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

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Anonymous
Not applicable

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

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.

Message 1 of 13
12 REPLIES 12
simplynoir
Community Leader
Mega Contributor

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


@Anonymous wrote:

https://www.prnewswire.com/news-releases/state-farm-and-us-bank-announce-strategic-alliance-to-bring-us-bank-products-and-services-to-state-farm-customers-301018581.html

 

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

Message 2 of 13
Anonymous
Not applicable

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


@simplynoir wrote:

@Anonymous wrote:

https://www.prnewswire.com/news-releases/state-farm-and-us-bank-announce-strategic-alliance-to-bring-us-bank-products-and-services-to-state-farm-customers-301018581.html

 

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 would assume so since they are going to use State Farm agents to sell their products. It wouldn't make sense to limit agents to a small number of products.

Message 3 of 13
chiefone4u
Established Contributor

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


@simplynoir wrote:

@Anonymous wrote:

https://www.prnewswire.com/news-releases/state-farm-and-us-bank-announce-strategic-alliance-to-bring-us-bank-products-and-services-to-state-farm-customers-301018581.html

 

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


US Bank is looking to expand without opening more branches (or at least not very many more). So yes, it will allow State Farm customers to bank with US Bank even if a physical branch is not present in the customer's state.

 

US Bank has been pushing their online banking and phone apps, trying to minimize the number of customers who actually need to enter a branch.

 

They have also started training their tellers for banker duties (mixed emotions about this)... the cross training will make it so the CRC (Client Relationship Consultant) formerly known as a teller, can open Automotive loans, Mortgages and credit cards as well as take your deposit and give you cash. 

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Message 4 of 13
Anonymous
Not applicable

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

Interesting.

 


@chiefone4u wrote:

They have also started training their tellers for banker duties (mixed emotions about this)... the cross training will make it so the CRC (Client Relationship Consultant) formerly known as a teller, can open Automotive loans, Mortgages and credit cards as well as take your deposit and give you cash. 


I agree, this could end up not being as efficiant as they think it will. A professional who specializes in one thing tends to excell in that, while a person that takes on too much...

Message 5 of 13
VPExecutive
Frequent Contributor

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


@simplynoir wrote:

@Anonymous wrote:

https://www.prnewswire.com/news-releases/state-farm-and-us-bank-announce-strategic-alliance-to-bring-us-bank-products-and-services-to-state-farm-customers-301018581.html

 

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? 

Message 6 of 13
chiefone4u
Established Contributor

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

 

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? 


Not really, like all banks they offer perks to their preferred clients (which often seem to change who they really want as customers).

 

If you look around you'll almost always find some other bank with better offer's. 

 

They do value banking relationships when lending money (house, car, credit cards) much like a credit union often does... so you may find better rates with a less than desirable profile if you have a significant amount of money parked in an account or flowing through accounts with them.

Goodwill Saturation Technique
Starting Score: EQ:608, EX:617, TU:625
Current Score 3/11/2020: EQ:695, EX:703, TU:720
Goal Score: 740+
Take the myFICO Fitness Challenge
Discover IT $1000Cabelas Clasic $1000Coscto Anywhere Signature Visa -Citi- $7200ExxonMobil Smartcard -Citi- $2500Playstation Visa (Comenity) $1950QuickSilver One $2200Walmart $6000Wells Fargo Platinum Visa $3000
Member of the Synchrony Bank giveth then Taketh away April 2020 Club! $86,900 in available credit gone without warning.
Newest Account July 8, 2020 -- Last HP October 24, 2020 -- Gardening Goal: August 2022 and reach 0/24
Message 7 of 13
bizarrocreditworld
Valued Contributor

State Farm Bank moving some products to US Bank

Hello,

 

Just got a letter from State Farm Bank (I have two credit cards with them) stating that they are "joining forces" with US Bank and will no longer offer retail banking products. US Bank is acquiring all credit card and deposit (saving, checking, money market and certificates of deposit) accounts later this year subject to regulatory approval. Mortagages, loans of any type and other State Farm accounts will continue to be managed by State Farm. 

 

I'm curious to see if they switch the cards over to US Bank products, or if they will turn them into another Elan product. I put this message here since deposit accounts are involved. 

No credit news is good credit news!
Message 8 of 13
bizarrocreditworld
Valued Contributor

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

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

No credit news is good credit news!
Message 9 of 13
M_Smart007
Legendary 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. 


Hi @bizarrocreditworld , I do not think there is a need to apologize for that.    ..IMHO

 

We are all allowed one mistakeSmiley Very Happy (I have made several) The MOD"s have been highly patient my-fingers-are-crossed-smiley-emoticon.gif

 

Message 10 of 13
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