releases/state-farm-and-us-bank-announce-strategic-alliance-to-bring...

 

BLOOMINGTON, Ill. and MINNEAPOLISMarch 5, 2020 /PRNewswire/ -- State Farm, America's largest property and casualty insurance provider, and U.S. Bank, the country's fifth largest commercial bank, today announced a strategic alliance whereby U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts and 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. This alliance will benefit State Farm customers, offering them new, easy ways to manage their banking needs.


That bolded text interests me a lot. I'm wondering if you're a State Farm customer if this is another way to get around the geo-restrictions of their deposit products


I'm a State Farm customer and out of U.S Bank's "area." Is there anything great about U.S Bank's deposit products compared to other banks? 


A niche case is the Altitude Reserve credit card which is OK/good/great/"my god how does such a precious come to be" depending who you ask.   For this, you have to be an US Bank customer.  One way to do this is to open a deposit account,  but if you are out of area this has been a problem (you can open another US Bank card first but that's not always ideal).   So this would be another workaround, if you are a state farm customer.

 

And if Altitude Reserve mania hits MyFico, people will suggest switching insurers so that you ARE a state farm customer.

Message 12 of 13
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Moderator Emeritus

Re: U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts


@longtimelurker wrote:

@VPExecutive wrote:

@simplynoir wrote:

@rgninja wrote:

https://www.prnewswire.com/news-releases/state-farm-and-us-bank-announce-strategic-alliance-to-bring...

 

BLOOMINGTON, Ill. and MINNEAPOLISMarch 5, 2020 /PRNewswire/ -- State Farm, America's largest property and casualty insurance provider, and U.S. Bank, the country's fifth largest commercial bank, today announced a strategic alliance whereby U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts and 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. This alliance will benefit State Farm customers, offering them new, easy ways to manage their banking needs.


That bolded text interests me a lot. I'm wondering if you're a State Farm customer if this is another way to get around the geo-restrictions of their deposit products


I'm a State Farm customer and out of U.S Bank's "area." Is there anything great about U.S Bank's deposit products compared to other banks? 


A niche case is the Altitude Reserve credit card which is OK/good/great/"my god how does such a precious come to be" depending who you ask.   For this, you have to be an US Bank customer.  One way to do this is to open a deposit account,  but if you are out of area this has been a problem (you can open another US Bank card first but that's not always ideal).   So this would be another workaround, if you are a state farm customer.

 

And if Altitude Reserve mania hits MyFico, people will suggest switching insurers so that you ARE a state farm customer.


I think if AR mania were going to take flight it already would have.  It's a good card, maybe even great for folks in my position (if USBank ever accepts my new address) but general travel cards I think will become more niche for a while.

 

Where I am a little annoyed with myself, almost all of the new home expenses I had, Apple Pay was an option.  I really didn't understand how common it was outside of my typical narrow consumer profile, but probably another 8k could have landed on it: appliances, EV charger, anything I didn't buy from Amazon, a number of services accept it.  It'd would have been brilliant instead of the CFU.

 

It's especially true after finding out I can still use my personal cards at big giant company: I don't *have* to apply for the corporate Amex (it's recommended) and I just have to submit expenses and receipts?

 

Oh the horror!




        
Message 13 of 13
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