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[CAUTION] Chemical Bank Review: Rapid Growth Has A Price

By Mark Huntley, J.D.

Real estate investor, lawyer, personal finance writer, and Co-Founder of Credit Knocks

Advertiser Disclaimer - Some links on this page may pay us advertising fees.

Chemical Bank has lost the 'community bank' feel as it has rapidly grown into one of the largest banks in the midwest. The one-time regional great now finds its offerings average amongst national bank competitors.  

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Wide selection of products.


Average APR offerings. 


Customer reviews are not favorable. 


Rapid growth came at a cost. 

    Credit Knocks Overall Star Rating:     

  • Multiple Banking Products
  • 500 Branches
  • Active In Community
  • Higher APR Rates
  • Limited Online Use
  • Poor Customer Support


For most of the century, Chemical Bank and Trust was a Michigan treasure and trusted community bank. 

Since breaking away from Chemical Trust, it's namesake, in the 1960s, Chemical Financial Corporation has expanded to provide banking to all 50 states. 

They provide personal banking services, including checking and savings accounts, personal loans, auto loans, credit cards, and home equity loans. 

Chemical Bank Online Banking also has business services that include business checking accounts and small business loans through the SBA. 

Customer and employee reviews complain of behind the time's online technology and poor customer support. 

This bank may be ok to be used for local banking services, but we would not recommend them for any online banking needs.

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Who Is Chemical Bank? 

Chemical Bank and Trust have been actively providing banking services to its customers since March 14, 1917, when it started as  Chemical State Savings Bank

The Chemical Bank has been a premier financial servicer in the Midwest for the last century, providing both consumers and businesses with checking, savings accounts, and loans. 

In August of 2019, Chemical Bank and Trust merged with TCF Bank and formed TCF National Bank. 

TCF Financial Corporation is publicly traded on NASDAQ under the symbol TCF. 

They are a holding company for the newly formed bank and boast of over 47 billion dollars in financial assets. 

Chemical Financial Corporation, along with TCF National Bank are now the largest bank in Michigan and are headquartered in Detroit. 

Together they provide consumer and business banking services, specialty leasing programs, wealth management, consumer loans, and small business loans.

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What Is Chemical Financial Corporation?

Over the past hundred years, Chemical Financial Corp has grown to be one of the largest banking companies in the midwest through mergers and acquisitions. 

The 2019 merger with TCF Financial Corp. brought combined assets of 45 billion with 34 billion in deposits across nine states and over 500 branches. 

My Chemical Bank provides a robust number of banking services through its online banking platform across all 50 U.S. States. 

They offer multiple personal banking, business banking, and wealth management services. 

Overall, customer and employee reviews tell of a bank with a small family feel that genuinely seems to care about its employees and customers. 

However, due to the rapid growth, many customer Chemical Bank Reviews speak of slow customer service and technology that has fallen behind its competitors. 

Chemical Financial were unwittingly thrust into some nefarious state history when their Midland Michigan branch was robbed in 1937 by Tony Chebatoris and an accomplice that ultimately ended in a shootout and multiple deaths. 

Bank robbery is a Federal crime, and Tony Chebatoris was charged by the Feds for murder and ultimately being sentenced to death. 

Michigan had abolished the death penalty in 1846, but because Chebatoris was found guilty and sentenced to death in Federal Court, he has the dubious distinction of being the last person executed in Michigan. 

The bank robbery included a calamity of errors and was thwarted by a sharpshooting dentist with a hunting rifle from his second-floor office above the bank.

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Chemical Bank Business Banking

Chemical Financial offers a wide selection of business banking services. 

They offer multiple business checking options for small to large business needs. 

They are certified to provide SBA small business loans along with working capital lines of investment, equipment loans, and commercial real estate lending. 

Other business banking services offered include certificates of deposit, specialty financing, treasury management, and municipal banking. 

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Small Business Loans (SBA)

Chemical Finance provides Small Business Administration Lending through the SBA program. 

The most common small business loans provided are the SBA 7a and 504 loans. 

SBA small business loans offer better rates and lower loan fees to those that qualified. 

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Many small businesses turn to SBA loans due to lower down payments, flexible overhead requirements, and no collateral needed for some loans. 

We have reviewed hundreds of SBA loan programs and recommend you consider our top small business SBA lender. 

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Low APR Small Business Loans...

SBA small business loans from $25,000 to $500,000 

Application is quick, easy, and free.

Business Checking 

Chemical Financial Corporation offers six different business checking accounts for you to choose from. 

Commercial Checking - a non-interest bearing account with no minimum to open and a $15 a month service charge. 

Commercial Hybrid Checking - an interest-bearing account with a tiered variable-rate, no minimum amount to open, and a $55 monthly service charge. 

Small Business Checking - a small business checking account with lots of options that offers a no-interest account, with a minimum $2,500 account balance and a $10 monthly service charge. 

Business Interest Checking - a good business checking account that offers interest based on the market rate, with no minimum account balance to open, and a $7 monthly service charge. 

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Business Interest Checking Plus - this business checking account offers high yield interest with a short term money market account, with no minimum to open, and a $25 monthly service charge.

Not For Profit Checking - a business checking account for non-profit organizations with no minimum to open and a $0 monthly service charge. 

Chemical bank reviews tell of a bank that is growing a bit fast, and their technology is not quite up to many competitors. 

Customers and employees regularly complain in customer reviews that the online customer dashboard leaves a lot to be desired. 

We have reviewed hundreds of business checking account options and recommend you consider our top business checking accounts.

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Looking for free BUSINESS checking? 

Online business checking should not only be free but also provide powerful financial tools for startups and entrepreneurs. 

Application is quick, easy, and free.

Chemical Bank Online Checking & Savings

Most of Chemical Banks' checking accounts do not offer interest on your account balance, which is uncommon for online checking accounts. 

All of our top recommended online personal checking accounts pay some interest even on low balances. 

My Chemical Bank offers several savings options, including the money market and certificates of deposits. 

However, they only offer two traditional savings accounts with low-interest options.

Chemical Bank Personal Checking Accounts

Be sure to read all the fine print when choosing a Chemical Bank checking account because many of the accounts charge fees, and only one offers to pay interest on your account balance.

Advantage Checking - the only Chemical Bank online banking checking account that offers interest. There is no minimum balance to open the account, but you must keep a minimum balance of $1,000 to waive the high fees. 

ChemBasic Checking - this is a great simple checking account if you plan on banking online with no minimum balance to open and a $0 minimum balance to waive fees. 

chemical bank personal checking account

ChemPlus Checking - this account is for individuals that are 55 years and older, with no monthly service charge or a minimum balance to waive fees. 

Classic Checking - a well-named checking account, classic, $500 minimum balance to waive fees, no minimum balance to open, with no check writing limitations or per-check charges. 

Green Checking - this is the true online paperless account with access to your funds day or night. 

ChemBank also charges for some standard checking services like a per-check charge for processing and what they call voice banking services. 

At this time, Chemical Financial Corporation checking services may not offer as much and cost you more than our top-rated checking accounts.

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Free No FEES Personal Checking! 

Online personal checking accounts should be free with no hidden fees or surprises. 

Application is quick, easy, and free.

Personal Savings Accounts

Chemical Bank Savings Accounts are relatively basic, with only two options to choose from. 

Midwest Savings - basic savings account with no minimum balance to open or waive fees that earns tiered interest. 

Classic Savings - is your classic savings account that has no minimum balance to open, with a minimum balance requirement of $300 to waive fees and a low fixed interest rate. 

The interest offered by Chemical Financial Corp for their savings accounts are extremely low as compared to other online savings accounts offered by our top-rated online savings accounts.

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High APR - No Fees Savings Accounts

Online personal savings accounts should be free with no hidden fees and a high APR interest rate. 

Application is quick, easy, and free.

Chemical Bank Loans

My Chemical Bank and Trust offers secured personal loans, used, new, and refinancing of automobiles, and home equity loans.

They require you to have a checking or savings account with the bank, and their loan rates are fair but not great.

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Chemical Bank Personal Loans

Chemical Bank Personal Loan Rates are for a secured personal loan, not an unsecured (without collateral) loan. 

Usually, secured loans are offered at a lower interest rate because you risk losing some sort of property if you fail to make your payments. 

However, Chemical Banks secured personal loan rates are higher than our top-rated unsecured personal loan offers. 

As of March 20, 2020, you can get a Chemline Loan with a loan to value ratio under 80% for 3.00% APR or 81% - 90% for a 4.25% APR. 

You can most likely get better personal loan rates by choosing our top recommended personal loan lender.

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

Chemical Bank Auto Loans

Chemical Bank and Trust offers auto loans for vehicles made in 2014 or newer with maximum term limits of 60 months or five years. 

To get an accurate Chemical Bank Auto Loan Rate, you will need to contact your local branch. 

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The APR they offer you will be based on your credit score and credit history. 

It is free to get auto loan rate quotes, and we recommend that you shop around to find the best rates. 

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Don't get run over by dealer financing, get pre-approved for an auto loan today. 

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Chemical Bank Home Equity Loans

Chemical Bank Home Equity Loan Rates are a little bit higher than most of the online Home Equity Loan Lenders we have reviewed. 

They offer a home equity loan for up to 72 months with a tiered APR rate based on the appraised loan to value percentage. 

The APR rate that is offered will be based on your LTV percentage, credit score, and your credit history. 

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You will need to contact Chemical Financial Corporation to lock in rates and discuss additional options such as balloon payments or home mortgage refinancing. 

Based on customer reviews of the Chemical Bank Home Equity Loans program, we recommend that you consider our top-rated home equity loan lender to get the best rates.

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With mortgage interest rates at an all-time low there is no better time to consolidate your debt into one low home equity loan. 

Application is quick, easy, and free.

Chemical Bank Credit Cards

Chemical Financial offers three credit cards to its customers that provide small cashback percentages with semi-favorable terms and rewards.

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Maximum Rewards Card - their Maximum MasterCard offers unlimited 1.5% cashback on all purchases. This card starts with a 0% six month introductory APR for the first six billing cycles. There is no annual fee and the APR based on the prime rate between 18.24% and 28.24%. This card is best for people with 'fair' credit scores. There are probably better options in this credit score category that you can compare by clicking the button below. 

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Need A Low Interest Credit Card?

Low interest credit cards for people with fair credit with no annual fee for emergencies or everyday use.  

Application is quick, easy, and free.

Platinum Edition Card - is offered as a balance transfer card with 0% introductory APR for the first 15 months. While the introductory period is a good one, they charge you a 3% balance transfer fee, which is exceptionally high for this type of credit card. There is no annual fee, but the APR rates are a bit high compared to other balance transfer cards.

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Consolidate Debt With A Balance Transfer Card

Balance transfer cards offer introductory 0% APR rates that immediately lower your monthly payment after transfering a balance. 

Application is quick, easy, and free.

Secured Card - if you have bad credit and cannot qualify for an unsecured card, you should consider a secured credit card. You determine your credit limit by depositing the amount with My Chemical Bank and Trust. If you make your payments on time, you will receive a credit limit increase after seven months and get your deposit back after 11 months. The Chemical Bank Secured Card has a $35 annual fee and a 24.24% APR rate. There are many secured credit card options out there with no annual fees and a lower APR rate. 

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Guaranteed Approval Secured Credit Card

New to credit or if you have bad credit you can get a secured credit card to start improving your credit score. 

Application is quick, easy, and free.

Chemical Financial Corporation FAQ's

Who Bought Out Chemical Bank?

TCF Bank and Chemical Financial Corporation merged in 2019, combining their now 45 billion in assets. The 'merger of equals' should lower overhead costs and make them more competitive in the ever-growing online banking services space.

Why Is It Called Chemical Bank?

Originally part of the Chemical Bank and New York Trust Company, in 1968 was reorganized as just a bank holding company that removed many regulatory restrictions, which allowed for more rapid growth.

How Many Chemical Banks Are There?

Since the merger with TCF Bank, there are now 500 branches over nine states. 

Chemical Bank Routing Number?

Chemical Bank routing number for ACH transfers 072410013

Chemical Bank Locations?

Chemical Bank branches are located in Michigan, Illinois, Minnesota, Arizona, Colorado, Indiana, Ohio, South Dakota, and Wisconsin.

Chemical Bank Hours

ATM and Online Services are available 24 hours a day. 

Lobby Hours:

Mon: 08:30 AM - 05:30 PM 

Tue: 08:30 AM - 05:30 PM

Wed: 08:30 AM - 05:30 PM 

Thu: 08:30 AM - 05:30 PM 

Fri: 08:30 AM - 06:00 PM 

Sat: 08:30 AM - 12:00 PM 

Sun: Closed

What Time Does Chemical Bank Close?

Chemical Financial Corp closes Monday - Thursday at 5:30 PM, Friday at 6:00 PM, and Saturday at noon. 

Chemical Bank Phone Number?

1 (800) 867-9757

Chemical Bank Reviews

For most of the last century, Chemical Financial has been thought of as a community bank with strong midwestern ties. 

As they have grown, both employee and customer reviews have expressed that without the community bank feel it is just an average bank. 

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Customer reviews complain about poor customer support and the lack of responsiveness from branch management. 

A typical review includes customers complaining about the online customer dashboard and the outdated technology with limited features. 

chemical bank review

Overall, the reviews tell of a one-time family bank that has now grown into a very large but average bank. 

If you live in the area and the branch is convenient, they may make a good local bank, but they are not the right choice if you plan on primarily banking online. 

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Chemical Bank BBB Reviews

Chemical Financial has been in business since 1917 and has an A+ rating with the Better Business Bureau. 

The Chemical Bank BBB Reviews have never had a complaint or a BBB review. 

They have been BBB accredited since 2014, but you do not have to be accredited to have an account with the BBB. 

While it is commendable that they do not have any complaints, it seems strange that there are no reviews or complaints. 

While the BBB is generally considered a great source of unbiased business information, they have had a few problems in the past. 

Due to the size of Chemical Financial Corporation and the length that they have been in business, I wonder if they were involved in the BBB lawsuit for a bogus rating system

It just seems strange that there are no reviews or complaints, I've read 1000's of BBB reviews, and this is strange. 

What Can I Bank On?

Hopefully, you found this Chemical Bank Review helpful, and you now have a better understanding of what they have to offer. 

Generally, you are going to find a bank that is working hard to keep that small-town feel. 

However, the reality is it is now a 45 billion dollar juggernaut that is feeling the effects of its rapid growth over the past couple of years.

Customers and employees report that customer support has gone downhill, and they are severely lagging with their online technology offerings and ease of use. 

While those who have a long relationship with the bank may find the changes acceptable, those people looking for an online banking experience should consider elsewhere.

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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