Commerce Bank Logo
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LAST UPDATED: April 6th, 2021

Commerce Bank was founded in 1865 by Francis Reid Long as the Kansas City Savings Association with only $10,000 in capital. The association was then acquired in 1881 and it became the National Bank of Commerce. It eventually became the Commerce Bank in 1903. Commerce Bank is the oldest and largest bank in Kansas City. It is listed as the 48th largest bank holding company in the United States as reported by the Federal Reserve Bank. 

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The Good

  • Checking accounts
  • Financing opportunities
  • Mobile banking

Checking Accounts

Commerce Bank provides banking solutions for personal, small business, commercial, and wealth management uses. The services offered to these types of clients may vary, but some basic features and bonuses apply across the board. One of the biggest draws to the Commerce Bank platform is the fact that there are a number of personalized checking accounts. For starters, there are six different checking account options that are all designed to make banking more straightforward. The checking account options break down as follows:
  • Interest Checking: interest paid, requires $1,000 minimum and $100 to open. There is a possible $10 monthly service charge. CommerceOptions Plus: No commerce fee three times per month on non-commerce ATMs, interest paid, $5,000 in deposits and a $12 monthly service charge.
  • CommerceOptions Premium: Requires $100 to open, but $20,000 combined in deposits and loans to meet the minimum balance to avoid the service charge of $20.
  • myDirect Checking: Only $100 to open and no minimum balance required. No service charge but there is no interest paid.
  • myDirect Student Checking: Also requires $100 to open but does not require minimum balance and there is no service charge. There is also no interest paid.
  • Custom Accounts: build your own checking account and receive direct deposit service and debit card.

Financing Opportunities

Commerce Bank offers a number of financing opportunities to individuals looking to make major purchases. The loan capabilities are both flexible and tailored to the individual's financial needs. Whether it is funding an education or a dream, Commerce Bank may have the solution. The following are loans offered through Commerce Bank:
  • Home Mortgage Loans
  • Home Remodel Loan
  • Auto Loan
  • Vehicle Refinance
  • Life Event Loans
  • Personal Loans
  • Education Expenses

Mobile Banking

With the mobile banking feature, available for free through Commerce Bank, clients can manage finances from anywhere simply by downloading the app on any Apple or Android device. With the app, users will be able to: view account balances, view recent transaction activity, transfer money between eligible accounts, make bill payments, deposit checks, and search for locations.

The Bad

  • Limited locations
  • Service charges

Limited Locations

The service area is a major drawback to the Commerce Bank platform. Those that do not reside in one of the states they operate in will not be able to use the Commerce Bank financial solutions. The only states that Commerce Bank can be found in, includes:
  • Colorado
  • Illinois
  • Kansas
  • Missouri
  • Ohio
  • Oklahoma
  • Tennessee
  • Texas

Service Charges

There are monthly service charges applied to most checking and savings accounts with Commerce Bank. While these fees can be waived, there are certain stipulations that must be met. If these requirements are not fulfilled, these charges will be applied each and every month until the situation is rectified.

The Bottom Line

Commerce Bank continues to provide quality and custom banking options to individuals and companies within their range of operation. These banking solutions help people better save and manage their money. Those considering Commerce Bank for their banking needs can expect the following from the platform:
  1. Expansive checking and savings options
  2. Wide variety of loan solutions
  3. Products for personal and commercial use
  4. Limited availability
  5. Monthly service charges
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