Comerica Bank has a wide range of checking accounts for business owners. The Basic Business Checking account is great for those looking for a $0 monthly maintenance fee. It also allows 75 items—including debits, deposited items, and cash—to clear at no charge. It also has a cash deposit threshold of $2,500, with $2.50 charged per $1,000 for each deposit over.
The bank is great for a growing business since it has so many deposit options, from the basic account up to commercial banking solutions. All accounts have access to add treasury services, including Automated Clearing House (ACH), domestic and international wires, and automatic overdraft protection. There are also integrations with QuickBooks, Quicken, and Zelle to streamline money management.
When completing my Comerica Bank business checking review, I studied the Comerica website to collect as much information as possible and downloaded the current fee schedule. In addition, I compared its introductory business account to other comparable bank accounts to see how they stacked up. Some of Comerica’s account features exceeded other financial institutions. Its fee schedule falls somewhere in the middle, so it is definitely within range.
| Special Offer | Offer #1: Limited time offer of no monthly maintenance fee and no minimum balance requirement on the Basic Business Checking account. Offer#2: $400 to $1,000 rebate for small businesses that purchase or lease a credit card processing terminal.
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|---|---|
| Opening Deposit Requirement | $50 |
| Monthly Maintenance Fees |
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| APY |
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| ATM Fees |
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| ATM Fee Reimbursement | N/A |
| Other Standout Features |
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- Businesses needing a variety of accounts to accommodate business growth: Comerica has four business checking accounts to choose from. The accounts range from basic business checking to commercial-level accounts. It also has three money markets to choose from based on your average daily balance.
- Companies needing access to in-person banking with low cash volume: If you are located in one of the 17 states
- Comerica Bank Business Checking Alternatives & Comparison
- Comerica Bank Business Checking Reviews From Users
- Comerica Bank Business Checking Overview of Terms & Features
- Comerica Bank Business Checking Requirements
- Comerica Bank Business Checking Account Features
- Other Comerica Bank Business Checking Account Products
- Frequently Asked Questions (FAQs)
- Bottom Line
Comerica Bank Business Checking Alternatives & Comparison
| Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Basic Business Checking | $0 | 75 | $2,500 | 17 states |
| Visit Comerica | ||||
 Business Advantage Fundamentals™ Banking | None for the first 12 months, then $16 monthly | 200, then $0.45 per item | $7,500 | Washington, D.C., and 38 states |
| Visit Bank of America | ||||
 Business Essentials Checking | None | Unlimited digital | 25 free teller transactions | 26 states |
| Visit U.S. Bank | ||||
 Silver Business Checking | $15 (waivable) | Unlimited electronic deposits; 20 in-person transactions | $5,000 | 48 states |
| Visit Chase | ||||
| Best For | Learn More | |
|---|---|---|
| Businesses collecting large amounts of cash: Comerica Bank does allow for cash deposits; however, its threshold is only $2,500. Bank of America offers cash deposits up to $7,500 before triggering a fee. | Read our Bank of America business checking review |
| Business owners seeking access to free bill pay: Comerica Bank provides bill pay to business customers but charges a fee of $6.95 per month. For those needing access to free bill pay, U.S. Bank may be the better option. | Read our U.S. Bank business checking review |
| Businesses needing access to nationwide in-person service: Comerica has a large number of branches; however, it does not service a majority of the states. For those needing access to branches in different regions, Chase has branches in all mainland states. | Read our Chase Business Complete Banking review |
If your small business needs additional recommendations, see our roundup of the best small business checking accounts.
Comerica Bank Business Checking Reviews From Users
I was unable to find specific Comerica Bank business checking reviews, so the reviews shown below are for the bank as a whole. There are also reviews from the App Store and Google Play about the performance of the mobile banking app.
| Users Like | Users Dislike |
|---|---|
| Mobile deposit saves a trip to the bank | iOS and Android banking apps have issues with reliability |
| Credit card rate is lower than average | Fees are higher than expected |
| Visa cash back bonus is great for those who shop at a variety of stores | Difficult to resolve unauthorized charges that posted incorrectly |
I was able to find reviews from four sites in order to evaluate Comerica’s star rating, and the average rating is 2.92 stars across the four sites. Customers seemed to have the most positive feedback about the Visa cash back credit card. Some reviewers expressed concern regarding fees associated with accounts feeling they are a bit higher than expected. Others mentioned unresolved issues after reaching out to customer support, while some were dissatisfied with the mobile app on both Android and iOS devices.
Here’s how Comerica Bank scored on third-party review sites:
Comerica Bank Business Checking Overview of Terms & Features
| Basic Business Checking | Small Business Checking | Small Business Interest Checking | Premium Business Interest Checking | |
|---|---|---|---|---|
| Required Opening Deposit | $50 | $50 | $50 | $50 |
| Monthly Fees | $0 | $16; waivable by maintaining a $7,500 minimum balance | $21; waivable by maintaining $15,000 minimum balance | $34 |
| APY | N/A | N/A | Variable rate | Variable rate |
| Transaction Limit Before Fees | 75 | 300 | 300 | Fees charged on each transaction |
| Standard and Same-day ACH Fees | Available only with treasury management (prices may vary) | Available only with treasury management (prices may vary) | Available only with treasury management (prices may vary) | Available only with treasury management (prices may vary) |
| Domestic Wire Transfer Fees | Outgoing non-repetitive: $29 Outgoing repetitive: $24 Incoming: $14 | Outgoing non-repetitive: $29 Outgoing repetitive: $24 Incoming: $14 | Outgoing non-repetitive: $29 Outgoing repetitive: $24 Incoming: $14 | Outgoing non-repetitive: $29 Outgoing repetitive: $24 Incoming: $14 |
| International Wire Transfer Fees | Outgoing non-repetitive: $35-$65 Outgoing repetitive: $24 Incoming: $17 | Outgoing non-repetitive: $35-$65 Outgoing repetitive: $24 Incoming: $17 | Outgoing non-repetitive: $35-$65 Outgoing repetitive: $24 Incoming: $17 | Outgoing non-repetitive: $35-$65 Outgoing repetitive: $24 Incoming: $17 |
| ATM Fees | Free in-network, $2.50 per transaction out-of-network + host ATM processing fees | Free in-network, $2.50 per transaction out-of-network + host ATM processing fees | Free in-network, $2.50 per transaction out-of-network + host ATM processing fees | Free in-network, $2.50 per transaction out-of-network + host ATM processing fees |
| Monthly Cash Deposit Limit Before Fees | $2,500 | $5,000 | $5,000 | None free; $2.50 per $1,000 |
| Debit Card | Is free to all account signers and includes Mastercard ID Theft Protection™ (IDT) |
|---|---|
| Physical Checks | Available through Harland Clarke directly or through Comerica web banking. Check charges will be deducted from the checking account automatically. |
| Accounting Software Integrations | Quicken and QuickBooks |
| Business Payment Integrations | Merchant services |
| Customer Service |
Comerica Bank By Mai
Comerica Bank by Mail |
| Other Products |
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Comerica Bank Business Checking Requirements
Comerica Bank business checking requirements aren’t listed on the bank’s website. I have added the basic documents needed to open a business account below:
- Tax number, if using an EIN: If your business has an EIN, you will need to provide that for tax purposes.
- Business licenses, if required: If your business has any local or state licenses, you may be asked to provide those to the bank.
- Name and address of the business
- Date business was established
- Country and state of legal formation and primary operation
- Personal information about each signer, name, address, phone number social security number, and percentage of ownership
For detailed information, see our guide on how to open a business bank account. It includes a free downloadable checklist of the documents typically required upon account opening.
How to Open a Comerica Bank Business Checking Account
- Step 1: Visit your local branch. Currently, all business accounts must be opened in person at the branch. Comerica is in the process of building a web-based account opening application.
- Step 2: Present your legal formation documents. Bring your account formation documents to the branch when you open your account.
Comerica Bank Business Checking Account Features
- Business debit card for each user
- Online banking
- Bill pay
- Mobile banking
- Domestic and international wires
- Treasury services are available at an additional fee
Other Comerica Bank Business Checking Account Products
- Business Lending: Comerica offers loans to business owners up to $100,000 with no collateral on a line of credit and up to $750,000 on term loans. There are additional lending products to choose from such as working capital loans, SBA loans, and commercial real estate loans. The decision process can be finalized in as little as 24 hours on many loans with funding as soon as 72 hours.
- Cash Management Products: Improving cash flow is one of the crucial pieces to financial management. Cash management products offered by Comerica include ACH, Zelle for business, check deposit capture from desktop or mobile, merchant services, positive pay, and account reporting. Each of these products helps streamline internal financial operations.
- Wealth Management: Comerica offers many different products geared toward financial wellness and planning. This selection of products includes
- Wealth planning
- Investment strategies
- Optimizing investments
- Personal trust
- Charitable giving
- Risk planning
- Transitioning for business
Frequently Asked Questions (FAQs)
Comerica is a good choice for a business looking for a wide selection of accounts so that it can upgrade as it grows. It has several interest-earning options, such as CDs, and money market accounts.
Comerica is a good bank for businesses looking for in-person banking services in one of the 17 states (Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, South Carolina, Tennessee, Texas, and Washington) it has a presence. The fees tend to be a bit higher, but the product selection is large, so you can find a fee structure that suits your budget.
In October 2023, Comerica Bank was rated by FitchRatings[5] as an A-. A number of different factors were considered, along with assets and liquidity. Overall, the rating is still in the A range, which falls into the stable category.
Bottom Line
After thoroughly reviewing Comerica Bank, the first thing I noticed was longevity. The bank was formed in 1849 and has been going strong ever since. It has an excellent selection of business deposit products to pick from; however, the fees tend to be a bit higher than the industry standard. With the Basic Business Checking account, you can get started with a $0 monthly maintenance fee, which is a good fit for a business with low transaction volume. When it comes to the mobile app, it seems some improvements could be made based on the reviews; however, the bank does put a high priority on cybersecurity.
References:
[1]Google Play
[2]App Store
[3]Trustpilot
[4]WalletHub
[5]Fitch Affirms Comerica’s LT IDR at ‘A-‘; Outlook Revised to Negative
