Allstate Provides Banking Services Through Agencies

By Elizabeth Ann Peer

In it's latest stage of a nationwide roll-out, Allstate Bank now provides Allstate customers in Texas with more complete access to various Allstate products through local Allstate agencies. Although Allstate Bank products have been available nationwide since October 2001, previously, Allstate consumers could only access Allstate Bank products and services online and through call centers.

Allstate Bank directs its products towards middle-class citizens who are planning for retirement and also use Allstate's insurance services. FDIC-insured CDs, savings and checking accounts and home mortgage services are just some of these offerings that will now be available at local Allstate agencies nationwide.

Due to Allstate's success as an insurance provider, the company wanted to expand their offerings to provide clients with financial services under a name that they could trust. Allstate Bank originally opened in 1998 to provide electronic commerce services to Allstate policyholders, but increased its offerings in 2001 after the Office of Thrift Supervision approved their petition to provide a more expanded selection of banking products.

The bank will also maintain its online and call-center capabilities while providing this personal service that they hope will be fully available through participating Allstate agencies by the end of 2002. Customers can also use various ATMs and US mail to access information about their accounts.