Intro: What is Comerica Bank
When researching banks and financial services companies, it’s important that you have an in-depth understanding of the company you are considering. At AdvisoryHQ, we aim to provide you with all of the information you need before selecting a financial services provider.
In this article, we will thoroughly answer the question, “What is Comerica Bank?” by telling you about the history of this bank, detailing the services they offer, and comparing many Comerica reviews to give you thorough knowledge of their available services and general customer experience.
A Brief Overview
So, what is Comerica? Comerica Bank represents a small portion of the larger network of services offered by Comerica Incorporated. The company received its start in Detroit, Michigan, as the Detroit Savings Fund Institute in 1849, adopting its current name in 1982.
With 165 years of growth and experience, Comerica has become the twenty-second largest U.S. financial holding company; as such, they offer users stability and a wide range of financial services.
Comerica breaks down its services into 3 main divisions:
- Business Bank
- Retail Bank
- Wealth Management
Through these three divisions, they are able to offer comprehensive services to individuals and businesses alike, and we will thoroughly explore these three divisions of service in the sections below, as well as their insurance and estate planning services.
Image Source: BigStock
The company has a widespread presence in North America, with locations in Mexico, Canada, and the United States. U.S. locations include banks in Michigan, Florida, California, Arizona, and Texas, where they are currently headquartered. With over 400 branches spread across these locations, they are highly accessible to millions of customers, making it easy to conduct transactions and consult with financial planners in person.
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Personal Banking Services
Comerica Bank offers a complete, robust range of personal banking services under their Retail Bank. Through this bank, you can expect to receive all of the following financial services:
- Checking accounts
- Savings accounts
- Comerica Bank credit cards
- Check cards and ATM cards
- Investment accounts
- Health Savings Accounts
Like most large banks, Comerica has comprehensive online services available to their banking clients. As a Comerica customer, you can check balances, deposit checks, transfer funds, and manage your investments in a browser or through the bank’s mobile app. You can even set the app to notify you of certain activities on your account, or low account balances so that you stay up-to-date and informed regarding your finances.
However, based on many recent Comerica reviews, online and mobile accessibility is often limited. Current customers report issues with logging into accounts via the app, long wait times for getting funds transferred between accounts, and other issues surrounding this technology. Aside from issues with online access, Comerica has lower savings account interest rates than average and fewer accessible ATMs per state than most other national banks.
Comerica has a few strengths as well though, which are well worth mentioning:
- Lower fees than competitors
- Higher checking account interest rates
- More branches per state than most national banks
When it comes to personal banking, reviews of Comerica customer service can vary widely depending on the individual branch that you visit. While some individuals report excellent customer service at their individual branch, other Comerica reviews report extremely unsatisfactory services.
Overall, Comerica Bank reviews across the internet give this provider only an average of 2 out of 5 stars for personal banking services.
Business Banking Services
In addition to standard personal banking services, Comerica also offers a comprehensive list of business banking services:
• Checking accounts
– Basic business checking
– Small business checking
– Commercial checking
• Business savings accounts
– Money market accounts
– Health Savings Accounts
– Business debit cardsComerica Bank credit cards
• Online services
Comerica also provides business loans and boasts at their ability to provide a completely customized lending solution for your business. Some of the options available for business loans include:
- Lines of credit
- Term loans
- SBA loans
- Commercial real estate loans
- Equipment leasing
- Letters of credit
When answering the question, “What is Comerica?” in terms of financial services for businesses, the short answer is that it is a veritable one-stop shop for all your business needs. They even offer complementary services like business insurance so you can get all of your business services from one provider. They’ll help you manage payables and receivables, as well as all of your business assets. Your small business’s entire financial future can be managed through Comerica Bank.
However, it is still worth keeping those Comerica Bank reviews in mind. Like their personal banking customers, many of their business banking customers have expressed dissatisfaction with the customer service provided, both at individual, local branches and when calling corporate headquarters for service. Generally speaking though, you can expect fair lending rates for your business from this particular bank.
Wealth Management Services
Comerica wealth management services help customers to plan for their financial futures, from saving for college to setting up long-term retirement funds. They offer customized services that meet your needs and financial goals, whether for retirement planning, setting up college funds for your children, or managing a complex portfolio of investments.
Comerica offers both online tools and personal consultations to guide you through wealth management and financial planning. Some of these tools include:
- Cash flow analysis
- Estate planning tools
- Asset allocation review
- Education planning
- Retirement planning
- Advisory services for business owners
A Comerica consultant can help you to decide what kind of financial planning you need to do now, depending on what your goals are, your current financial situation, and other factors. Once this is established, they will advise you on what investments will work best for your situation. There are a number of investment options through Comerica:
- Mutual funds
- Publicly traded securities
- Money market funds
Comerica Bank reviews indicate that the wealth management aspect of this bank may be its greatest strength. You can elect to choose your own investments or use Comerica’s portfolio management services. With the latter option, investment managers will select a mix of investments for you based on the level of risk you wish to take with your portfolio. This is an ideal option for those who wish to invest but don’t know much regarding stock market trends and investment strategies. However, there are service fees associated with this service.
If you do wish to have a more hands-on approach to your investments, you can utilize Comerica Securities Online to conduct transactions and monitor your accounts yourself. What is Comerica Securities? In layman’s terms, it is a discount brokerage option that provides you with a more cost-efficient way to carry out your investment decisions. If you do choose this path, Comerica’s brokerage consultants are still available to advise you and boast an average of 15 years’ experience in the industry.
Insurance and End-of-Life Planning
As part of their wealth management services, Comerica also offers estate planning and insurance options for their customers. With these services, you can protect your personal estate as well as plan for the succession of your business in the event of your passing. You can also purchase life insurance and disability insurance through Comerica while planning for long-term care in the event of disability.
Image Source: BigStock
You can also insure your home and vehicles through Comerica’s insurance services. Make sure you read the fine print on these services though, as they are not offered directly through Comerica Bank. Insurance is handled through a partner company, Answer Financial Inc. For this reason, Comerica reviews won’t offer you much insight into the quality of these services. Instead, you should explore reviews for Answer Financial.
So what is Comerica and how do they compare to other banks? Here is a brief recap of Comerica’s strengths and weaknesses, based on Comerica Bank reviews and the services they offer:
- Complete, comprehensive services for individuals and businesses
- Large number of branches across several states, making them highly accessible
- Lower fees than most national banks
- Online and mobile access available
- Higher checking account interest rates than average
- Poor customer service, according to the majority of Comerica reviews
- Slow, outdated technology with limited accessibility
- Delayed services for transactions
- Fewer ATMs per state than most national banks
- Slow response to reports of fraud on customer cards
- Lower interest rates on savings account than most banks
If you want to have your personal banking, business accounts, insurance, and retirement planning all completed in one place, then Comerica may be a great option for you to consider. However, if you are looking for a bank with friendly, responsive, and personalized service, it seems that Comerica would leave much to be desired.
Keep in mind of course that Comerica Bank reviews should be taken with a grain of salt; the majority of individuals who take to the internet to leave reviews are disgruntled customers. And as stated previously, most of the negative reviews left were in regards to the customer service provided at individual branches. It may be that your local branch does not demonstrate the issues mentioned by other Comerica customers.
If you’re choosing between Comerica and another bank, you will need to decide whether range of services or quality of customer care matters more to you. If it is the latter, look elsewhere for your banking services. But if you’re looking for a wide range of services, Comerica just might be the bank for you.
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