Comerica offers a full line-up of deposit, loan, credit, investment, and insurance products. Like many traditional brick-and-mortar banks, you can find many of the usual bank offerings in Comerica. Some of their products require the customer’s physical presence at the branch before opening.
It is worth mentioning that most physical banks often charge numerous fees to sustain their operations. Comerica is no exception. Although the bank provided ways to go around some of the fees, eventually, a customer would have to pay at some point. This is the price that one pays, literally, to enjoy the services of a brick-and-mortar bank.
Although the physical branches follow regular working hours, the bank remains accessible to customers even after the bank doors have closed for the day. Customers can get in touch with the bank 24/7 through an interactive voice-response service available for different time zones.
Live agents also respond to calls but only during office hours, Monday to Friday. Of course, customers can still do banking transactions any time, any day via online or mobile banking facilities.
- Low Opening Deposits
- Wide Range of Products
- Low Interest Deposit Rates
- Limited Locations
Comerica Bank Review
Strictly speaking, the bank offers only one savings account which is a statement account. This means that old-school savers who comfortable tracking their money through a passbook will have to relearn the method. The other accounts are technically investment accounts but allow you to save as well.
It’s not too difficult to open an account because you just need $50. But if you want a slightly higher APY, be ready to put in a hefty amount.
|Minimum daily balance||$1,000||$5,000||$7,500||$50,000|
|Interest||None||0.01%||0.01%||From 0.03% to 0.15%|
|Comerica checks||Not available||Free||Free||Free|
|Comerica Debit Card/ATM||Available||Available||Available||Available|
|Increased CD/IRA rates||Not available||Available for terms of 1 year or more||Available for terms of 1 year or more||Available for terms of 180 days or more|
The bank has made available several choices for a checking account for those who only need the basic services and for those who want to earn interest from their money. Of course, the high-end product requires a bigger maintaining balance to get a bigger APY and a slightly better set of benefits.
It’s noticeable that all checking accounts come with a very low opening balance of $50 for now. However, keeping the minimum isn’t exactly a walk in the park for many customers.
If you are just starting on your financial well-being journey, the $1,000 minimum daily balance for the starter checking account could be steep. Many banks, especially online banks, are happy with just $100 from their checking account customers.
Certificate Of Deposits (CDs)
|Features||Fixed Rate CD||Flexible Rate CD|
|Minimum balance to earn interest||$1||$1|
|APY range||0.01% to 0.25%||0.05% to 0.25%|
|Term||7 days to 10 years||I year|
|Early withdrawal penalty||Yes||Yes (with one free withdrawal)|
Their two types of CDs come with a weighty opening deposit.
The good news is, it earns interest from the 1st dollar. The bad news is that the interest rate does not even come close to the national average.
Interestingly, the Flexible CD isn’t that flexible because customers have only one term to choose from: 1 year.
Comerica Bank Pros & Cons
You don’t need to prepare a lot of cash to open an account.
Most simple accounts just need $50 to start saving – which is good news for a lot of people. However, the minimum balance to maintain the account is where the problem begins. If you can’t keep the minimum level, you lose some interest or have to pay certain fees.
It’s always nice to have a menu of banking products to choose from because there’s a good chance one will find a great fit for one’s needs.
Comerica has a wide list. Although it is not as extensive as other physical banks, it serves its purpose for most customers.
Since the United States has had a long and colorful financial history ripe with many serious challenges, the survivors are commendable.
Comerica brings more than 170 years of experience to the table. Battle-scarred as it may be, no one can take its financial strength and resiliency lightly.
This is the bane of physical banks: the high overhead restricts them from giving higher interests.
As such, Comerica’s deposit rates are way below the national average rates. If the money you will earn from your accounts means a lot to you, this is one downside to banking with a traditional bank.
This is a given with almost every brick-and-mortar bank. It seems that you can’t escape these charges. However, when looking for a bank, you want one that doesn’t charge you a fee or two every time you breathe. Or at least, if they do, you get a lot out of the money that you pay. Some banks would offer a way out of these fees but more often than not, it involves putting more of your money in your accounts.
It’s best to ask your prospective bank (like Comerica) for a full schedule of the fees and whether they can waive some of them.
Accessibility is always important whether physically or virtually. As it is, Comerica’s service coverage is quite limited to several states. If you live outside of these states, it may be very inconvenient for you to bank with them.
Although you can bank through the mobile or online apps and do some transactions via their ATMs, there would always be a need to go to a physical branch to do certain things. If the branch isn’t anywhere near your neighborhood, that’s not good for you.
Should You Consider Comerica?
Would Comerica be a top-of-mind choice when looking for a bank?
Even if you live in any of the states that they serve, the bank would probably not be your number one choice. For one, there are many banks in the same area that are better prospects in terms of products, rates, location, and service.
You may also see that although it’s easy to open some of their accounts in terms of the opening deposit, maintaining your account requires more money than what other banks are asking. Plus, the fact that some accounts require your physical presence in the branch can also be a big turn off.
If your needs are simple and you prefer face-to-face banking, and if you are not so particular about deposit interest rates, this could be worth a try.
Alternative Banking Options
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
Checking Account Fee The monthly fee on checking account
Checking Minimum Deposit
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