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Farmers and Merchants Union Bank Review

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Farmers and Merchants Union Bank Savings
0.70% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Established in 1861, Farmers and Merchants Union Bank has $395 million in assets along with $353 million in deposits, which makes it a small bank. Farmers and Merchants Union Bank, whose headquarters are in Columbus, Wisconsin, lacks premium access to customer service, 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 superb 4.8 out of 5 stars, Farmers and Merchants Union Bank is an excellent bank that warrants a strong look. Farmers and Merchants Union Bank has a selection of banking products, which include savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. Farmers and Merchants Union Bank has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, Farmers and Merchants Union Bank's most basic checking does not carry a monthly maintenance fee. Finding an institution with free checking and a high interest rate savings account is your best option for gaining the most income from your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.8/5
National Average: 4.1

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

Rates

5.0
SmartAsset Average: 3.5

With a savings rate of 0.70%, Farmers and Merchants Union Bank ranks poorly compared to the average U.S. bank. Its one-year CD has a rate of 2.11%. Given Farmers and Merchants Union Bank's below average savings rate, you should think about choosing another bank to earn more on your deposits.

How Farmers and Merchants Union Bank's Savings Rates Compare

Farmers and Merchants Union Bank Savings 0.70 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Farmers and Merchants Union Bank has typically extremely low fees compared to the national average. With no monthly fee, Farmers and Merchants Union Bank's checking account is ideal for those who want a hassle-free banking experience. Farmers and Merchants Union Bank does not reimburse out-of-network ATM charges, which means you will be required to find a Farmers and Merchants Union Bank ATM or pay the cost of withdrawal.

Monthly Fee $0 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

4.1
SmartAsset Average: 3.7

Farmers and Merchants Union Bank is a brick-and-mortar bank, with six total branches in Wisconsin. It also offers access to mobile and web apps for easy access and banking on the go. Farmers and Merchants Union Bank's online and mobile banking platforms get relatively high marks from customers. The Farmers and Merchants Union Bank mobile app scored a 4.3 out of 5 (out of 19 ratings on iOS and Android) compared to the national average of 3.8. Farmers and Merchants Union Bank's mobile app lets you manage your accounts by checking account balances, sending and receiving funds as well as accessing support representatives. Farmers and Merchants Union Bank receives a superb consumer satisfaction score due to relatively few complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 4.3/5
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 Union Bank is a small bank with $395 million in assets as well as deposits totaling $353 million. Farmers and Merchants Union Bank's Texas Ratio is 0.54%, denoting that Farmers and Merchants Union Bank is in excellent financial health and far from failure. Additionally, Farmers and Merchants Union Bank 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 Union Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.7% APY $50
Checking Account 0.35% APY $1
Certificates of Deposit
  • 12 Month: 2.11% APY
  • 24 Month: 2.41% APY
  • 36 Month: 2.62% APY
$1000 for all terms

Farmers and Merchants Union Bank offers several deposit products like savings accounts, checking accounts and CDs that provide you with many options to manage your money. Farmers and Merchants Union Bank 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 Union Bank's CD rates are fair as compared against the national average.

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Find a Farmers and Merchants Union Bank Near Me

Farmers and Merchants Union Bank has six branches in the U.S.

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