This bonus has expired, click here to view the best current checking bonuses.
Bonus is back and valid until December 8th, 2017. Please keep in mind that M&T are a lot more strict than they once were and it’s likely you won’t get the bonus if you’ve received one before or didn’t received the targeted mail out. Read our recent M&T for more data points. Hat tip to reader Randy C.
Offer at a glance
- Maximum bonus amount: $200
- Availability: CT, DC, DE, MD, NJ, NY, PA, VA, WV
- Direct deposit required: Yes, $100
- Additional requirements: Use promo code QI
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: Avoidable
- Early account termination fee: $50 180-days
- Expiration date:
May 24th, 2017December 8th, 2017 - Household limit: None listed
Contents
The Offer
No direct link to offer (go to mtb.com/checking and enter promo code QI, but read our verdict first)
- Open a new M&T personal checking account by December 8th 2017 with the promotional code QI and receive a sign up bonus of $200 when you do the following:
- Set up a qualifying direct deposit of $100 or more within 90 days of account opening
- You can find your account number by sending a secured message (via Robert), just look in the outbox and it’ll show.
The Fine Print
- Qualifying direct deposits include but are not limited to electronic deposits such as payroll or social security and do not include electronic money transfers or credits such as account-to-account transfers or those made through internet payment services
- Bonus will post to the account within 90 days of meeting the direct deposit requirement
- Limited to one bonus per customer
- Offer may vary by region and product
- Offer is nontransferable
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
The bonus is available on any personal checking account, including: EZChoice Checking, MyChoice Checking, MyChoice Plus Checking, MyChoice Premium Checking, Classic Checking, Basic Banking. Let’s look at the easiest options for keeping fee free.
[Note M&T Bank will waive the first month’s monthly fee. M&T will charge your account service fee every month even if you meet the requirements; the fee is refunded the same day if requirements are met. So you always want to keep enough in your account to cover the monthly fee.]
EZChoice Checking
This account has a monthly fee of $9.95, soon changing to $6.95.
- Monthly fee is waived by making just ONE transaction such as a deposit, withdrawal, or debit purchase.
MyChoice Checking
This account has a monthly fee of $6.95 that can be waived with any of the following methods:
- Receive direct deposits totaling $200 or more
- Make 10 or more monthly debit card purchases
- Keep an average daily balance of $500 (might be $1,500 depending on your area) or more
Basic Banking
This account has a non-waivable $3 monthly fee.
Early Account Termination Fee
Update: Looks to be $50 now.
Our Verdict
Not the case anymore, read the warning at the top.
If you’ve been following along with M&T bonuses (and you should have been) then you’ll know that these are churnable (I think you only need to use a different promo code). This is technically targeted, but in the past this hasn’t been enforced at all. In fact the state requirement isn’t enforced either. M&T has been ridiculous money recently for a lot of people, so enjoy this one as well. Definitely going on our best checking bonus list. They currently have these other offers:
M&T Bank $150 Checking Bonus – Available Online (QC) [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]M&T Bank $150 Checking Bonus – Available Online (QD) [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]M&T Bank $250 Checking Bonus – Available Online (QH) [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]
Big thanks to reader, Michael who let us know. Learn how to find bonuses and contribute to the site here.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
I fulfilled the requirements with employer DD and today I am told by the phone rep that the QI promotional code is not valid for the region in which my account was opened (Virginia).
I only received two other M&T bonuses before QI, and all three accounts are active currently. How should I move forward?
For those of you who have closed your account with M&T, did you immediately completely lose all access online? I previously opened 2 accounts. Closed one of them via secure message about a week ago. Then a couple days ago I sent a SM to request to close my last account. I didn’t see a response back, but now when I try to login I get an error saying my User ID and Passcode do not match. Has this happened to anyone else? Does this mean they closed my account and completely shut down my access? Or do I need to call to make sure that my account did in fact get closed?
Update: I have now been able to login, so it must have been a system issue before. However, I wanted to note that this was my last remaining M&T account and I was able to close it with no issue. I did not have to mail in a form and pay a fee as some previous users have been reporting. I waited 6+ months since I previously opened the account. Reduced my account to $0 via ACH pull from another bank. Sent a SM to request to close my account. Received the following response back and my account was closed without issue.
Thank you for your account closure request.
As per your request, I closed your M&T Checking account ending in XXXX [edited by me to remove account info].
If you have any additional questions, please email me or contact the M&T Telephone Banking Center at 1-800-724-2440. Representatives are available Monday through Friday 6am to 9pm, Saturday and Sunday 9am to 5pm, ET.
Thank you for banking with M&T.
dp
11/20 opened M&T online with QI
12/6 $100 chase push did not code as dd “jpmorgan chase external
transfer” did not trigger bonus
12/13 $120 push from bill.com triggered $200 bonus same day.
This is my first account, code is working.
bill.com free service?
How does it code? description as bill pay or p2p?
Did you use bill.com for other banks’ bonus promo as DD, does it usually work for you?
Thanks
Previously, back in July, I did a chase checking ACH. It was registered as a “ext transfer”. Bonus was paid a few days later.
Opened another QI account for the bonus (had one previously). Tried a Discover Direct deposit, did not work. In fact, the transaction reads “Discover p2p transfer”. Gonna try my hand with Robinhood ACH but I think its safe to say that Discover will not work as Direct Deposit regardless.
I received a coupon by clicking on the google mail banner ads.
Im going to try to use it in-Branch.
DB:
3/31 Applied
4/11 sent $150 from USAA
4/12 Bonus Posted
11/30 request to close via message
In the fine print: “Only one bonus will be rewarded regardless of the number of accounts, titling on account and the number of direct deposit arrangements established”
I guess this means if you open more than one account around the same time?. Doesn’t say existing accounts?
First time making an M&T account and tried to take advantage of this promo. Funded initial $100 from Santander and did a push from Santander as well on 11/20/2017. Bonus didn’t post. Waited until today and finally SM’d to ask if my account had correctly applied the promo code and the banker said
“Thank you for your Direct Deposit Cash Bonus inquiry.
My research shows this was a special promotion and unfortunately your name was not included in this particular offer. We regret the misunderstanding.
Please be assured M&T Bank continually offers cash bonus promotions in an effort to allow all customers, new and existing, an opportunity to learn more about our various products and services. These promotions can be offered via mail, online, newspapers, radio and in the branch.”
So no bonus for me I guess :'( I live in NYC if that helps anyone. Not sure if its worth going for the other bonus’ from M&T or if I just did something wrong
FYI, my brother received the mailer but he didn’t want to apply. We have an M&T bank .2 miles away from where we live so I tried to use the code and saw it on DoC. I wonder if its specifically targeted for certain people in certain zip codes? And maybe anyone in other zip codes?
Check your zip code here https://bank.mtb.com/150bonuscoupon it seems they hard coded zip codes by now…. so pretty much some targeted zip codes and targeted people will get bonus….
Had a QI bonus from earlier this year and received the bonus.
Opened online in Los Angeles.
Trying my hand at it again. Hopefully QI is still handing them out. Just opened a new account again succesfully!
Good luck Alex. Time will tell.
How did you answer “Do you currently have an account with M&T?” on the latest application?
I always answer that no. But the account gets linked to the profile anyway. Currently have 3 accounts with M&T.
Any luck getting the bonus?
Not yet…direct deposit will hit tomorrow so we’ll find out soon.
Any luck this time?