Farmers and Merchants Bank
Quick Summary
- HSA savings account
The Verdict
Farmers and Merchants Bank provides essential HSA features with zero monthly maintenance fees and basic savings functionality, earning a 0/5.0 rating from HSA Orbit.
C.J. Walker founded Farmers & Merchants Bank (F&M) of Long Beach more than 100 years ago based on the principles of honesty, integrity, the home, the church, and service above self. Today, fourth generation President W. Henry Walker, along with his brother Daniel, Chairman of the Board and CEO, and father Kenneth, President of the main branch, manage the bank through the lens of their founding father.
The Bank enjoys one of the strongest rates of employee retention in any organization, demonstrating the loyalty and devotion of F&M employees to the company. At last count, more than 100 employees have been with the bank for at least 15 years and an additional 65 have dedicated 20 to 30 years. When asked why they have logged so many years at F&M, employees are most likely to say they enjoy working for a company with a strong foundation built on character and concern for its employees and customers.
Following the Walker tradition of giving back to the community, the Bank continues to donate over $1 million each year to charities, non-profit organizations, and religious entities despite the state of the current economy. F&M is also committed to implementing green initiatives and most recently developed a new customer care center in Seal Beach as a sustainable infrastructure that is both environmentally responsible and resource-efficient.
Key Features
Banking & Access
Includes debit card, online banking and check-writing.
Investment Options
This provider focuses on cash savings without investment options.
Security & Insurance
Deposits are FDIC/NCUA insured for your protection.
Account Details
Requires $100 minimum balance. $10.00 opening fee.
Fee Analysis
| Fee Type | This Provider | Industry Average | Verdict |
|---|---|---|---|
| Monthly Maintenance* | $0.00 | $0.69 | EXCELLENT |
| Account Opening | $10.00 | $1.88 | ABOVE AVG |
| Account Closing | $20.00 | $1.95 | ABOVE AVG |
* Account Opening Fee
Industry averages calculated from 853 providers in the HSA Orbit database.
Investment Options
Savings-Only Account
Farmers and Merchants Bank currently offers a savings-focused HSA without investment options. Your funds earn interest in a cash account.
Interest Rates
Standard Rates
| Balance Range | APY |
|---|---|
| $0+ | 0.10% |
Last updated: 09-30-2024
Contact Information
Address
320 Pine Avenue Long Beach, CA 90802 Customer Service Mailing Address P.O. Box 1370 Long Beach, CA 90801-1370
Customer Service
866-437-0011
320 Pine Avenue Long Beach, CA 90802 Customer Service Mailing Address P.O. Box 1370 Long Beach, CA 90801-1370
At a Glance
Pros & Cons
The Good
- •No monthly maintenance fees
- •FDIC/NCUA insured deposits
The Bad
- •No investment options available
User Sentiment
Based on community feedback
Sentiment data coming soon
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