Comerica Rich Rewards Checking review

Do you want to know all the features of Comerica Rich Rewards Checking? Responsible Economy has conducted a detailed analysis of all the features of Rich Rewards Checking: fees, requirements, the interest rate it offers, and everything you need to know. You will also be able to see a comparison with the best checking accounts in the United States. Let’s get started!

Features

In this section, we analyze all the features of Rich Rewards Checking.

Fees

Comerica Rich Rewards Checking has a monthly fee of $18 ($216 per year), unless you meet one of the following requirements:

  • $5,000.00 minimum Ledger Balance each day in this account.
  • A minimum combined balance of $7,500.00 each day in this account and/or up to three other related Comerica accounts (Statement Savings, MMIA, HYMMIA, CDs or IRAs).

Interest rate

Rich Rewards 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

Rich Rewards Checking does not offer any welcome bonus.

Zelle

Comerica Bank provides the convenience of Zelle service, enabling you to easily send and receive money without incurring any charges. Given that traditional bank transfers in the United States can often involve substantial fees, we suggest exploring accounts that offer Zelle as a more economical alternative.

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

You can withdraw money without fees at all Comerica Bank ATMs, but for other ATMs, there is a $2.5 fee for each withdrawal.

Overdraft

Rich Rewards 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:

FeatureDetails
FeesMonthly fee of $18 ($216 per year), waived with certain requirements.
Interest Rate0.01% APY
Minimum Deposit$50
Welcome Bonus$0
ZelleYes
Wire TransfersIncoming domestic: $14, Outgoing domestic: $35, Incoming international: $17.
ATMsWithdraw without fees at Comerica ATMs; $2.5 fee at other ATMs.
OverdraftOverdraft service: $26 for first item, $34 for second, $6 per day for subsequent days.
Comerica Rich Rewards Checking features

Best checking accounts

We have conducted a comparison of Comerica Rich Rewards Checking with the best checking accounts you can open in the United States:

Logo Chase
  • 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
Bank of America logo
  • 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
Wells Fargo logo
  • 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
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • 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
Citibank-logo
  • 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 Rich Rewards Checking account, you must satisfy the following minimum conditions:

  • Age Requirement: You should be at least 18 years old to be considered eligible for a Comerica Rich Rewards Checking. This ensures that you’ve reached the legal age for engaging in financial agreements and managing a bank account.
  • U.S. Residency: Comerica Rich Rewards Checking is designed for individuals who are lawful residents of the United States. This criterion guarantees that the account is accessible to those residing within the country.
  • Initial Deposit: To initiate your Comerica Rich Rewards Checking, an initial deposit of $50 is required. This deposit signifies your commitment to establishing the account and provides the necessary funds to embark on your banking journey with Comerica.

Documents

To open a Comerica Rich Rewards Checking account, you’ll need to furnish the following documents:

  • Social Security Number or Driver’s License: You’ll be asked to provide either your Social Security Number (SSN) or a valid Driver’s License as a means of identification. This step helps verify your identity and ensures compliance with regulatory standards.
  • Proof of U.S. Residency: Submission of a utility bill or another official document confirming your residential address in the United States is necessary. This documentation serves to validate your legal residency status and your eligibility to establish the account.

Pros and cons

We have created a table outlining all the advantages and disadvantages of the Comerica Rich Rewards Checking:

ProsCons
Access to competitive savings accounts and deposits.0.01% interest rate
High fees in wires
Monthly fees if you don’t meet specific requirements.
Comerica Rich Rewards Checking advantages and disadvantages

Conclusion

Based on our assessment, we find that the Comerica Rich Rewards Checking account falls short of being a competitive option. It mandates specific criteria to evade monthly maintenance charges, presents a meager 0.01% APY interest rate, and imposes substantial fees on bank transfers and ATM usage. However, it’s worth noting that residing in California could offer advantages, with a broader availability of ATMs and branches. Fulfilling the outlined conditions would exempt you from certain fees.

Interesting information about Comerica

We have created a table with relevant information about Comerica

InformationDescription
Websitehttps://www.comerica.com/
Facebookhttps://www.facebook.com/comerica
Twitterhttps://twitter.com/comericabank
Instagramhttps://www.instagram.com/comerica_bank/
Interesting information about Comerica

Other Comerica products

We’ve also provided a list of all the Comerica products we have analyzed:

To conclude, you have more related content about checking accounts:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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