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.
Reasonable expectations, excellent service
I selected Comerica because I live in Michigan and it was founded in this state. I think it's important to support local businesses, and even though Comerica is no longer headquartered in Michigan, they still do a lot of business here and I wanted to make sure I kept my money local. I opened up a checking account at my nearest Comerica in 2005, when I was 18. It was my first bank account and I was not sure what to expect. So far, they have not disappointed me. I have never encountered any of the random fees some of my friends complain about. They do charge a $6 monthly fee if you have a very low balance or don't deposit a certain amount of money every month, but my checking account is actively used, so I do not have to deal with any fees like that and I have no issues there.
What has impressed me the most, however, is how they deal with potential fraud and abuse. Twice in the past 10 years, they have mailed me to let me know that my card may have been compromised and sent me a new one free of charge. Once was after I lost my ATM card, but had not yet reported the loss. I don't even know what triggered the warning because no one had accessed my money that I knew of, but I was very grateful they were looking out for me and making sure my money was safe. Because of this, I will be a Comerica customer for life.
Great Bank
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).
Lack Of Honesty
23 minute wait time to start. I was told one story for the fee by the first person which I explained could not be true and why and the woman did not know what to say and put me on hold. The next woman gave me a different story and I again took that story apart and she basically said to bad. She put me on hold again and called my banking center who then refunded the fee. Then she told me NOT TO CALL customer service but to call the bank directly. If they do not want customers to call what is their purpose in existing? What makes this worse is they had no reason to charge the fee and where just hoping I would not notice or not care enough to bother or maybe if I did call they could lie to me enough that I would just quit. Overall 50 minutes on the phone.
Very Crooked Bank
This bank will violate the law by freezing exempt funds even way over and above an illegal judgment in violation of both federal and state statutes. They will be your credit card lawyers best friend! Do NOT trust these people with your money especially if you’re a disabled senior.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 983 |
| Year Established | 1849 |
| Employees | 7501 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.35% |
| Return on Equity - YTD | 23.14% |
| Annual Interest Income | $2.04B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $90.86B$87.02B |
| Loans | Q2 2023vs Q2 2022 | $55.30B$50.90B |
| Deposits | Q2 2023vs Q2 2022 | $68.07B$77.44B |
| Equity Capital | Q2 2023vs Q2 2022 | $5.17B$6.44B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $684.0MM$563.0MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $183.0MM$256.0MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $2.0MM$1,000.00K |
