Another Legacy Oddball Card Dies: State Farm and U.S. Bank Announce Strategic Alliance to Bring U.S. Bank Products and Services to State Farm Customers

[hegemony]

U.S. Bank will assume State Farm Bank's existing deposit and credit card accounts

[centex]

Ditched my SFB card some years ago, but the move to US Skank really blows...they seem, through their Elan unit, seem to be taking over too many of what used to be 'oddball' cards.  This will harm some consumers given that they are also one of the eternal blacklist entities...does not matter if your credit walks on water, they will say 'too bad, so sad' if you had an issue with them long beyond the seven-year reporting window.

[althes]

Yea I am hating this move.

 

[Burgerwars]

Go figure.  As soon I decided to open a State Farm account they sell the whole the whole thing to U.S. Bank.  😕

[centex]

47 minutes ago, Burgerwars said:

Go figure.  As soon I decided to open a State Farm account they sell the whole the whole thing to U.S. Bank.  😕

So, we, err consumers, can blame you for the move, right?

[IndyPoolPlayer]

So that might explain something - I have SFB checking, savings, and credit card - I have a couple hundred in checking and savings and use the CC to pay my SF insurance. I haven't added or withdrawn anything from C or S for almost 12 months. Last week I received a letter from SFB telling me my account was now "dormant" and to sign their form to state I intend to use the account in the next 60 days. So I sent checks for $5 and deposited them into C and S.

[Sidewinder]

16 hours ago, centex said:

Ditched my SFB card some years ago, but the move to US Skank really blows...they seem, through their Elan unit, seem to be taking over too many of what used to be 'oddball' cards.  This will harm some consumers given that they are also one of the eternal blacklist entities...does not matter if your credit walks on water, they will say 'too bad, so sad' if you had an issue with them long beyond the seven-year reporting window.

I thought they spun off Elan...

 

[IndyPoolPlayer]

18 hours ago, Sidewinder said:

I thought they spun off Elan...

No. USBank bought Elan from BoA

 

Here's another article on this - Pay Wall - https://www.chicagobusiness.com/insurance/state-farms-banking-exit-puts-nearly-1000-illinois-jobs-risk

[Burgerwars]

State Farm Bank has a link on their website about this. They're getting out of retail banking, but still marketing these accounts. Even after the sale, we would still use our State Farm login to view these accounts. It's kind of like debit cards advertised by companies like T-Mobile. Your deposit account there is with Consumers Bank, not T-Mobile.

Edited March 8, 2020 by Burgerwars

[hegemony]

RIP Sue!

[IndyPoolPlayer]

10 hours ago, hegemony said:

RIP Sue!

Knowing USBank they would hire her and make her an Executive VP

[cv91915]

7 hours ago, IndyPoolPlayer said:

Knowing USBank they would hire her and make her an Executive VP

Welcome to the Friction of US Bank™

[TheVig]

Maybe State Farm sees the gilding peeling away. Off load it while its still profitable.

[centex]

On 3/7/2020 at 2:44 AM, Sidewinder said:

I thought they spun off Elan...

 

There WAS a point in time a few years ago where they were looking to spin it off...I don't recall if there were just no good offers or if they voluntarily pulled Elan off of the table to keep it as a unit under their umbrella.

 

Elan is not good to begin with, but then to add in the additional layer of US Skank means that anything they are associated with is something I will stay away from. 

[IndyPoolPlayer]

3 hours ago, centex said:

There WAS a point in time a few years ago where they were looking to spin it off...I don't recall if there were just no good offers or if they voluntarily pulled Elan off of the table to keep it as a unit under their umbrella.

 

Elan is not good to begin with, but then to add in the additional layer of US Skank means that anything they are associated with is something I will stay away from. 

Are you thinking of when BoA owned Elan and sold it to USBank?

[centex]

1 hour ago, IndyPoolPlayer said:

Are you thinking of when BoA owned Elan and sold it to USBank?

Nope...

 

from late 2018... https://www.pymnts.com/news/partnerships-acquisitions/2018/us-bank-elan-card-processor-fiserv-fis-finastra/

[Burgerwars]

I just received a brochure from U.S. Bank in the mail explaining State Farm bailing out of the banking business.  Credit cards will transfer to U.S. Bank in 2021, but deposit accounts (checking, savings) transfer to U.S. Bank in October 2020.   With stuff like this, the consumer loses.  My State Farm checking account basically had no fees.  U.S. Bank will continue that for only one year, after that it's U.S. Bank fees, where you need to maintain a certain deposit balance, or have other certain business or activity, to avoid the fee.  Basically I have one year to increase the balance to above $1,500 or be charged a monthly fee.  Actually, I already have a U.S. Bank checking account.  There's really no benefit for me having two of them, so I'll probably just close one.

 

 

 

[insolent1]

I still recall the excitement when many just had to have the then-just introduced State Farm card.  

[hdporter]

1 hour ago, insolent1 said:

I still recall the excitement when many just had to have the then-just introduced State Farm card.  

 

Yeah ... one of several "flashes in the pan" we've witnessed over the last decade or so ...

 

Sometimes, I think that the only thing that keeps me active here is that I'm dearly hoping for another "Junami" some day ... I rate that as the most entertaining and exciting chapter in CB history to date!

[hegemony]

1 hour ago, hdporter said:

 

Yeah ... one of several "flashes in the pan" we've witnessed over the last decade or so ...

 

Sometimes, I think that the only thing that keeps me active here is that I'm dearly hoping for another "Junami" some day ... I rate that as the most entertaining and exciting chapter in CB history to date!

the bookmark in my firefox is so old it says "Juniper"

Edited September 15, 2020 by hegemony

[hdporter]

1 hour ago, hegemony said:

the bookmark in my firefox is so old it says "Juniper"

 

Turns out the resurrection of "Juniper" is quite timely in my case ... I was prompted to scan my credit reports to see if either of my two "Junami" cards were still reporting.  The last one was closed Oct 2010.  So, most likely, it'll be "sayonara, Juniper (now Barclays portfolio)" come Nov 1 ...

[hegemony]

1 hour ago, hdporter said:

 

Turns out the resurrection of "Juniper" is quite timely in my case ... I was prompted to scan my credit reports to see if either of my two "Junami" cards were still reporting.  The last one was closed Oct 2010.  So, most likely, it'll be "sayonara, Juniper (now Barclays portfolio)" come Nov 1 ...

I closed my last barclayscard earlier this year. Juniper was great for me rebuilding with 40k + limits and the original rewards for the Shatner card made me bank. I just decided, however, one should not pee in the same pond he drinks from and ended my barclayscard relationship. 😉

[centex]

1 hour ago, hdporter said:

 

Turns out the resurrection of "Juniper" is quite timely in my case ... I was prompted to scan my credit reports to see if either of my two "Junami" cards were still reporting.  The last one was closed Oct 2010.  So, most likely, it'll be "sayonara, Juniper (now Barclays portfolio)" come Nov 1 ...

Has there been any reporting since that time though...remember, it isn't the closure date that trips the timeline but the date of last activity/update.  That is how I still have a card or two that have been closed for close to 15 years.  The portfolio got sold and the update to reflect the sale caused an update to post.  And there was another one that I had hoped to get rid of through an online dispute just because it was a toy card...instead, it was updated with a new date, which pushes the fall-off date. 

[hdporter]

4 hours ago, centex said:

Has there been any reporting since that time though...remember, it isn't the closure date that trips the timeline but the date of last activity/update.  That is how I still have a card or two that have been closed for close to 15 years.  The portfolio got sold and the update to reflect the sale caused an update to post.  And there was another one that I had hoped to get rid of through an online dispute just because it was a toy card...instead, it was updated with a new date, which pushes the fall-off date. 

I have a Sears account, opened in 1981,  I "spite" closed in 2004 and is slated to report until 2023 because, like you, I managed to get an update posted a few months before it should have originally dropped.  It stands as my oldest reporting tradeline.

 

btw, I stupidly closed this account because they jacked my APR from 15% to 23.99% (or something like that).  As "Bugs" would say, "What a Maroon!"     I took it personally (at a time where I was 12-mo away from a clean CR); turns out they jacked everyone. 

 

Unfortunately, I didn't pull my head out of my "sand" until 2 years later, when it occurred to me to seek out some intelligence on the credit subject (and discovered CB!  ... the rest is, as they say, "history!" )

 

< I could initiate a last minute dispute on the Juniper tradeline,  but I have no doubt Barclays would just order it removed in any case, especially since I doubt they have appreciable records on the account.  I just as soon not mess with them since my current AA Silver is precious to me, and I've got a very thick file in any case ... I'll just never see an "average account age" of 15 years until I'm sometime into my 70's.  I'm good with 10+ >

Edited September 15, 2020 by hdporter

[hegemony]

my god these people are slowpokes!

 

https://www.statefarm.com/finances/banking/credit-cards

 

and that page says "Starting in 2021..." yet lower down says "next year"