Posted by Chuck on July 5, 2016
Checking Accounts

Published on July 5th, 2016 | by Chuck

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M&T Bank $150 Checking Bonus – Available Online (QD) [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]

Reposting because the deal has been extended and it’s available in new states as well.

Offer at a glance

  • Maximum bonus amount: $150
  • Availability: Limited to the following states:  AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV
  • Direct deposit required: Yes, $100
  • Additional requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: None
  • Monthly fees: Waive-able
  • Early account termination fee: $50 180-days
  • Expiration date: March 31st, 2016 June 30th, 2016 September 30th, 2016 December 31st, 2016 February 28th, 2017 June 30, 2017 September 30th, 2017 October 30th, 2017

The Offer

Direct link to offer, when you e-mail the code it will show as QC when you open from that page it shows QD

  • Open any personal checking account with M&T, and receive a $150 cash bonus when you set up a qualifying direct deposit of $100 or more.

 

 

The Fine Print

  • Valid until March 31st, 2016 June 30th, 2016 February 28th, 2017
  • Open account online or in branch
  • Direct deposit must be received within 90 days of account opening
  • 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
  • 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 that M&T Bank is one of the few banks that doesn’t give you a grace period, the requirements mentioned below must be completed your first month to keep it fee-free.]

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.

Basic Banking

This account has a non-waivable $3 monthly fee.

Early Account Termination Fee

There is an early close-out fee of $10 according to these terms & conditions if you cancel within 180 days of signing up. Update: Looks to be $50 now.

Our Verdict

Quite a good deal if you in a participating area. In the past, M&T Bank has offered similar $150 sign up bonuses and sometimes lower bonuses of $75-$100. They’ve also required us to go in-branch, yet this time, they explicitly state it can be done online.

Here is how to go about doing this promotion:

  • Open an EZChoice checking account and automate a $1 ACH transfer into the M&T account from my regular checking account, OR
  • Open a MyChoice checking account and park $500 there for 6-months
  • Do $100 direct deposit using payroll or try ACH transfer and hope that works as it has in the past
  • Wait for the bonus to post, 90-days after direct deposit
  • Wait 180 days from account opening date to avoid early account termination fee
  • Close account (can be done over the phone or by mail)

We’ll add this bonus to our dedicated page and the state-specific part of our best checking sign up page. It’s also possible to churn this bonus according to this comment. Here are the other current bonuses:

HT: moneysmylife



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chris
chris

I think I’ve pointed this out before, but for some reason you have OR (Oregon) in your available region list. Which wouldn’t be correct. Unless you know something I don’t?

Feo
Feo

I tried my zip code in Cambridge, MA and I got a message saying that the offer is not available in my region. Just FYI

Mark
Mark

I entered my Massachusetts zip code on their website and it said I was not eligible in their region. Chat with CSR resulted in the same info.

jerry
jerry

does not work for resident alien without green card…..

Steve
Steve

Is this churnable? I got this bonus last year.

Dan
Dan

Just did a chat session with M+T to check about getting another bonus, as I got one last year too. Answer: “Yes you would be eligible”. I saved an image of the chat session because I’m a bit paranoid.

Steve
Steve

Yes. I just got my second bonus this week. Closed my account a little more than 6 months ago.

David_07259
David_07259

Got mine one week after opening the account.

andy
andy

quincy mass is not eligible either. has anyone actually found a city in MA that is eligible?

CJ
CJ

No luck with NJ zip code either

Ian
Ian

CT, NJ, MA, and FL zip codes do not work. It appears this offer is only good for banks/branches that originally had M&T Bank last year. Banks from the acquired Hudson City banks do not count.

Wyle
Wyle

Consider it a good thing that it’s showing ineligible for some. A few years ago I was able to sign up through one of their bonus offer links with my proper address and zip code. 6 months later – even with all requirements honestly met, no bonus because “your home region was not included in this particular offer”. There were no restrictions listed in the conditions other than, “Bonus offer is not available on all checking accounts, MAY VARY BY PRODUCT AND REGION [my caps], …”

jay
jay

you can’t close account at M&T over the phone. You gotta go at at branch or send snail mail. your reference link also says the same thing, which I reported to you.

DMV
DMV

YMMV, but M&T waived the fee the first month for me since there I had some snafus getting DD set up.

Got the $200 bonus in October. Handy too since they pre-approved me (still hard pull, but whatever) for their Visa Signature card with the 0% BT + no BT fee with a $100 on $1k ESB, which was very helpful for my cash flow.

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J
J

Can’t get the account opened online – forcing me to call in “due to information provided”.

m f
m f

NOT available in CT

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