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Farmers and Merchants Union Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Farmers and Merchants Union Bank Savings
0.70% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Started in 1861, Farmers and Merchants Union Bank has $395 million in assets along with deposits totaling $353 million, making it a small bank. Farmers and Merchants Union Bank, whose headquarters are in Columbus, Wisconsin, lacks premium access to support representatives, with no options for live chat or all-day service. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. We ranked the bank at a 4.8 stars out of 5, indicating that Farmers and Merchants Union Bank is an excellent bank that you should strongly consider. Farmers and Merchants Union Bank offers numerous banking products, including savings accounts, checking accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Farmers and Merchants Union Bank's ordinary checking account does not have a monthly fee. Institutions that offer free checking as well as a high savings APY are the best option for accruing the most income from your deposits alongside 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 as compared against the national average. Farmers and Merchants Union Bank's CD rates are 2.11% and 2.72% for the one-year and five-year term lengths, respectively. Given its poor savings rate, you should consider other options 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 charges its customers extremely low fees compared to the national average. Farmers and Merchants Union Bank's checking account has no monthly fee, making it excellent for anyone looking for a simple account. Farmers and Merchants Union Bank does not refund out-of-network ATM charges, meaning you'll have to search for a Farmers and Merchants Union Bank ATM or accept the fee.

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 bank locations 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 receive relatively decent feedback from users. The Farmers and Merchants Union Bank mobile app is rated at 4.3 out of 5 (with 19 reviews on Apple and Android) compared to the national average of 3.8. You can access Farmers and Merchants Union Bank's app to control your bank accounts by reviewing monthly statements, transferring money as well as accessing support representatives. Farmers and Merchants Union Bank receives a superb consumer satisfaction score due to comparatively few complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed 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 currently a small bank with assets totaling $395 million as well as deposits totaling $353 million. It has an excellent Texas Ratio of 0.54%, denoting a minute likelihood of 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
  • 48 Month: 2.62% APY
  • 60 Month: 2.72% APY
$10000 for all terms

Farmers and Merchants Union Bank has several deposit products including 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 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 Union Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Farmers and Merchants Union Bank Near Me

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

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