Comerica Bank

Comerica Bank Reviews

Detroit, MI

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About Comerica Bank

Comerica Bank is a financial institution headquartered in Dallas, Texas. Founded in 1849, it operates in Arizona, California, Florida, Michigan and Texas and has branch locations scattered throughout these states. While Comerica Bank is a full-service institution with a breadth of services, including personal and business banking, most of its bank accounts have high monthly fees if you can’t meet the minimum requirements.

Pros & Cons

Pros
  • Full-service financial institution
  • A few branch locations
  • Low opening deposit requirements
Cons
  • High monthly fees
  • Low interest rates on deposit accounts

Featured Reviews

Verified
Tempe, AZ

One of my colleagues banked at Comerica and I decided to give it a try. I have no regrets. Their customer service is excellent. The people and the branches are friendly, and they ...

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Verified
Grand Rapids, MI

My brother … had a problem with an ATM malfunction. ... We went to your Grandville branch on Wilson. Your entire staff went WELL ABOVE ALL EXPECTATIONS! Not only did they connect ...

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What is Comerica Bank?

Comerica Bank is a financial institution headquartered in Dallas, Texas, with a history that dates back to 1849, when it was first established in Detroit, Michigan. Over the years, Comerica Bank has grown to become a leading provider of financial services in the U.S., with a presence in Arizona, California, Florida, Michigan and Texas.

How does Comerica Bank work?

You can open most Comerica accounts online from anywhere in the U.S., or you can stop by a local branch. All accounts have a $50 opening deposit in person or a $0 opening deposit online. Comerica Bank accounts are federally insured by the Federal Deposit Insurance Corporation (FDIC).

Once you become a customer, you can manage your account in the Comerica mobile app. You can reach customer service by phone or by stopping by a local branch.

Comerica Bank products and services

Comerica Bank offers a variety of financial products and services.

Comerica Bank checking accounts
Comerica’s checking accounts include Access Checking, Rich Rewards Checking and Premier Checking. But all have high monthly fees compared with checking accounts offered by similar banks.
  • Access Checking is a basic account that requires you to keep a minimum $1,000 balance to avoid the $13 charge.
  • Rich Rewards Checking is an interest-bearing checking account that requires a $5,000 minimum balance to avoid the $18 monthly fee.
  • Premier Checking is a premium account with added benefits, such as higher interest rates and ATM fee reimbursements. It has a $22 fee that’s waived when you maintain a minimum $7,500 balance or have a Comerica revolving home equity account.
Comerica Bank savings accounts
Comerica savings accounts allow you to earn interest on your savings while keeping your money safe. These accounts include the Statement Savings, Money Market Investment and High Yield Money Market Investment accounts.

Monthly fees range from $5 to $25, but there are several ways to avoid them. For instance, you can waive the $5 monthly fee on the Statement Savings account if you’re under age 18, over age 61 or link a Comerica checking account.

Comerica Bank CDs
With Comerica Bank, you’ll find two types of certificates of deposit (CDs): fixed and flexible.
  • Fixed-rate CDs have 7- to 10-year terms and have annual percentage yields (APYs) that top out at 0.20% at the time of publishing.
  • Flexible-rate CDs come in one-year terms and have added perks like one free early withdrawal and the ability to add more deposits throughout your term.
Comerica Bank loans
Comerica loans include mortgages, home equity loans and refinancing, as well as auto loans, personal loans and student loans.
Comerica Bank investment services
If you’re looking for an investment account, Comerica Bank gives customers the option to open an individual retirement account (IRA), as well as a 529 college savings plan.
Comerica Bank insurance
Comerica Bank provides several types of insurance, including:
  • Life insurance
  • Business insurance
  • Property insurance
  • Auto insurance
Comerica Bank small business accounts
Comerica Bank’s Basic Business Checking Account has no monthly fees and is ideal for business owners with fewer than 150 transactions a month.

Beyond this, Comerica offers six additional checking accounts for midsize companies, commercial businesses, attorneys and more.

Comerica also offers business savings accounts and CDs, credit cards, cash management and financing.

Comerica Bank fees

Comerica Bank checking account monthly fees range from $13 to $22, and savings account fees range from $5 to $25. If you have a business account, the bank charges anywhere from $0 to $30, depending on the account type. These charges are accurate as of the time of publishing.

Comerica Bank’s account fees can be waived when you maintain a minimum balance or meet certain activity requirements. You can avoid overdrafts by linking your Comerica checking and savings accounts.

Comerica also charges for the following:

  • $26 for overdrafts (first time)
  • $34 for overdrafts (second, third or fourth time)
  • $38 for overdrafts (five or more times)
  • $2.50 for domestic out-of-network ATMs
  • $5 for international out-of-network ATMs
  • $5 for excessive withdrawals from a savings account
  • $14 for incoming domestic wires
  • $17 for incoming international wires
  • $6.50 to $29 for outgoing domestic wires
  • $13 to $58 for outgoing international wires

Comerica Bank FAQ

What kind of Bank is Comerica?

Comerica is one of the 40 largest commercial banks in the U.S. by asset size at the time of publication, according to the Federal Reserve. It’s a full-service, traditional financial institution serving the needs of personal and business customers in Arizona, California, Florida, Michigan and Texas.

Is Comerica a good bank?

Comerica has a variety of accounts and services and is a good choice if you’re looking for a traditional bank with branch locations. However, its high monthly fees and low savings account interest rates mean it’s not ideal if your primary focus is growing your savings.

Does Comerica Bank offer Zelle or another payment service?

Yes, Comerica offers Zelle for person-to-person payments. You can make a Zelle payment through the Comerica mobile banking app or web account.

Where is Comerica Bank available?

Comerica operates in Arizona, California, Florida, Michigan and Texas.

Is Comerica Bank legit?

Comerica Bank is a well-established financial institution that provides a range of services to meet the needs of individuals and businesses.

While its fees may be higher than at some competitors, it could be worth exploring if you live within its service area and are looking for a brick-and-mortar bank. Otherwise, you may find lower fees and better rates with these top online banks.

Comerica Bank Reviews

Stars Rating

  • 12%
  • 16%
  • 6%
  • 1%
  • 65%

Popular Mentions

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    How do I know I can trust these reviews about Comerica Bank?
    • 4,461,376 reviews on ConsumerAffairs are verified.
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Sales & MarketingStaff

    Reviewed May 22, 2024

    Armen **. HORRIBLE MANAGER. SCAMMER. STAY FAR AWAY. HE WILL SCREW YOU WITH NON STOP FEES AND HE WON'T ASSIST YOU. STAY FAR AWAY #scam #scammers #fraud #scammer #scamalert #scammersofinstagram #fake #scammeralert #spam #romancescams #fakeaccount #scams #money #covid #fraudster #instagram #fbi #socialmedia #antimlm #scamartist #beware #pyramidscheme #scammerofinstagram #fraudalert #donaldtrump #interpol #stopbeingnaive #fauxcompte #eu #blackmail

    Customer ServiceStaff

    Reviewed May 9, 2024

    I've been a good customer at Comerica Bank for 20+ years. Not after today. I have annual annuity checks that I've been depositing with Comerica Bank for 10 years with no issue. Today I went in the bank to make a deposit and they refused to accept the check. It was a humiliatingly experience and I couldn't believe they wouldn't deposit my check...To top if off I have a line of credit with the bank. What did they think I was going to do? The customer service was appalling. Chase Bank wants my business and they'll pay me $300.00 to open an account. Guess what?! I'm taking my business to a company who will appreciate me. Chase has a new customer.

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      Customer Service

      Reviewed Feb. 1, 2024

      I have been a life-long Comerica Bank customer, and relatively happy until today. The branch ATM powered down while I was making a deposit with two checks. The machine took my checks, and powered off so the transaction did not complete. The branch tells me that there is nothing they can do other than "investigate" through an unknown vendor that services the machine. The unknown vendor only "periodically" checks the ATM machine. So they cannot provide a date, nor a timeline for me on how long this so-called "investigation" will take, with this "unknown" vendor. In the meantime, I am without the monies in my account. A person's money is important and these large Corporations don't care about the inconvenience they are causing me, or anybody else in the same situation. An "investigation" into what you did with my money, without a definite completion date provided to me, is horrible customer service. I think I will be moving on from Comerica, not that it matters to them.

      Staff

      Reviewed Dec. 9, 2023

      Rick from Michigan's experience could have been written by me. Length of being a customer, accounts, etc.. Though I live about 20 miles from his town. Long term customers are not treated well lately despite being loyal for decades. Will probably move on to another institution soon. Certainly giving it serious consideration. One has to go to several branches (where you get conflicting information) then make a judgement on which branch is correct. Anxiety provoking. I don’t feel they care anymore. A shame as they do have some great employees.

      Staff

      Reviewed Nov. 28, 2023

      My wife and I have had accounts with Comerica for well over 30 years. In this time we have never owed them a dime. We have our deposits there, and for the last 20 years it has averaged over $50K, and lately about $200K. We also have other accounts at Chase and Flagstar. One would think Comerica would treat us well. We have a few CDs there, and while they never paid the highest rates, they had previously been fair -- until about 3-4 years ago. Two years ago when our CDs rolled over to 0.1% or less they would not help us.

      Last year they remained at 0.05% and 0.1% and I had to threaten to take our money elsewhere, and they did me a "favor" and raised the rates on SOME of our CDs to 2.96%... at a time when other local banks were paying 4 or 5%. Our 12 month CDs rolled over again this week, and they automatically dropped to 0.01%. These people are criminals! At the same time they are offering strangers rates from 4.75% to 5.25, and the banks next door are offering 5.5%. It is time to find a bank that values our business!

      Customer ServicePrice

      Reviewed Aug. 21, 2023

      Comerica makes it really hard to manage our money. We have a HELOC through them and the online experience is horrible. They are not a bank that gives customers transparency. We want to pay down the principal and you have to be given a link from the teller (almost like a super secret code to get into a speak-easy). Then once you get the link, even if you mark to apply it all to principal they will break up your payment and apply some to interest if you pay on certain days of the month. There is a small window of about 5 days where if you pay on one of those days, it goes to principal (even if you have autopay set up to handle the interest). It just comes across as sneaky, and poor customer service. Go elsewhere!!!!

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      Customer ServicePricePunctuality & SpeedStaff

      Reviewed Aug. 18, 2023

      I am a small business owner and I have been with Comerica since 2010. When I first started I had one credit card with a $2000 spending limit, now I have a $70,000 credit card. Over 13 years I believed, I built a relationship with my financial institution, but I have found out in recent days that it’s not so friendly to a small business owner, such as myself. I have never been late on a payment, and I’ve always brought my balance down to zero, which reflects in how I have achieved a higher spending limit. Instead of taking a loan this year to grow my business, I decided to use my credit cards which I’m finding out now is a huge mistake. For over six years Comerica was always kind because I could call every six months and get a promotional APR, which really helped me stay afloat and grow my business. So I had a time that I’ve spent a lot on my credit cards.

      I called the other day to get my promotional APR, which I have a reminder on my phone. Enough. There was no promotion for me after six years. All of a sudden in my most critical time to stay afloat they are not helping me out. Instead my interest rate is at 28%. Every single other credit card that I have including American Express, Citi Card Chase they are all at 20% or lower and here my loyal business bank is screwing me hard. When I called they was nothing they can do. All I can say is beware when you decide what bank to store your money and do business with because I am a loyalty person and this really hurts and leaves a bad taste in my mouth so when I get the funds together, I’m going to finish paying off these credit cards and decide which bank is really for a small business and switch. Beware friends because I’m learning the hard way who Comerica really is. Good luck.

      Customer Service

      Reviewed Aug. 15, 2023

      My brother passed away and I call Comerica to inform them to stop all transactions and I would bring in the legal paperwork to show that I am the administrator of this estate. After a 3 weeks of phone calls and handled any response I final had to call the customer complaint line. Then I drove 3 hours to give me the originals and close the account and was told, "Sorry we need you to sign a form." After waiting 5 hours and the bank manager telling another manager I just want her out of my office because no one know where this form was. I was told to leave and they would call me back in 24 to 48 hours once they found this form. Ms ** the bank manager was extremely rude.

      Sales & MarketingPrice

      Reviewed July 31, 2023

      Charging $3 Atm Fees & .50 Balance Inquiry Fees done in Illinois out of Illinois Child Support. Comerica Way to go is located in Texas. Illegally charging fees. Applc is online to view for proof. Type in Comerica Mastercard Child Support Illinois in Google Bar. I've complained many of times, each time I was charged (which just started happening over the last month in half) and they won't refund my charges that Never should have been charged to begin with. This is supposed to be an Illinois State Law that I should not be charged anything. They've given me every excuse they could come up with to not refund my money. A few times, I had trouble even trying to take my money of the card as they tried denying me from doing so when the funds were clearly available.

      The best part was, they tried blaming the bank's atm that I've been using for yrs with never any issues. It's them. I deactivated the card, which now I receive checks but I want All my money bank. And I have proof of this on their Account Statements that I just started mysteriously receiving some months back. I don't have a bank account with them. I have a Prepaid Child Support Card. I want all my kids money back that they have no intentions of refunding. This is a scam.

      Customer ServiceStaff

      Reviewed July 26, 2023

      Nothing but issues with this bank since I started it up. Only positive is I can usually talk to a rep on the phone fairly quick. Unfortunately, I only know this because I have had to talk to them so many times. Do NOT sign up with this bank. I am canceling them this week.

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      Comerica Bank Company Information

      Company Name:
      Comerica Bank
      Address:
      151 S. Rose Street
      City:
      Kalamazoo
      State/Province:
      MI
      Postal Code:
      49007
      Country:
      United States
      Website:
      www.comerica.com