Haris Ashley
Commerce Bank is a mid-sized commercial and personal bank based in Missouri, with additional locations in parts of Colorado, Kansas, Illinois, and Oklahoma. It offers a wide variety of financial products, including checking accounts, savings accounts, and insurance services. The bank has a strong presence in the insurance industry, providing customized banking, payment, and financial solutions for insurance companies. Commerce Bank offers a range of insurance products, including life insurance and long-term care insurance, through its subsidiary, Commerce Insurance Services, Inc. With a history spanning over 150 years, Commerce Bank has been recognized for its dedication to excellence in financial services and strong customer connections.
| Characteristics | Values |
|---|---|
| Type of Bank | Commercial and personal bank |
| Location | Missouri, Colorado, Kansas, Illinois and Oklahoma |
| Services | Banking, checking, savings, mortgages, loans, investing, credit cards, insurance |
| Insurance | Life insurance, long-term care insurance |
| ATM Network | Available in Colorado, Kansas, Missouri, Illinois and Oklahoma |
| Interest Rates | Low for savings accounts, higher for CDs |
| Monthly Service Fee | $5 to $10 |
| Minimum Deposit | $100 |
| Mobile App Rating | 4.6-star rating in the Apple store |
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What You'll Learn
Commerce Bank's insurance subsidiary
Commerce Bank is a mid-sized commercial and personal bank based in Missouri, offering a wide variety of financial products and services. It has additional locations in parts of Colorado, Kansas, Illinois, and Oklahoma.
Commerce Bank's subsidiary, Commerce Insurance Services, Inc., provides insurance services and products. Commerce Insurance Services offers a range of insurance products, including life insurance, long-term care insurance, and more. The company also provides insurance industry solutions, such as payment processing solutions like PayTrace, and electronic payment options through CommercePayments® CollectPay Online®.
The insurance subsidiary helps insurance companies run smoothly by providing financial products and services tailored to the industry. They also offer fixed-income securities, cash management solutions, and associated services through their Capital Markets Group (CMG).
Commerce Insurance Services, Inc. offers a range of life insurance products, including term life insurance and universal life insurance. Term life insurance provides protection for a selected period, up to 30 years, with level premiums. It can be converted to a permanent plan or cancelled at any time. Universal life insurance offers flexibility, allowing adjustments to premiums and the death benefit.
In addition to insurance, Commerce Bank provides consumer banking services such as checking accounts, installment loans, personal mortgages, and credit cards. They also offer commercial banking services, including corporate lending, merchant services, payment solutions, and international services.
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Commerce Bank's FDIC-insured savings accounts
Commerce Bank is a mid-sized commercial and personal bank based in Missouri, with additional locations in parts of Colorado, Kansas, Illinois, and Oklahoma. It is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a registered bank holding company. Commerce Bank offers a full line of banking services, including loan and deposit services, payment solutions, investment management, and financial planning. The bank provides both personal service and innovative solutions to meet the diverse needs of its customers.
One of the key offerings of Commerce Bank is its FDIC-insured savings accounts. These savings accounts offer customers a safe place to keep their money, although the interest rates earned on these accounts are not particularly high. The myRewards Savings account, for example, offers interest to help customers save for their goals, and it can be opened online or at a branch. This account provides easy access to funds through any Commerce ATM, a 24-Hour Account Information Line, and Online Banking, with free transactions limited to three per month. To encourage savings, Commerce Bank offers various tools like SmartSave and Round Up, which are available at no additional cost.
The FDIC-insured savings accounts at Commerce Bank have a low minimum deposit requirement, typically not exceeding $100. However, account holders may encounter monthly service fees ranging from $5 to $10, unless they maintain a certain deposit amount or set up regular direct deposits. For instance, a minimum monthly deposit of $25 may be sufficient to waive the fee for a myRewards Savings Account.
In addition to savings accounts, Commerce Bank offers a range of other financial products and services, including checking accounts, certificates of deposits, credit cards, mortgages, and consumer loans. The bank also provides insurance products through its subsidiary, Commerce Insurance Services, Inc. Overall, Commerce Bank strives to support its customers' financial needs through a combination of traditional and digital banking services.
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Commerce Bank's insurance industry solutions
Commerce Bank is a mid-sized commercial and personal bank based in Missouri, with additional locations in parts of Colorado, Kansas, Illinois, and Oklahoma. It offers a wide range of financial products, including checking accounts, savings accounts, credit cards, mortgages, and consumer loans.
The bank provides insurance industry solutions through its subsidiary, Commerce Insurance Services, Inc. This subsidiary offers a range of insurance products, including life insurance and long-term care insurance. Commerce Bank's insurance solutions are designed to protect individuals and their families. For example, term life insurance provides protection for a selected period, up to 30 years, with guaranteed level premiums. Universal life insurance offers flexibility and a guaranteed lifetime death benefit, allowing adjustments to premiums and the death benefit.
Commerce Bank also provides customized banking, payment, and financial solutions for insurance companies. Their Capital Markets Group (CMG) offers fixed-income securities, cash management solutions, and associated services to maximize returns, increase investment control, and minimize risk. Additionally, Commerce Bank offers payment processing solutions like PayTrace and CommercePayments® CollectPay Online®, which broaden customer web payment options while maintaining predictable cash flow.
The bank also has innovative healthcare financial solutions under CommerceHealthcare®. These solutions focus on receivables, payments, and lending, helping healthcare providers streamline financial processes, optimize revenue, improve cash flow, and accelerate the remittance process.
With a strong understanding of the insurance industry, Commerce Bank is well-equipped to deliver tailored banking solutions and help insurance companies identify unique opportunities.
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Commerce Bank's loan and deposit services
Commerce Bank offers a wide range of financial products and services, including loans and deposit accounts. The bank has a long history, dating back 160 years, and is committed to supporting its customers' needs through various banking options.
Deposit Services
Commerce Bank offers both personal and business banking services, including checking and savings accounts. The bank's Early Pay feature allows customers to access their direct deposits up to two days early with no additional fees. Commerce Bank also provides certificates of deposits and retirement accounts, with a low minimum deposit requirement of $100 for these accounts. While the bank's interest rates are not exceptionally high, they beat some of the country's biggest banks and are similar to many large banks, such as Chase.
Loan Services
Commerce Bank offers various loan services, including credit card loans, mortgages, car loans, boat loans, RV loans, home equity loans, personal loans, and health services financing. Customers can make loan payments through their Commerce checking or savings account, or by using a non-Commerce account or eligible debit card. The bank also provides online and mobile banking services, making it convenient for customers to manage their finances remotely.
Insurance Services
In addition to loans and deposits, Commerce Bank, through its subsidiary Commerce Insurance Services, offers insurance products such as life insurance and long-term care insurance.
Overall, Commerce Bank provides a comprehensive range of financial services, including loan and deposit options, to meet the diverse needs of its customers.
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Commerce Bank's life insurance products
Commerce Bank is a full-service bank offering a wide range of financial products and services, including life insurance. Life insurance is provided by Commerce Insurance Services, Inc., an insurance agency and subsidiary of Commerce Bank.
Term Life Insurance
Term life insurance is the most affordable way to provide protection for a selected period, up to 30 years, with premiums guaranteed to remain level throughout. You can convert your policy to a permanent plan, cancel it at any time, or select a feature that refunds a large portion of your premiums if you don't use the policy.
Universal Life Insurance
Universal life insurance offers flexibility and a guaranteed lifetime death benefit. It allows you to adjust your premiums and increase or decrease your death benefit as your needs change.
Multi-Benefit Insurance
Multi-Benefit Insurance is a single-premium life insurance policy that provides tax advantages to the insured and their heirs. It includes a guaranteed principal, no ongoing premium increases, a tax-free death benefit, tax-deferred cash value growth, and tax-free withdrawals for qualified long-term care expenses.
Long-Term Care Insurance
Long-Term Care Insurance provides financial reimbursement for expenses not typically covered by health insurance or government programs. It assists individuals and their families when the insured can no longer live independently and need help with daily activities. Benefits can be used for services received at home or in assisted living and nursing facilities.
While Commerce Bank offers life insurance products, it is important to note that these policies may not be available in all states, and certain restrictions may apply.
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Frequently asked questions
Commerce Bank is a subsidiary of Commerce Bancshares, Inc., a registered bank holding company. Commerce Bank offers FDIC-insured savings accounts. Commerce Insurance Services, a subsidiary of Commerce Bank, also offers a range of insurance products including life insurance and long-term care insurance.
Commerce Insurance Services offers a range of life insurance products, including term life insurance and universal life insurance.
A Commerce Bank savings account offers a low minimum deposit, with the exception of its CDs and retirement accounts. The account also provides access to funds through any Commerce ATM, a 24-Hour Account Information Line, and Online Banking, with the first three withdrawals or transfers per month being free.
Commerce Bank provides a full line of banking services, including loan and deposit services, payment solutions, investment management, and financial planning. The bank also offers customized banking, payment, and financial solutions for companies in the insurance industry.
