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Farmers and Merchants Bank of Long Beach Review

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Farmers and Merchants Bank of Long Beach Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1907, Farmers and Merchants Bank of Long Beach has assets totaling $7 billion along with $5 billion in deposits, ranking the institution as a large bank. Farmers and Merchants Bank of Long Beach, whose headquarters are in Long Beach, California, lacks premium access to customer service, with no live chat or all-day service options available. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 3.3 stars out of 5, Farmers and Merchants Bank of Long Beach should be more closely examined to see if its services match your needs. Farmers and Merchants Bank of Long Beach offers a complete array of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account carries a monthly fee of $8.00, which ranks on the higher end of monthly fees. Institutions that offer no-fee checking as well as a high savings APY are your best bet for accruing the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

3.3/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

Farmers and Merchants Bank of Long Beach features a savings rate of 0.05%, which is poor in comparison to the average U.S. bank. Farmers and Merchants Bank of Long Beach's CDs feature a rate of 0.55% and 1.66% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at an APY of 0.10%. Given Farmers and Merchants Bank of Long Beach's poor savings rate, you should think about looking elsewhere to open savings accounts.

How Farmers and Merchants Bank of Long Beach's Savings Rates Compare

Farmers and Merchants Bank of Long Beach Savings 0.05 National Average 0.26 Compare Offers
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Fees

2.0
SmartAsset Average: 4.4

Farmers and Merchants Bank of Long Beach typically has high fees in comparison to the national average. At $8.00/month, Farmers and Merchants Bank of Long Beach's checking account is less than the best product for those who want an easy checking account. Farmers and Merchants Bank of Long Beach does not reimburse out-of-network ATM fees, which means you'll have to locate a Farmers and Merchants Bank of Long Beach ATM or eat the fee.

Monthly Fee $8.00 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

3.4
SmartAsset Average: 3.7

Farmers and Merchants Bank of Long Beach is a brick-and-mortar bank, with 24 total bank locations in California. With mobile and web apps, Farmers and Merchants Bank of Long Beach makes mobile banking convenient, even on the go. Farmers and Merchants Bank of Long Beach receives poor marks from users for its mobile platform. The Farmers and Merchants Bank of Long Beach mobile app is rated at 3.0 out of 5 (with 85 customer reviews on Apple and Android) compared to the national average of 3.8. Farmers and Merchants Bank of Long Beach's mobile app lets you manage your finances by monitoring current statements, sending and receiving funds as well as reaching support representatives. Farmers and Merchants Bank of Long Beach receives a superb consumer satisfaction score based on relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.0/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

5.0
SmartAsset Average: 4.8

Farmers and Merchants Bank of Long Beach ranks as a large bank with $7 billion in assets as well as $5 billion in deposits. Its Texas Ratio is 1.46%, indicating that the bank is in outstanding financial condition and unlikely to fail. Additionally, Farmers and Merchants Bank of Long Beach is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Farmers and Merchants Bank of Long Beach to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $1
Checking Account 0.1% APY $100
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.70% APY
  • 36 Month: 0.80% APY
  • 48 Month: 1.66% APY
  • 60 Month: 1.66% APY
$10000 for all terms
Money Market Account 0.1% APY $25000

Farmers and Merchants Bank of Long Beach has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Farmers and Merchants Bank of Long Beach does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Farmers and Merchants Bank of Long Beach's CD rates are fair in comparison to the average U.S. bank.

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Find a Farmers and Merchants Bank of Long Beach Near Me

Farmers and Merchants Bank of Long Beach has 24 physical locations in the U.S.

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