Are you interested in discovering the complete set of attributes that Comerica Premier Checking offers? Responsible Economy has meticulously examined and evaluated all aspects of Premier Checking, including its fees, prerequisites, the provided interest rate, and comprehensive information. Additionally, you’ll find a side-by-side comparison with the best checking accounts available in the United States. Let’s begin delving into the details!
Features
In this section, we analyze all the features of Comerica Premier Checking.
Fees
Comerica Rich Rewards Checking has a monthly fee of $22 ($264 per year), unless you meet one of the following requirements:
- $7,500.00 minimum Ledger Balance each day in this account.
- Open revolving home equity Account.
- A minimum combined balance of $20,000.00 each day in this account and/or up to three other related Comerica Accounts (Statement Savings, MMIA, HY MMIA, CDs and IRAs) OR an open revolving home equity account.
Interest rate
Comerica Premier Checking offers a paltry interest rate of 0.01% APY. If you’re considering earning interest on your money, you should take a look at the best savings accounts.
Minimum deposit
The minimum initial deposit to open the account is $50.
Welcome bonus
Comerica Premier Checking does not offer any welcome bonus.
Zelle
Comerica Bank offers the added convenience of Zelle service, allowing you to effortlessly send and receive money without any associated fees. Considering that conventional bank transfers in the United States can frequently come with significant charges, we recommend considering accounts that feature Zelle as a more cost-effective option.
Wire Transfers
Incoming domestic bank transfers incur a fee of $14, and international transfers have a fee of $17. Outgoing domestic bank transfers have a fee of $35.
ATMs
Comerica Premier Checking provides up to 4 fee-free cash withdrawals per month as they reimburse you for any charges incurred. Naturally, you can withdraw money without fees from Comerica ATMs. Starting from the fifth cash withdrawal at non-Comerica ATMs, there is a fee of $2.5.
Overdraft
Premier Checking offers Overdraft service. For the first item, there is a $26 fee, for the second, a $34 fee, and for each subsequent day, an additional fee of $6 will be charged.
Summary table
Here is a summary table with all features:
| Features | Details |
|---|---|
| Fees | Comerica Rich Rewards Checking has a monthly fee of $22 ($264 per year), unless you meet one of the following requirements: |
| – $7,500.00 minimum Ledger Balance each day in this account. | |
| – Open revolving home equity Account. | |
| – A minimum combined balance of $20,000.00 each day in this account and/or up to three other related Comerica Accounts (Statement Savings, MMIA, HY MMIA, CDs and IRAs) OR an open revolving home equity account. | |
| Interest rate | Comerica Premier Checking offers a paltry interest rate of 0.01% APY. If you’re considering earning interest on your money, you should take a look at the best savings accounts. |
| Minimum deposit | The minimum initial deposit to open the account is $50. |
| Welcome bonus | Comerica Premier Checking does not offer any welcome bonus. |
| Zelle | Comerica Bank offers the added convenience of Zelle service, allowing you to effortlessly send and receive money without any associated fees. |
| Considering that conventional bank transfers in the United States can frequently come with significant charges, we recommend considering accounts that feature Zelle as a more cost-effective option. | |
| Wire Transfers | Incoming domestic bank transfers incur a fee of $14, and international transfers have a fee of $17. Outgoing domestic bank transfers have a fee of $35. |
| ATMs | Comerica Premier Checking provides up to 4 fee-free cash withdrawals per month as they reimburse you for any charges incurred. Starting from the fifth cash withdrawal at non-Comerica ATMs, there is a fee of $2.5. |
| Overdraft | Premier Checking offers Overdraft service. For the first item, there is a $26 fee, for the second, a $34 fee, and for each subsequent day, an additional fee of $6 will be charged. |
Best checking accounts
We have conducted a comparison of Comerica Premier Checking with the best checking accounts you can open in the United States:
- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates
- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings
- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs
- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs
- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings
- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings
- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Requirements
In order to qualify for opening a Comerica Premier Checking account, you must satisfy the following minimum conditions:
- Minimum Age Requirement: You must be at least 18 years old to be eligible for opening a Comerica Premier Checking account. This ensures that you have reached the legal age for entering into financial agreements and effectively managing a bank account.
- Residency in the United States: Comerica Premier Checking account is specifically designed for individuals who are legal residents of the United States. This requirement ensures that the account is accessible to those who reside within the country.
- Initial Deposit: To initiate your Premier Checking, you will need to make an initial deposit of $50. This initial deposit demonstrates your commitment to establishing the account and provides the essential funds to embark on your banking journey with Comerica.
Documents
To open a Comerica Premier Checking account, you’ll need to furnish the following documents:
- Social Security Number or Driver’s License: During the account opening process, you will be required to furnish either your Social Security Number (SSN) or a valid Driver’s License. This measure is taken to verify your identity and ensure adherence to regulatory guidelines.
- Proof of U.S. Residency: Providing documentation such as a utility bill or an official record that confirms your residential address within the United States is essential. This documentation serves to authenticate your legal residency status and establishes your eligibility for creating the account.
Pros and cons
We have created a table outlining all the advantages and disadvantages of the Comerica Premier Checking account:
| Pros | Cons |
|---|---|
| Access to competitive savings accounts and deposits. | 0.01% interest rate |
| Up 4 Withdrawls free | High fees in wires |
| Monthly fees if you don’t meet specific requirements. |
Conclusion
After conducting our analysis, we conclude that the Comerica Premier Checking account does not measure up as a competitive choice. It necessitates meeting specific requirements to avoid monthly maintenance fees, offers a modest 0.01% APY interest rate, and imposes notable charges for bank transfers and ATM transactions. Nevertheless, it’s important to highlight that if you reside in California, there could be benefits, including a wider range of ATMs and branches. Moreover, you can enjoy up to 4 fee-free cash withdrawals per month from any ATM. Adhering to the stipulated conditions would exempt you from certain fees.
Interesting information about Comerica
We have created a table with relevant information about Comerica
| Information | Description |
|---|---|
| Website | https://www.comerica.com/ |
| https://www.facebook.com/comerica | |
| https://twitter.com/comericabank | |
| https://www.instagram.com/comerica_bank/ |
Other Comerica products
We’ve also provided a list of all the Comerica products we have analyzed:
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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