A mixed bag with Commerce. Bank personnel are friendly and nice enough to keep me coming back. I was even contacted by a branch manager shortly after opening my account online - very nice touch. If I were an old-school customer this would be great, but I'm decidedly new-wave, high-tech, so online banking is where I am.
Bank policies aren't that different than other brick-and-mortar banks in my area - they require a minimum balance for savings accounts or ding you with a service fee, thus I do not have and will never get a savings account with Commerce. However they do have free checking that does not require a minimum balance (it does require direct deposit, but unlike Bank of America, doesn't require a minimum monthly deposit). Like most banks, Commerce offers the option to allow them to deny payment if I attempt to purchase something that costs more than my bank balance. That's great, but only applies to ATM purchases. Not a big deal for me, since Commerce isn't my primary bank, I rarely use my ATM card. But still......
Online practices and policies aren't that different than any other bank. For starters, the ATM issue I just mentioned oddly doesn't apply to online payments. In other words, if I have auto-pay set and do not have enough cash at the time the payment is scheduled to transmit, Commerce will just let the payment go through. That defeats the big advantage of online banking. My primary bank - ING Direct - doesn't do that. If no money is in the bank they don't send payment. I wish Commerce would deny payments and asked them to do so or if there was some program I can enroll in to make that happen. They "can't do that" is what I was told.
As for the online experience, again, nothing that stands out - except for the fact they obviously are using some kind of commercially available template - I found a number of banks that have the exact same layout as Commerce - albeit with different colors. The recent enhancements are good, but still lags behind ING Direct, Ally B
I have been a customer of CommerceBank for 8 years. Recently, they started putting holds in my credit card payments every month, for no obvious reason. I found myself in the absurd position to be out of money when I do make payments on time (and far more than the minimum required).
When I asked them about that, they had the nerve to tell me that it was all electronic and that they could do nothing about it.
I am looking forward to get another credit card so as not to depend on this Kremlin-like bank.
I have been with this bank since the early 1990's. I have had positive experiences from my local branches (South STL MO) and negative experiences with Commerce Bank. The local tellers are wonderful but Commerce removed the local branches phone numbers from their website so you pretty much have to deal with the main customer service line which is of poor quality.
1) If you close an account, get it in writing. You will have to close your account at least three times. It seems the bank does this on purpose in order to charge a fee for zeroing out the balance. I used to have multiple accounts; I closed two of them at different times and got charged a fee both times. I had the local account rep sign each time I closed the same account. It took 3 times to fully close both accounts (My mother and brother had the same experience).
2) Debate your over draft fee’s. I had a bill got out (via Billpay) that wasn’t going to be cashed for another week. My Available balance went negative even though the check was never cashed (actual balance was positive). Commerce charged me an overdraft protection fee. (I never signed up for overdraft protection and they did not have my permission to charge it). So I debated it and got it erased.
Online Billpay was updated Jan 2012. The new version is very poorly executed. The Pending Payments section was reorganized so the payments coming due in the near term are at the top and payments further out in the future are on the bottom. (This is reversed from the way that almost all other banks have their Pending section setup). What it means is that you have to scroll up and down the screen in order to see what has been paid and what will soon to be paid. This single update has now caused me to start searching for another bank as it cannot be changed on the customers end nor on the customer service reps end. Turned what was once a great system into a frustrating experience. IT IS ABSOLUTELY HORRIFIC!!!