Posted by William Charles on May 1, 2019
Deals

Published on May 1st, 2019 | by William Charles

37

[CT, DE, D.C., MD, NJ, NY, PA, VA, WV, In Branch] M&T Bank $400 Business Checking Bonus

Offer at a glance

  • Maximum bonus amount: $400 (+$100 for merchant services)
  • Availability: In branch only [Branch locator]. Branches are in CT, DE, D.C., MD, NJ, NY, PA, VA, WV
  • Direct deposit required: No
  • Additional requirements: Average daily balance of $5,000 on the 90th day after account opening
  • Hard/soft pull: Soft
  • ChexSystems:Yes
  • Credit card funding: No
  • Monthly fees: $20, avoidable
  • Early account termination fee:  $50, 180-days
  • Household limit: None
  • Expiration date: June 28th, 2019

The Offer

Direct link to offer

The Fine Print

  • We will credit one $400 bonus (“Checking Bonus”) for new M&T Tailored Business Checking accounts opened between April 19, 2019 and June 28, 2019 if the Average Ledger Balance in the account is at least $5,000 for the third calendar month after the account was opened.
  • If the requirements are met and the account remains open, the Checking Bonus will be credited to the account within 45 days after the end of the third full calendar month after the account was opened. The Checking Bonus is reportable for tax purposes and is not available to employees of M&T Bank or any of its affiliates.
  • The Checking Bonus is not available to customers who have had a non-personal M&T checking account within the previous 90 days or existing customers with a non-personal M&T checking account.
  • Only one Checking Bonus will be awarded per customer regardless of the number of new M&T Tailored Business Checking accounts opened.
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has a $20 monthly fee. This is waived if you:

  • Maintain a $10,000 monthly average ledger balance
  • Maintain $25,000 average ledger balance between checking & savings
  • Make $2,000 in purchases on a linked M&T business credit card
  • M&T bank merchant services account proceeds deposited

Early Account Termination Fee

The personal account has a $50 early account termination fee if closed within 180 days, not sure if it’s the same on this business account or not.

Our Verdict

Last year they offered a similar bonus but it was for $300 + $200, rather than $400 + $100. You will need to keep $10,000 in this account to keep it fee free and to trigger the bonus (or you could put $5,000 into the account and just pay the monthly fees). Either way the deal is still worth doing as the bonus is for $400. Keep in mind M&T also offer personal bonuses of up to $300 as well. I will be adding this to our list of the best business bank account bonuses.

Hat tip to reader ChurningFast

Useful posts regarding bank bonuses:



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John
John

what kind of documents does m&t require for sole proprietorship?

mjonis
mjonis

So the website says they’ll email you what you need to bring. The email I received didn’t mention diddley squat about what to bring, just listed the same requirements as the website. I may call the branch and ask.

mjonis
mjonis

For the Latham, NY branch, they required a DBA for sole propiership with SSN. The DBA is easy to get. $30 fee at the Albany County Court House. Cash only. That includes one copy of the certified DBA. Additional copies are $5.

Morgon
Morgon

The CC Funding link goes to the Chexsystems page. Do you have specific info on funding for Biz accounts? Thank you!

chowfun
chowfun

If it like M&T personal then cc funding is not allowed

Roger
Roger

Does anybody know if M&T checks docs for opening sole Properitor account?

mjonis
mjonis

You can call the branch. Our branch only required a DBA certificate, SSN, and driver’s license.

joe
joe

Im really tempted to do this bonus, but frankly im terrified of getting anywhere near an MT branch after having 12 accounts with them lol

Roger
Roger

Welcome to the club. I have opened an acct & closed it every year for the last year & gobbled my bonuses regularly.

Joe
Joe

How’s opening up in branch as an out of state resident at M&T?

Chex Party Mix
Chex Party Mix

I did it last year for personal checking

HarryTheFirstHarry
HarryTheFirstHarry

Not sure if anyone have done this in the past, but is the monthly fee waived at all for the first 1/2/3 months? Might just bite since even if it takes 1 hours in branch to open this and a personal checking $700 would be worth the time.

IS250
IS250

The first 3 months are waived.

“No Monthly Maintenance Fee for 3 months.”

https://www.mtb.com/business/business-banking/business-checking/checking-options/mt-tailored-business-checking

(Look under ‘Top Features’)

HarryTheFirstHarry
HarryTheFirstHarry

Thanks for the info. I think this would now be worth the time. This +350 in personal checking for 1 hour of in branch time.

IS250
IS250

It will be less than $350 if you keep a balance less than 10K. The terms state the bonus will post up to 45 days after the 3rd full calendar month. So that will be another $20 monthly fee if you don’t have a 10K balance (or another way to waive the fee) and if it takes that long for the bonus to post. Plus the $50 ETF if you’re going that route.

J
J

I wonder if instead of closing early and paying the ETF you might be able to downgrade to an account which is easier to keep fee-free once the bonus posts.

IS250
IS250

Yeah definitely a possibility

Ron
Ron

Which branch location did you get the $350 personal checking offer ?
I called to inquire with the branch at zip 07306 but the associate confirmed there is no such offer

roger
roger

I went into N. Va branch to open this acct. Banker was talking about my past accts, but I kept mum 🙂 .Reqd 2 forms of ID : Drivers License & other Govt Id.
$100 to open acct. Sole Properitorship , no docs checked.
Dont think this is Chex sensitive , more than 10 pulls this year
This lettering is tricky , can I wait ,until June 1, to put $5k into this act?
—————–
the Average Ledger Balance in the account is at least $5,000 for the third calendar month after the account was opened.
——————————————————————–

roger
roger

Average Ledger Balance
The sum of each business day’s ledger balance (after debits and credits have posted), divided by the number of days in the statement period.

IS250
IS250

William Charles DP – opened in branch
1. No hard pull and not chex sensitive. 20+ last 9 months..
2. $50 ETF 180 days
3. Starter checks included and 1st box of checks free
4. Opened as sole prop – each branch is different on what documents required. 3rd branch I called just needed SSN to open so I went there.
5. The balance must be 5K for the 3rd FULL calendar month. So the 1st month doesn’t count since it’s a partial month for most people.
6. Schedule of fees has a bunch of fees even for ACH transactions and checks
7. No instant issue debit card but can pick a personal design
8. There is no promo code even if you get the form emailed to you. It is automatically applied for Tailored Business Account only. No other accounts eligible.
9. No minimum opening deposit required
10. No CC funding

IS250
IS250

Also the fees waived for the first three months.

IS250
IS250

Essentially, the best way to look at this is $400 bonus for 10K deposit for 3 months.

Since the first three months are waived, you don’t need to keep a balance. Then keep 10K for the remaining 3 months (since $50 ETF 180 days) to waive fees and fulfill bonus requirements of at least 5K balance in the 3rd full calendar month. Close out the account after.

roger
roger

No your math is incorrect. see my post above.

IS250
IS250

I didn’t say anything wrong. The key term is “full calendar month.” So for me, I don’t need to keep a balance for May, June, and July. I need to start keeping a minimum balance of 5K in August (or 10K if I want to waive monthly fees) since that is the 3rd full calendar month for me. Continue the balance for September and October and then close out 11/2.

I even confirmed this with the banker.

Edit: I confirmed the part of the “3rd full calendar month” verbiage.

Roger
Roger

No this is the relevant verbiage.
=================================
Step 2
Get $400 for opening an M&T Tailored Business Checking account and have an Average Ledger Balance of at least $5,000 on your 90th day after account opening.

RT
RT

Did CS/Manager tell you this or was it in writing some place? I was not told of any grace period for fees. Thanks.

RT
RT

Just viewed your link in other post. Disregard my question about waived fees. Thanks! https://www.mtb.com/business/business-banking/business-checking/checking-options/mt-tailored-business-checking

Joey Doughnuts
Joey Doughnuts

I did the $300 business bonus late last year and I was told that they need to do an on site visit of the business (even for a sole proprietorship). Has anyone else been told this?

RT
RT

Yes, today I was told this. The bank manager can come buy my house and see all of my weirdo original art that I sell on eBay and at comic cons. (o:

RT
RT

I opened account. Checked out DBA Certificate, Certificate of Authority and came by my home to document my business products with photos. Long process but this is a pretty good bonus.

Ron
Ron

One branch associate at the Summit Ave branch ( NJ 07307) hasn’t heard of the $350 personal checking bonus and was asking me what is the source of this , did I receive a mail or seen it on the app. I forgot to ask about the business checking $400 promo (which is also in branch) but since she mentioned there is no in-branch offer I am pretty sure her answer would have been the same.
Can the OP clarify what was the source of this offer and if it is state & branch specific ?

Rick
Rick

Delete

Rick
Rick

Can you sign up for business checking first then consumer checking subsequently to get both bonuses ?

Dinarte
Dinarte

Does M&T pull Chex on Business accounts if you currently have a personal account with them?

Ace14
Ace14

Looks like this offer is now $400 for the business checking account and $100 for opening a business credit card with M&T (not merchant services anymore). Anyone know if M&T business credit cards get reported on your personal credit report? Didn’t see M&T referenced on the reference page for this.

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