Published on July 29th, 2019 | by William Charles38
[CT, DE, D.C., MD, NJ, NY, PA, VA, WV, In Branch] M&T Bank $400 Business Checking Bonus
Update 7/28/19: Deal is back and valid until September 26th, 2019. There is also a $200 bonus that we will post about shortly.
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
- Credit card funding: No
- Monthly fees: $20, avoidable
- Early account termination fee: $50, 180-days
- Household limit: None
- Expiration date: June 28th, 2019
- M&T Bank is offering a bonus of $400 when you open a new Tailored Business Checking account and complete the following requirements:
- Have an average ledger balance of at least $5,000 on your 90th day after account opening
- You can also get $100 when you open a business credit card. This is a weak offer compared to other business credit card bonuses.
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
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.
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:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- 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
- Bank Bonus Posting Times