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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

Founded in 1907, Farmers and Merchants Bank of Long Beach has $7 billion in assets and $5 billion in deposits, ranking it as a large bank. Farmers and Merchants Bank of Long Beach, whose headquarters are in Long Beach, California, lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 3.3 stars out of 5, Farmers and Merchants Bank of Long Beach should be more closely analyzed to see if its services match your needs. Farmers and Merchants Bank of Long Beach has a full suite of banking products, including 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 product has a $8.00 monthly fee, although banks sometimes have requirements that allow you to waive the fee. Using an institution with no-fee checking as well as a high savings APY is the best option for gaining the most income from your deposits while having easy 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

With a savings rate of 0.05%, Farmers and Merchants Bank of Long Beach ranks poorly in comparison to the average U.S. bank. Its one-year CD earns at a rate of 0.30% and the five-year CD earns at a rate of 1.51%, while its highest-yielding money market account earns at a rate 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 as compared against the national average. At $8.00/month, Farmers and Merchants Bank of Long Beach's checking account is less than great for people who want a hassle-free checking account. Farmers and Merchants Bank of Long Beach does not refund out-of-network ATM charges, meaning you will need 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 branches in California. It also offers access to mobile and web apps for an easy mobile-banking experience. Farmers and Merchants Bank of Long Beach receives inferior marks from customers for its mobile platform. With 85 ratings across iOS and Android platforms, the Farmers and Merchants Bank of Long Beach mobile app has an overall rating of 3.0 out of 5 (compared to the national average of 3.8). Farmers and Merchants Bank of Long Beach's mobile app lets you control your bank accounts by monitoring monthly statements, sending and receiving money and accessing customer service. Farmers and Merchants Bank of Long Beach gets an excellent consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 is currently a large bank owning $7 billion in assets as well as $5 billion in deposits. Its Texas Ratio is 1.46%, indicating a low possibility of failure. 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 0.05% APY $100
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.65% APY
  • 48 Month: 1.51% APY
  • 60 Month: 1.51% APY
$10000 for all terms
Money Market Account 0.1% APY $25000

Farmers and Merchants Bank of Long Beach has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with 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 looking elsewhere 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 other U.S. banks.

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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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