Comerica Bank is a large, publicly traded bank (NYSE: CMA) located in Dallas, Texas, that provides its customers with personal, small business, and commercial banking services, as well as wealth management services. Its reward checking account has been featured repeatedly in the past on DepositAccounts.com. The bank’s website is easy to navigate and segments its personal banking products and services into deposit, loan, and wealth management categories.
Within Comerica’s deposit category offerings are checking, savings, and money market accounts, as well as certificates of deposits, or CDs. In addition to a simple checking account, the bank offers several checking accounts that come with incentives for opening other accounts such as CDs, IRAs, and money market accounts. A basic savings account is available with comes with free direct deposit, and several money market accounts offer higher rates of interest for keeping larger minimum account balances. Certificates of deposit range in term lengths from 7 days to 10 years and offer generally lower interest rates than the national average. Comerica also offers Visa check and credit cards.
Comerica Bank online banking features 24/7 account access and management. Customers can use the web-based platform to view up to six months of account history, transfer funds, and upload their transactions into financial management applications like Quicken. The bank also offers a customized mobile app for customers’ use on their smartphones.
Comerica Bank was originally established in 1849 as the Detroit Savings Fund Institute and kept its headquarters in Detroit, Michigan, for more than 150 years. The bank changed its name to Comerica in 1991 before relocating its headquarters to Dallas in 2007, where it remains to this day. It serves its customers through multiple branches located throughout the United States.
If I could give this bank a negative rating would. I opened a checking account with them in early March and used bill pay in the middle of April to pay my electric and oil bills. While these checks were in transit (via snail mail) they CLOSED MY ACCOUNT without notifying me. Of course the checks bounced. I am left to pay the bank fees and Comerica refuses to accept any responsibility for them.
I was informed that I had to setup direct deposit for my SSI payments and it was recommended by the government to use Direct Express which is owned by Comerica. Before a deposit was even made, someone from Comerica cancelled out my account causing the deposit to be rejected. Another account was opened on my behalf and Social Security issued another deposit only for me not to have access to the funds because Direct Express claims they never received a direct deposit on my behalf. Social Security shows it was received and deposited into an account with my name on it but Comerica is refuting that fact. I've called several times and asked to speak with upper management and has been refused everytime with Supervisors stating I can't speak with anyone higher than themselves and has "released my calls (a polite way of hanging up) when I further insisted on speaking with upper management. Needless to say this has been going on since Feburary and now we're half way thru April with no resolution! I wld love for a class action lawsuit to be filed against this bank, with me as a participant.
The convenience belongs to Comerica Bank, not the user of the card. It takes 4 to 6 days to transfer money from my Comerica Bank checking account to my Comerica Bank Convenience card, using the online account management. Both accounts are linked and are well established and well maintained accounts. If the transfer is initiated on a Tuesday, even if it's done before noon - eastern time, it will not make it to the convenience card bank account by Friday at 5 pm. Even though the funds are subtracted from the checking account on Thursday. These are the actual times I am dealing with right now. Follow-UP I just received a form letter from the bank telling me that transfers can take up to 3 days. It's not a response to my inquiry - just an automated form letter. It doesn't help their case.
I opened a small business checking account with Comerica back in 2008. Although I do not maintain a large balance, the account is free, except for purchasing checks. On one occasion they did erroneously debit my account, but they corrected it very quickly when I brought it to their attention. The branch representative in West Hollywood was outstanding. The epitome of customer service.
They do charge for on-line bill pay, so unless you pay lots of bills it's a feature that's not worthwhile ($6.95).
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Comerica Bank had $344.21 million in non-current loans and owned real-estate with $7.81 billion in equity and loan loss allowances on hand to cover it. This gives Comerica Bank a Texas Ratio of 4.40% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Comerica Bank decreased dramatically from 7.49% as of March 31, 2013 to 4.40% as of March 31, 2014, resulting in a positive change of 41.17%.This indicates that the balance sheet and financial strength for Comerica Bank has improved dramatically in recent periods.
In the past year, Comerica Bank has increased its total deposits by $1.78 billion, resulting in 3.38% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Comerica Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Comerica Bank has $65.69 billion in assets with $7.81 billion in equity, resulting in a capitalization level of 11.90%, which is excellent.
|FDIC Certificate #||983|
|Assets and Liabilities|
|Equity Capital||$7.22 billion|
|Loan Loss Allowance||$594.32 million|
|Unbacked Noncurrent Loans||$327.50 million|
|Real Estate Owned||$16.71 million|
|Historic Data - March 2013|
|Equity Capital||$7.01 billion|
|Loan Loss Allowance||$616.97 million|
|Unbacked Noncurrent Loans||$327.50 million|
|Real Estate Owned||$36.86 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.77%|
|Return on Assets||0.9%|
|Return on Equity||8.24%|
|Interest Income||$435.54 million|
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|0.03%||-||-||Business Savings Account|
|0.01%||-||-||Statement Savings Account|
|0.10%||$100k||-||High Yield Money Market|
|0.08%||$1m||-||Business Money Market|
|0.06%||$100k||-||High Yield Money Market Investment Account|
|0.03%||-||$25k||Money Market Investment Account|
|0.15%||$100k||-||Lawyer's Trust Interest Checking|
|0.05%||$100k||-||Comerica Platinum Circle Checking®|
|0.01%||-||-||Rich Rewards® Checking|
|0.40%||$1k||-||7 - 10 Year Fixed Rate CD|
|0.40%||$1k||-||Business 7 - 10 Year Fixed Rate CD|
|0.35%||$1k||-||5 Year Fixed Rate CD|
|0.35%||$1k||-||6 Year Fixed Rate CD|
|0.35%||$1k||-||Business 5 Year Fixed Rate CD|
|0.35%||$1k||-||Business 6 Year Fixed Rate CD|
|0.25%||$1k||-||4 Year Fixed Rate CD|
|0.25%||$1k||-||Business 4 Year Fixed Rate CD|
|0.20%||$1k||-||3 Year Fixed Rate CD|
|0.20%||$1k||-||Business 3 Year Fixed Rate CD|
|0.15%||$1k||-||2 Year Fixed Rate CD|
|0.15%||$1k||-||Business 2 Year Fixed Rate CD|
|0.10%||$1k||-||1 Year Fixed Rate CD|
|0.10%||$100k||-||1 Year Flexible Rate CD|
|0.10%||$1k||-||Business 1 Year Fixed Rate CD|
|0.10%||$100k||-||Business 1 Year Flexible Rate CD|
|0.04%||$1k||-||180 - 364 Day Fixed Rate CD|
|0.04%||$1k||-||Business 180 - 364 Day Fixed Rate CD|
|0.03%||$1k||-||90 - 179 Day Fixed Rate CD|
|0.03%||$1k||-||Business 90 - 179 Day Fixed Rate CD|
|0.02%||$1k||-||30 - 59 Day Fixed Rate CD|
|0.02%||$1k||-||60 - 89 Day Fixed Rate CD|
|0.02%||$1k||-||Business 30 - 59 Day Fixed Rate CD|
|0.02%||$1k||-||Business 60 - 89 Day Fixed Rate CD|
|0.01%||$1k||-||7 - 29 Day Fixed Rate CD|
|0.01%||$1k||-||Business 7 - 29 Day Fixed Rate CD|
|0.40%||$1k||-||7 - 10 Year IRA|
|0.35%||$1k||-||5 Year IRA|
|0.35%||$1k||-||6 Year IRA|
|0.25%||$1k||-||4 Year IRA|
|0.20%||$1k||-||3 Year IRA|
|0.15%||$1k||-||2 Year IRA|
|0.10%||$1k||-||1 Year IRA|
|0.10%||-||-||1 Year Flexible Rate IRA|
|0.04%||$1k||-||180 - 364 Day IRA|
|0.03%||$1k||-||90 - 179 Day IRA|
|0.02%||$1k||-||30 - 59 Day IRA|
|0.02%||$1k||-||60 - 89 Day IRA|
|0.01%||$1k||-||7 - 29 Day CESA|
|0.01%||$1k||-||7 - 29 Day IRA|
|0.01%||$1k||-||7 - 29 Day SEP IRA|
|0.01%||$1k||-||7 - 29 Day Roth IRA|
|0.01%||$1k||-||7 - 29 Day SIMPLE IRA|