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CommerceBank.com

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CommerceBank.com Reports & Reviews (1)

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In August of 2022 my adult daughter when to a Commerce Bank branch to ask if she could invest $20,000 in something paying more than 4% interest. She was encouraged to invest in a 24 month CD paying 4.5%. She was then presented paperwork showing “Rate: 0.045” (without a percent sign). Being a college educated STEM major, she multiplied by 100 and interpreted that as 4.5%, as she was told. A year later her statement showed a gain of $9, not $900 as was expected. She went back to the branch office and was told there was nothing they can do because she signed the 0.045 paperwork. Commerce said the percent sign is assumed, even when it’s not shown. The bank agent who sold her the CD no longer works at Commerce, so there was no way to prove my daughter was misled. I went to my local office in St Louis and found that Commerce still sells CDs at rates less than one half of one percent, even though I could get one for 5% at the same bank. I’ve asked four Commerce employees why their bank would sell a CD that pays 1/100 of another CD with the same term. They all say they don’t know, and that they themselves don’t set rates. These are branch managers and regional managers. I can only assume that Commerce intends to dupe some people (like my daughter) into buying the wrong product.

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