[MI & TX] Comerica Bank $200/$500 Checking Bonus

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Update 5/31/21: There is now a $500 bonus as well.

Update 8/11/20: Terms now state ‘Offer is only available when opening account in the Michigan market.’ Previously the terms didn’t have that restriction. Will be interesting to see what happens to account holders who opened before that was added. Hat tip to TG

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: MI, TX only
  • Direct deposit required: Three consecutive direct deposits of $500+ within 90 days
  • Additional requirements: None
  • Hard/soft pull: Soft pull
  • ChexSystems: Yes
  • Credit card funding: None
  • Monthly fees: $13, avoidable
  • Early account termination fee: $10 if closed within 180 days
  • Household limit: None listed
  • Expiration date: None listed

The Offer

Direct link to offer

  • Comerica Bank is offering a bonus of $200 when you open a new Access Checking account with a minimum of $50 and complete the following steps:
    • Set up and receive three consecutive direct deposits of at least $750 each within 90-days of account opening
  • Comerica Bank is offering a bonus of $500 when you open a new Platinum Circle checking account:
    • Deposit a total of $50,000 or more across all eligible accounts
    • Your checking account must then remain open with a total of $50,000 or more in account balances each day for 90-days after date

 

The Fine Print

$200 bonus:

  • Open a Comerica Access Checking account and complete these steps to earn the $200 offer. 1) Within 90 days of account opening, set up and receive three consecutive direct deposits of at least $500 or more to receive a $200 cash deposit to your new account within 30 days after eligibility and bonus requirements have been met.
  • If required by applicable law we will report your earned offer as income to the tax authorities which could result in federal, state or local tax obligations. Offer subject to change and may be discontinued at any time.
  • Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security).
  • Examples of a non-qualifying direct deposit would be transfers from one account to another; deposits at a banking
    center, ATM or mobile deposits.
    3 One direct deposit of at least $250 or more per statement cycle.
    4 For Access Checking with direct deposit there is no monthly fee for Comerica Web Bill Pay. Without direct deposit, you receive the first 12 months of Comerica Web Bill Pay for no monthly fee. After 12 months, Comerica Web Bill Pay is just $6.95
    per month. Additional fees may apply for expedited payment delivery.
    5 For more information on the Statement Savings and terms and conditions please refer to the Personal Services and Charges Brochure and the Comerica Business and Personal Deposit Account Contract.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

$500 bonus:

  • Open a Comerica Platinum Circle Checking® account and complete these steps to earn the $500 offer:
    •  a. Deposit a total of $50,000 or more across all eligible accounts including a Comerica Platinum Circle Checking, Money Market, CD, IRA or Business Checking account within 30-days of opening the Comerica Platinum Circle Checking account.
    •  b. Your checking account must then remain open with a total of $50,000 or more in account balances each day for 90-days after date of opening to be eligible for the $500 offer. Once these requirements have been met $500 cash will be deposited into your Platinum Circle Checking account within 30-days.
  • If required by applicable law we will report your earned offer as income to the tax authorities which could result in federal, state or local tax obligations. Offer subject to change and may be discontinued at any time.
  • Offer is only available when opening account in the Michigan and Texas markets.
  • In order to qualify for the Comerica Platinum Circle Checking account you must keep a $50,000.00 average daily Ledger Balance in any combination of personal or business deposit accounts or a minimum combined balance of $2,500,000.00 each day in any combination of assets managed by Comerica Asset Management, in Comerica Private Banking loan balances or in Comerica Securities, Inc. account balances. If qualifying account balances are not maintained, one or more of the Comerica Platinum Circle Checking Accounts related to those balances may be converted to the Rich Rewards® Checking Account, at which time you may no longer qualify for Comerica Platinum Circle Checking benefits.

Avoiding Fees

Monthly Fees

Access Checking ($200 Bonus)

The $13 Monthly Fee can be waived if any one of the following qualifications is met:

  • $1,000 minimum Ledger Balance each day in account
  • One direct deposit of at least $250 or more per statement cycle
  • Be a full time student up to the age of 26
  • Be a business owner with a Comerica business checking account
  • Be an Active or Retired Member of the U.S. Military
  • Be a member of a Comerica Platinum Circle Checking household and designated by the Account owner as the one Access Checking Account free of monthly maintenance fees

Platinum Circle ($500 Bonus)

In order to qualify for the Comerica Platinum Circle Checking account you must keep a $50,000.00 average daily Ledger Balance in any combination of personal or business deposit accounts or a minimum combined balance of $2,500,000.00 each day in any combination of assets managed by Comerica Asset Management, in Comerica Private Banking loan balances or in Comerica Securities, Inc. account balances. If qualifying account balances are not maintained, one or more of the Comerica Platinum Circle Checking Accounts related to those balances may be converted to the Rich Rewards® Checking Account, at which time you may no longer qualify for Comerica Platinum Circle Checking benefits.

Additional Fees

  • Additional fees may apply for web bill pay – waived first 12 months then $6.95 per month if no direct deposit received
  • Additional fees may apply for Comerica initiated outbound ACH Transfers ($3) [External Transfer Service]

Early Account Termination Fee

There is a $10 fee charged if the account is closed within 180 days.

Our Verdict

We’ve seen a $200 bonus in the past but that was targeted. Bit annoying that you need three direct deposits but still worth doing if you’ve already done the easier/bigger bonuses in your area. We will add this to the best bank bonus page.

Hat tip to reader Justin T

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