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Banking Benefits – Deposit Package

State Farm Bank® offers a number of Banking Benefits to its customers. The Banking Benefits – Deposit Package, which gives You the opportunity to earn a high rate (Relationship Rate) on certain deposit accounts. The Relationship Rate applies to an eligible Consumer Money Market Savings account.

These terms and conditions of the Banking Benefits – Deposit Package are supplemental to the Disclosures and Customer Agreements and the Pricing Schedule for Consumer & Business Deposit Accounts. Refer to the Truth in Savings Disclosures included in the Disclosures and Customer Agreements for the provisions that apply to Your account(s).

Definitions

The terms "You" and "Your" refer to the depositor (whether joint or individual) and the terms "We," "Us," and "Our" refer to State Farm Bank.

Banking Benefits – Deposit Package: This Package offers a high yield variable Relationship Rate on Your Consumer Money Market Savings account(s) when You maintain other State Farm Bank Qualifying Relationship Account(s).

Benefit Account(s): This is the Consumer Money Market Savings account to which the variable Relationship Rate is applied. IRA Money Market, Estate, Uniform Transfer to Minors, and Business accounts are NOT eligible.

Qualifying Relationship Account(s): This is the Consumer Checking or Consumer Interest Checking, which is required to earn the Relationship Rate Estate, Uniform Transfer to Minors, and Business accounts are not eligible..

Package Summary Statement: While You are enrolled in the Package, We will provide You with a separate statement providing details on Your Banking Benefits - Deposit enrollment.

Helpful Answers

What are eligible Benefit Accounts?

Consumer Money Market Savings - This is the Consumer Money Market Savings account which may be eligible for a Relationship Rate if You also have a Qualifying Consumer Checking or Consumer Interest Checking account with the same ownership.

Each Benefit Account that has different ownership may be eligible for the Banking Benefits - Deposit Package. For example, if You have a solely owned Consumer Money Market Savings account and a joint owned Consumer Money Market Savings account, each account may be eligible for enrollment if You have Qualifying Accounts with the same ownership.

What are eligible Qualifying Accounts?

Consumer Checking or Consumer Interest Checking - This is a Qualifying Relationship Account (Checking and/or Interest Checking) required for enrollment in the Banking Benefits-Deposit Package. Your Checking and/or Interest Checking account ownership must be the same as the Benefit Account ownership.

This account needs to satisfy certain balance or transaction qualifications in order to receive a Relationship Rate on Your Benefits Account. If You have multiple Checking and/or Interest Checking accounts with the same ownership as Your Benefit Account, the balances and transactions for those Checking and/or Interest Checking accounts will be added together to determine Benefit Tier eligibility as indicated in the section below.

What are the requirements to earn a Relationship Rate?

Benefit Tiers*

Relationship Rate

Requirements to earn the Relationship Rate:

Your Checking and/or Interest Checking account(s) must have a Daily Balance** greater than or equal to $2,500 OR 10 Withdrawal Transactions***.

Your Benefit account balance(s) must remain below $5,000,000 to earn the Relationship Rate. If the account balance(s) is $5,000,000 or above, you will earn the Standard Rate on your entire balance(s).

Standard Rate

The Standard Rate applies instead of the Relationship Rate when Your Checking and/or Interest Checking account(s) does not have a Daily Balance** of $2,500 OR 10 Withdrawal Transactions***. However, the account will be monitored monthly 3 days before Your statement cycle by the Bank to determine if it qualifies for a Relationship Rate.

*See the variable Relationship Rates noted under Banking Benefits – Deposits on statefarmbank.com.

**To meet the Daily Balance requirement, You must maintain a balance greater than or equal to $2,500 each day of Your statement cycle.

***The 10 Withdrawals can be made by Debit Card, ATM Card, Bill Pay, Account to Account transfer, ACH, Wire Transfer, or Check per statement cycle. Note: We count withdrawals for purposes of eligibility requirements as of the date they are posted to your account, not as of the date you initiate them. As such, a withdrawal you initiate during one statement period may not be counted until a subsequent statement period.

What do I need to do?

Enrollment

Enrollment in the Deposit Package is automatic when You have an eligible Benefit Account and a Checking and/or Interest Checking account.

When You are first enrolled in the Banking Benefits-Deposit Package, You will be placed in the Relationship Rate Tier. You will earn the Relationship Rate for two statement cycles before Your Benefit Tier is adjusted based upon the requirements listed above.

You will be enrolled in the Deposit Package as long as Your Benefit Account and Your Qualifying account(s) are open.

There is no fee for the Banking Benefits - Deposit Package. See the Disclosures and Customer Agreements and the Pricing Schedule for Consumer & Business Deposit Accounts for account-specific requirements.

If You close Your Benefit Account and/or the Qualifying account(s), You are no longer eligible for the Package and Your enrollment will be terminated.

When is the Relationship Rate Benefit Tier Determined?

Your Relationship Rate Benefit Tier will be evaluated monthly, 3 business days before the statement date of Your Checking or Interest Checking account, and is based on Your Qualifying Account(s) requirements. The statement cycle date is when changes to the Benefit Tier will be applicable.

If the Qualifying Account requirements are met for a higher Benefit Tier, You will be moved to the higher Tier with the next statement cycle.

If the Qualifying Account requirements are not met for two consecutive statement cycles, You will be moved to the applicable Tier for the new statement cycle.

If you open a new eligible Checking or Interest Checking account during Your Package Summary Statement cycle, the new account will be included when determining Your Benefit Tier at the next evaluation cycle, 3 business days before the statement date of Your Checking or Interest Checking account.

If you open a new Benefit Account, the Relationship Rate will be applied beginning the next business day (excludes Saturdays, Sundays and Holidays) after the Benefit Account is opened, which means all information has been submitted, received by Us, and the account has been reviewed and approved.

An account is considered “open” when all information has been submitted and the account has been reviewed and approved.

Effective January 2020

The Banking Benefits – Deposit Package is provided by State Farm Bank as a courtesy to its customers. State Farm Bank may terminate or modify the terms and conditions of the Package at any time.

Neither State Farm® nor its agents provide tax or legal advice.

State Farm Bank®, F.S.B., Bloomington, Illinois ("Bank") is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265); If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm agent.

State Farm Bank®
Member FDIC
Equal Housing Lender