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The Farmers & Merchants State Bank Review

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The Farmers & Merchants State Bank Savings
0.03% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

The Farmers & Merchants State Bank first started operating in 1897 with headquarters in Archbold, Ohio. It handles $1 billion in assets as well as deposits totaling $920 million, which makes it a medium-size bank. The Farmers & Merchants State Bank 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 access to service representatives at a physical location, in addition to its online and mobile apps. With a commendable 4.1 stars out of 5, The Farmers & Merchants State Bank proves it is a good bank that deserves your consideration. The Farmers & Merchants State Bank provides customers with a complete suite of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. The Farmers & Merchants State Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, The Farmers & Merchants State Bank's standard checking account does not have a monthly fee. Finding an institution with no-fee checking, in addition to a high interest rate savings account is the best option for returning the most income on your deposits alongside convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

2.8
SmartAsset Average: 3.5

With a savings rate of 0.03%, The Farmers & Merchants State Bank ranks poorly in comparison to other U.S. banks. Its one-year CD has a rate of 0.31% and the five-year CD has a rate of 1.99%, while its highest-yielding money market account earns at a rate of 0.08%. Given The Farmers & Merchants State Bank's noncompetitive savings rate, you should think about opting for higher earning savings accounts with other banks.

How The Farmers & Merchants State Bank's Savings Rates Compare

The Farmers & Merchants State Bank Savings 0.03 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

The Farmers & Merchants State Bank has typically extremely low fees in comparison to the average U.S. bank. With no monthly fee, The Farmers & Merchants State Bank is ideal for those who want a basic banking experience. The Farmers & Merchants State Bank doesn't reimburse out-of-network ATM charges, meaning you'll need to find a The Farmers & Merchants State Bank ATM or accept 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

3.4
SmartAsset Average: 3.7

The Farmers & Merchants State Bank is a brick-and-mortar bank, with 25 total bank locations in Indiana and Ohio. It also offers access to mobile and web apps for a simple mobile-banking experience. It does not provide access to all-day customer service with representatives. You can get help during its customer service hours, which are Monday through Friday, 8:00 a.m. to 5:00 p.m. ET; Saturday, and 8:00 a.m. to 12:00 p.m. ET. The Farmers & Merchants State Bank's online and mobile banking services receive poor scores from customers. Out of 68 ratings across Apple and Android platforms, the The Farmers & Merchants State Bank mobile app is scored at 3.0 out of 5 (compared to the national average of 3.8). You can use The Farmers & Merchants State Bank's app to control your accounts by monitoring account balances, transferring funds and reaching support representatives. The Farmers & Merchants State Bank receives a superb consumer satisfaction score based on comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored 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

The Farmers & Merchants State Bank is a medium-size bank with $1 billion in assets and $920 million in deposits. Its Texas Ratio is 1.44%, denoting a minute chance of failure. Additionally, The Farmers & Merchants State 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 The Farmers & Merchants State Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.03% APY $300
Checking Account 0.06% APY $10000
Certificates of Deposit
  • 12 Month: 0.31% APY
  • 24 Month: 0.54% APY
  • 36 Month: 0.76% APY
  • 48 Month: 1.17% APY
  • 60 Month: 1.99% APY
$2500 for all terms
Money Market Account 0.05% APY $2000

The Farmers & Merchants State Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. The Farmers & Merchants State Bank does not have the best savings rate, which means you should think about 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. The Farmers & Merchants State Bank's CD rates are fair in comparison to the average U.S. bank.

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Find a The Farmers & Merchants State Bank Near Me

The Farmers & Merchants State Bank has 25 physical branches in the U.S.

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