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LAST UPDATED: April 6th, 2021

Founded in 1917, Chemical Bank is a Michigan-based bank with their headquarters in Midland, Michigan. Chemical Bank is a wholly owned subsidiary of Chemical Financial Corporation and operates 187 offices spread over the lower peninsula of Michigan. It is the second largest bank in the state.  

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The Good

  • Money Management Tools
  • Checking Accounts
  • Saving Accounts

Money Management Tools

Chemical Bank takes a home town approach with their clients ensuring focus on devotion to community and personalized service. The best part of the Chemical Bank service is that they provide money management tools. These tools helps clients better understand effective money management and improve financial decisions.

Checking Accounts

There are a variety of personal checking accounts available through Chemical Bank that are specifically designed to meet the needs of most lifestyles. There are six different options, but all come with the backed-guarantee of quality customer service. The provided accounts through Chemical Bank include:

  • Advantage: earn interest on daily balances. Benefits include interest paid monthly, variable interest rate based on market conditions, variety of statement options to meet all needs, online banking and voice banking service, mobile banking, and discount on loan rate with direct debit.
  • ChemBasic: no minimum balance requirements or service charges with eStatements. Benefits include: free ATM transactions, free debit card transactions, free eBanking and voice banking service, free unlimited eBill payments, and mobile banking.
  • ChemPlus: for individuals 55 and better. Features include: free ATM transactions at Chemical Bank ATMs, free unlimited debit card transaction, free eBanking and voice banking service, eBill Pay services included for free with unlimited eBill payment, and free notary photocopies.
  • Classic: low minimum balance requirement, no check writing limitations or per-check charge. This traditional checking account features a low minimum balance requirement, no check writing limitations and no per-check charge.
  • Green: Chemical Bank's paperless account, access funds electronically 24/7. Clients can access funds on the go and no minimum balance necessary. This is for those who do not plan on writing many checks (limits to five free checks per month).

Saving Accounts

There are also a number of savings accounts available. In fact, there are nine different savings accounts that can be for events, opportunities, or retirement. These accounts include: classic savings, MI savings, youth savings, holiday club, money market, premier money market, health savings account, certificates of deposit, and the Chem Flex Investment account. The ideal client for each of these account is broken down as follows:

  • Classic: earns interest, low minimum balance requirement for basic needs.
  • MI Savings: No-minimum balance, earns tiered interest.
  • Youth Savings: A savings account for children under the age of 18.
  • Holiday Club: Save for any annual expenses.
  • Money Market: Competitive market rates and immediate liquidity.
  • Premier Money Market: pays a competitive market rate of interest while offering liquidity.
  • Health Savings Account: save for qualified medical expenses.
  • CDs: a great way to save while earning a higher interest rate.
  • Chem Flex Investment Account: earn a higher rate of interest on short-term investments.

There are also a number of credit cards available for issuing as well. Depending on qualifications and requirements, there are five different types of cards available. These cards include: credit cards, debit cards, ATM cards, prepaid gift cards, and reloadable cards.


The Bad

  • Lending Options
  • Limited Locations

Lending Options

The lending capabilities of Chemical Bank are rather lacking. While they can help find the right lending solutions for specific opportunities, the loan offers really end there. The only two types of loans that are offered include:

  • Mortgage Loans
  • Consumer Loans

Limited Locations

Chemical Bank only operates in the state of Michigan, drastically reducing the number of clients that can be served. Those who do not live in Michigan will not be able to use the Chemical Bank platform. As of right now, their banking offices can only be found in forty-seven counties in the state of Michigan.


The Bottom Line

Chemical Bank has provided the state of Michigan with quality banking solutions for decades now. Those that are considering using Chemical Bank for their financial products can expect the following from the service:
  1. Wide range of checking and savings account options
  2. Debit and credit cards provided
  3. Limited availability
  4. Not many loans to choose from
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mark Battle Creek, MI

have been fighting with them for a year, they held a check for 3 days to make sure it was good i ask them too, 3 days later they paid out the check said everything was good a week later found out it was bad they froze my account threatened me with fraud and said it was not their job to investigate checks i have contacted everyone with no help they are in my opinion thieves and liars

4 years ago

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Pam Petoskey, MI

I feel they dont show all your money that is going out that day. If you dont look hard enough you will bounce and then they get money for your miss understanding. It's a real struggle. You check your balance and you check your scheduled payments but most of the time you dont see the ones being process that day, so you think Oh I'm ok. Then the next day you bounced. I love the people that work there but hate the company.

4 years ago

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When mailing in my mortgage payment, I requested the over-payment be applied to the principle. For 7 months they have been applying it to the escrow account. My trust in them has been broken. My son has also had similar experiences with his auto loan.

4 years ago

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Angela Pelton Prudenville, MI

Chemical bank is the worst bank ever. They hold your pay check and try and tell you when you can have it. So if you want your money when you need it don't go with the chemical bank nothing but a headache.

5 years ago