Comerica Bank is promoting an eye-catching bonus of up to $300 to new customers who open a checking account by June 30.
But banking at Comerica doesn’t make sense for everyone, and earning even part of that bonus requires some patience and effort.
Customers can qualify for up to three, $75 bonuses by:
- Making a regular direct deposit into the account.
- Using your debit card an average of five times a month between July 1 and Dec. 31.
- Paying an average of at least five bills a month with its online bill payment system during those six months.
Opening a top-of-the-line Premiere or Platinum Circle checking account is good for another $75, bringing the total to the full $300.
But customers must keep a significant amount of money at Comerica ($20,000 to $50,000) to avoid monthly fees on those accounts, and they’re definitely not the best choice for most of us.
There’s another hurdle, too.
Just opening a checking account doesn’t automatically enroll you in the bonus program. Once you have an account, you must go online to sign up, and you must do that prior to June 30.
Whatever you ultimately earn will be deposited in your account by Feb. 5, 2011 — and reported to the IRS as income.
Although this offer is available nationwide, a Comerica checking account only makes sense if you live near one of its branches in California, Texas, Arizona, Florida or Michigan.
That’s because Comerica doesn’t offer free use of other banks’ ATM machines — a must for long-distance customers.