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Comerica and other regional players are stepping up marketing efforts to large companies in hopes of winning over more of their employees BY STEVE GARMHAUSEN
For years, most of the nation's banks have provided their business customers with exclusive perks for their employees: everything from free checking to fee waivers at automated teller machines to discounts on mortgages and insurance.
But in September, Comerica Bank started marketing those same perks for employees at businesses that are not yet commercial customers of the Dallasbased bank. "As a business bank, it's a natural for us," says Cassandra McKinney, Comerica's senior vice president of retail product and sales management.
Comerica's initiative is noteworthy, experts say: At a time when banks desperately need new customers, Comerica and other banks are getting them by creatively expanding their workplace banking programs.
Workplace banking is a flexible term. It can encompass everything from offering free checking accounts to having actual branches located at workplaces. Often, it includes presentations from bankers about financial planning, mortgages or other timely subjects.
Whatever their form, workplace banking programs allow banks to reach audiences that...