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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 first started operating in 1912 and has its headquarters in Holly Hill, South Carolina. Farmers and Merchants Bank of South Carolina manages assets of $395 million as well as $351 million in deposits, which makes it a small bank. Farmers and Merchants Bank of South Carolina 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 apps. On the whole, Farmers and Merchants Bank of South Carolina is a satisfactory bank that you should look closer at to see if it fits your needs, with a rating of 3.3 stars out of 5 from our team. Farmers and Merchants Bank of South Carolina provides customers with a varied selection of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs and mortgage products. Farmers and Merchants Bank of South Carolina has a fair savings rate; you can find higher rates with other banks. The bank's standard checking account has a monthly fee of $4.95, although banks sometimes have requirements that allow you to waive the fee. Using a bank with free checking as well as a high interest rate savings account is the best bet for accruing the highest income on your deposits while maintaining easy access to your funds.

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 features a savings rate of 0.25%, which is fair in comparison to the national average. Its one-year CD earns at a rate of 0.30%, while its highest-yielding money market account earns at a rate of 0.25%. Given its below average 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 has typically high fees compared to the average U.S. bank. Its checking account has a monthly fee of $4.95, making it fair for anyone looking for a hassle-free account. Farmers and Merchants Bank of South Carolina unfortunately does not refund out-of-network ATM charges, which means you will need to locate a Farmers and Merchants Bank of South Carolina ATM or pay the fee.

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 bank locations in South Carolina. It also offers access to mobile and web apps for an easy mobile-banking experience. Farmers and Merchants Bank of South Carolina's mobile app lets you control your finances by looking at monthly statements, sending and receiving money as well as accessing customer service. Farmers and Merchants Bank of South Carolina receives a superb consumer satisfaction rating based on relatively few consumer complaints reported 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 and manages $395 million in assets and $351 million in deposits. Its Texas Ratio is 10.18%, denoting a small chance of 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: 0.30% APY
  • 36 Month: 0.40% APY
$500 for all terms
Money Market Accounts 0.25% APY 0.25% APY $10000 $15000

Farmers and Merchants Bank of South Carolina 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 South Carolina 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 South Carolina's CD rates are fair compared to the average U.S. bank.

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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 across the U.S.

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