Commerce Bank is committed to providing Queens with convenience, legendary service, personal attention, and key locations. Commerce opened its first Queens store in 2003, and thanks to wide customer acceptance, has since expanded to 15 convenient locations. On March 31, Commerce was pleased to provide Queens customers with another convenient location when it opened its newest store in the borough, at Union Turnpike and 164th Street in Hillcrest.
Commerce Bank’s Convenient Queens Locations:
Commerce also has a regional headquarters and training center in Queens at 71st Road and Queens Boulevard. The 6,500 square-foot space provides offices for about 30 of Commerce Bank’s commercial lenders, cash management employees and administrative staff. The location also houses a training center, which serves as an extension of Commerce University, the company’s main corporate training facility in New Jersey.
Commerce Bank welcomed its first customers for business more than 30 years ago with a focused commitment to providing quality banking services through every available delivery channel. Since then, the bank has developed a unique and very successful retail model, which has produced dynamic growth. From its inception in 1973, Commerce has expanded from its original base in Marlton, N.J., to more than 450+ locations throughout Metro New York, Metro Philadelphia, Metro Washington, D.C., and south Florida. Commerce’s hallmark products and services include:
reward-points program
Commerce Bancorp (NYSE: CBH) has $45.3 billion in assets and in fiscal year 2006 achieved an 18% increase in core deposits, a 23% increase in net loans and total asset growth of 18%.
Commerce Bank’s Role as Corporate Citizen and Neighbor
Commerce Bank not only brings unparalleled convenience and quality financial services to an area, it also gives back to the community through educational programs, employee volunteers, and donations. A staunch commitment to active involvement in the local community is a vital element of the Commerce philosophy.
Commerce has provided funding and financial assistance to various non-profit organizations, educational institutions and community, arts, civic and health-related programs, many of which focus on children and families. The bank is also actively involved with local chambers of commerce and economic development organizations in Queens. Commerce has supported, for example, the Queens Council on the Arts, Queens College, the Queens Chamber of Commerce, the Latino Initiative for Better Resources and Empowerment Inc., and the Ridgewood Local Development Corporation. The bank’s lenders and managers are active in countless organizations and hold many board positions across Queens.
“Commerce Bank is committed to serving the residents and businesses in Queens,” said Peter Meyer, Commerce Bank senior vice president and market manager for Queens. “We are pleased to demonstrate our ongoing commitment to ensure the prosperity and livelihood of our communities and the people who live here.”
Additionally, Commerce is committed to meeting the banking and credit needs of all the communities it serves, including households and neighborhoods in low-to-moderate income areas. Commerce continually supports and participates in various programs that promote sound economic growth and sustainability in low- to moderate-income communities by:
Business Administration (SBA) loans and other economic
development loans, which support local business
expansion and job creation.
based organizations to provide clean, safe and affordable
housing for local residents.
centers, Head Start and other educational facilities,
medical centers and employment training centers.
Local Bankers, Local Decisions
Commerce Bank combines its community bank roots with the financial strength of a major regional bank to meet the diverse needs of commercial customers. Commerce business customers enjoy the same convenience, advanced technology and personalized service as retail customers. Business owners and employees can bank in store during extended hours, seven days a week, or via the Internet or phone 24 hours a day. Commerce bankers are experienced in creating customized lending, cash management and other financing solutions for business customers.
Commerce works with entrepreneurs, merchants, retailers, nonprofit entities, healthcare organizations, service professionals, manufacturers, wholesalers and other business customers to develop lending and financial solutions to meet a business owner’s goals. Commerce Bank professionals are well versed in the nuances and special needs of a variety of industries and specialty businesses and have in-depth expertise in many areas.
Peter Meyer, Commerce Bank senior vice president and market manager for Queens, said, “Our lending professionals are local bankers making local loans, and they establish customer relationships focusing on service and the delivery of individualized financing solutions. At Commerce, lending decisions are made locally - right here in Queens - for a faster, more efficient, and more personal experience.”
Small Business
Commerce has consistently ranked high among regional lenders in the industry in both dollar volume and the number of SBA loans made, and the bank surpasses its regional competitors in dollar volume of loans made to minority-, women- and veteran-owned businesses. Commerce Bank also assists eligible commercial, industrial, and nonprofit entities in securing low-cost, tax-exempt Industrial Development Authority (IDA) bonds that enhance expansion and foster economic development.
No-Fee, Small Business VISA Credit Card
Commerce Bank offers a new Visa Platinum credit card for small business customers that carries absolutely no fees and provides a significant rewards program. The new Commerce Bank Visa credit card is the only small business credit card available that has eliminated all fees, enabling small business owners to avoid paying unnecessary fees and better manage their cash flow:
By eliminating the bank fees and penalties charged by other financial institutions, the Commerce Visa small business card doesn’t penalize business owners for being busy running their businesses. Commerce Bank’s no-fee Visa small business credit card carries a low annual percentage rate (APR) of Prime plus 4.99%. The new card also enables customers to earn quadruple Visa Extras Rewards Points for every purchase made - four points for every dollar spent; most rewards programs typically award only one point for each dollar spent. Rewards points can be redeemed for a variety of business, travel, dining and entertainment products, services and gift certificates from popular retailers and service providers.
Extended Banking Day
Commerce is always focused on ways to make banking easier and more convenient for its customers. To enable its business customers to manage cash flow more efficiently and process payments more conveniently, Commerce has an extended business banking day. All Commerce customer transactions made by 6:00 p.m. - as opposed to the conventional 3:00 p.m. - will be posted on the current business day. Transactions - such as deposits, withdrawals, payments, and transfers - can be completed at any Commerce retail location, at Commerce or non-Commerce ATMs, on-line at commerceonline.com, or via phone at 1-800-YES-2000.
Commerce Merchant Services
Commerce Bank offers next-morning funding of major credit card transactions for Commerce merchant services customers. Qualifying merchants can receive funds from settlement of their credit card transactions in as little as nine hours when settlement of those transactions is made by 11:00 PM EST.
Together with Heartland Payment Systems, a leading independently-owned payment processor, the Commerce Merchant Services team provides next morning funding and a host of related services to maximize the processing of point-of-sale transactions for merchant customers. Commerce Merchant Services offers a fast, efficient, and flexible way to process all major credit and debit cards with programs that are designed to help save time, improve cash flow and increase revenues.
Commerce Merchant Services provides access to all major card networks, including:
Next-morning funding is available to merchants who have a Commerce account where its credit card transactions are settled and who process its credit card payments through Heartland; the merchant customer must also be using HPS Exchange, Heartland’s proprietary front-end processing platform, to receive next-morning funding.
Cash Management Services
Commerce Bank utilizes the industry’s most advanced systems to help customers conveniently manage all their routine cash management functions with Internet-based “point and click” technology. Commerce streamlines a wide variety of cash management and bookkeeping services - such as balance and transaction reporting, payroll, check imaging, wire transfers, account reconcilement, fraud protection, electronic payment services and more - for businesses of any size.
Remote Location Deposits
Commerce RapidDeposit is just like having a bank in the office! In yet another way to provide convenience to its business customers, Commerce RapidDeposit allows customers to deposit checks right from the office. Instead of bringing checks to the bank, customers can scan them and the image of the check is captured and immediately transmitted to Commerce. As with all check deposits at Commerce, funds are available the next business day.
By using Commerce RapidDeposit, bank customers can:
accounts receivable information
RapidDeposit is easy, safe, and secure because it allows employees to stay in the office while checks are deposited electronically. Your business funds are secure because money can only be sent to an authorized account at Commerce Bank.
Commerce Commercial Leasing: Your Best Source for Equipment Financing
For many businesses, leasing is a much better option than purchasing equipment outright. Leasing enables businesses to preserve working capital, while also providing tax advantages and the flexibility to upgrade to new equipment when needed. Commerce Commercial Leasing provides customers with the same convenience and approach to service for which Commerce Bank is known.
Leasing through Commerce allows businesses to acquire equipment or machinery with minimal investment, free up capital, and preserve existing lines of credit. Commerce leasing experts create custom-tailored leasing programs that enable corporations, manufacturers, retailers, service companies, and entrepreneurs to leverage lease financing to grow their businesses.
Commerce Commercial Leasing knows that when a leasing opportunity arises, it’s important to act quickly. The bank’s Express Lease program is designed to give quick results for leases under $100,000. In most cases, Commerce will process an application - and have an answer - within 30 minutes. In addition to quick application processing, Commerce’s Express Lease also provides competitive rates and can help a company maximize its cash flow:
installation costs
for each business, such as 100% financing or a seasonable
payment system that coincides with cash flow
business purposes and may be considered off-balance-sheet
financing.
Leasing through Commerce also provides other advantages, such as equipment obsolescence protection and pre-approved leasing credit. Commerce leasing professionals are available to answer questions and show how leasing can benefit a business. For more information, call 1-866-910-9083.
Affinity Membership Program Benefits Nonprofit Groups
The growth of local nonprofit organizations is important to Commerce, because their success enriches the communities where Commerce customers and employees live and work. Commerce Bank’s Affinity Membership Program offers an easy way for nonprofit organizations to raise money. There are no costs involved - in fact, it actually pays to belong!
Commerce will register an organization to be part of the Affinity Membership Program. Then, the organization invites its members to open new accounts, or to designate their existing accounts, as part of the program on behalf of their organization. At the end of the year, Commerce Bank will make a cash donation to the organization based upon the average deposit balance held by the organization’s participating members.
Members can open an Affinity account as a savings or checking account, a money market fund, a certificate of deposit, or a retirement savings account, either as a personal or as a business account. Participating members can rest assured that all account information is held in strictest confidence, and no information is shared with other members of the organization. Designated account balances are simply included in the combined total to determine the amount of the annual donation.
To learn more about the Affinity Membership Program, visit your local Commerce store or contact Commerce to schedule a visit from an Affinity Membership Program specialist (toll-free 1-888-751-9000).
Customers Say Commerce is #1
Commerce Bank fans continue to recognize Commerce Bank for its legendary service, incomparable products and services and passion for “wowing” customers. In 2006, it was reported that a leading consumer magazine ranks Commerce Bank as #1. “Consumers appear to be happiest with banks that have attractive branch offices and limited fees, according to a personal banking survey released Monday. A survey completed by nearly 11,200 of the magazine’s subscribers indicated that their favorite financial institution was Commerce Bank…”
Commerce Bank also ranks highest in satisfying banking customers in the New York City metropolitan area, according to the New York region results of the J.D. Power and Associates 2006 Retail Banking Satisfaction StudySM.
According to J.D. Power and Associates, while New Yorkers tend to be particularly critical of their banking experience, Commerce is a model for other banks to follow and has set the benchmark for satisfying customers in the New York region.
In this first-ever study, Commerce ranks “Highest in Customer Satisfaction with Retail Banking in New York.” Among banks included in the New York metro region, 73 percent of Commerce customers report never having experienced a problem in their banking interactions with the financial institution.
The study analyzes six factors in measuring customer satisfaction. They are overall transaction method, accuracy/clarity of account statements, account initiation/product offerings, convenience, fees and problem resolution.
Headquartered in Westlake Village, CA, J.D. Power and Associates is an ISO 9001-registered global marketing information services firm operating in key business sectors including market research, forecasting, consulting, training and customer satisfaction. The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
Disclaimer: Commerce Bank received the highest numerical score among retail banks in the New York metropolitan area in the proprietary J. D. Power and Associates 2006 Retail Banking Satisfaction Study SM . Study based on responses from 3,881 New York metropolitan area households measuring 18 providers and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in October and November 2005. Your experiences may vary. Visit jdpower.com/cc.
