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Farmers and Merchants Bank of South Carolina Review

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Farmers and Merchants Bank of South Carolina Savings
0.25% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Farmers and Merchants Bank of South Carolina was founded in 1912 and is headquartered in Holly Hill, South Carolina. It manages $395 million in assets along with $351 million in deposits, ranking it as a small bank. Farmers and Merchants Bank of South Carolina lacks premium access to support representatives, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We gave Farmers and Merchants Bank of South Carolina a 3.3 out of 5 stars, indicating that it is a fair bank that does not stack up to some of the larger banks. Farmers and Merchants Bank of South Carolina offers a full array of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. It has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a $4.95 monthly fee, which ranks on the higher end of monthly fees. Locating a bank with no-fee checking, in addition to a high interest rate savings account is the best option for returning the highest 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

3.2
SmartAsset Average: 3.5

Farmers and Merchants Bank of South Carolina has a savings rate of 0.25%, which is fair as compared against the national average. Farmers and Merchants Bank of South Carolina's one-year CD has a rate of 0.15%, while its highest-yielding money market account earns at an APY of 0.25%. Given Farmers and Merchants Bank of South Carolina's poor savings rate, you should think about choosing another bank to earn more on your deposits.

How Farmers and Merchants Bank of South Carolina's Savings Rates Compare

Farmers and Merchants Bank of South Carolina Savings 0.25 National Average 0.26 Compare Offers
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Fees

3.0
SmartAsset Average: 4.4

Farmers and Merchants Bank of South Carolina charges its customers high fees compared to other U.S. banks. At $4.95/month, Farmers and Merchants Bank of South Carolina's checking account is less than great for people who need a hassle-free banking experience. Farmers and Merchants Bank of South Carolina doesn't refund out-of-network ATM charges, meaning you'll have to search for a Farmers and Merchants Bank of South Carolina ATM or pay the ATM charge.

Monthly Fee $4.95 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

2.5
SmartAsset Average: 3.7

Farmers and Merchants Bank of South Carolina is a brick-and-mortar bank, with eight total branches in South Carolina. With mobile and web apps, Farmers and Merchants Bank of South Carolina makes mobile banking convenient, even on the go. Farmers and Merchants Bank of South Carolina's mobile app lets you control your bank accounts by looking at account balances, transferring money as well as reaching customer service. Farmers and Merchants Bank of South Carolina gets an exceptional consumer satisfaction rating due to comparatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

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

4.5
SmartAsset Average: 4.8

Farmers and Merchants Bank of South Carolina ranks as a small bank owning assets totaling $395 million as well as deposits totaling $351 million. Farmers and Merchants Bank of South Carolina's Texas Ratio is 10.18%, denoting that the bank is in fine financial well-being and far from failure. Additionally, Farmers and Merchants Bank of South Carolina is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

10.18%
High Risk 75% 50% 20% 10% Low Risk

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 South Carolina to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.25% APY $1
Checking Account 0.1% APY $1
Certificates of Deposit
  • 12 Month: 0.15% APY
  • 36 Month: 0.25% APY
$500 for all terms
Money Market Account 0.25% APY $2500

Farmers and Merchants Bank of South Carolina has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Farmers and Merchants Bank of South Carolina does not have the best savings rate, which means you should consider taking a look 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 South Carolina's CD rates are fair as compared against the national average.

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Find a Farmers and Merchants Bank of South Carolina Near Me

Farmers and Merchants Bank of South Carolina has eight locations in the U.S.

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