Consent of Independent Auditors


We consent to the incorporation by reference in the Registration  Statements and
related Prospectuses (Forms S-3 No. 333-87512,  No. 333-73421, No. 33-40465, No.
333-36704  and Form S-4 No.  333-10771)  of Commerce  Bancorp,  Inc.  and in the
Registration  Statements (Forms S-8 No. 33-82742,  No. 33-82740,  No. 333-57497,
No.  333-37764,  and No.  333-40386)  pertaining  to the Stock  Option Plans and
Employee  Stock  Purchase  Plan of Commerce  Bancorp,  Inc. of our report  dated
February  7, 2003 with  respect  to the  consolidated  financial  statements  of
Commerce  Bancorp,  Inc. and  Subsidiaries  included in this Annual Report (Form
10-K) for the year ended December 31, 2002.



Philadelphia, Pennsylvania
March 28, 2003