Posted by William Charles on August 3, 2015
Bank Account Bonuses

Published on August 3rd, 2015 | by William Charles

89

[Expired] M&T Bank $200 Checking Bonus [CT, DC, DE, FL, MA, MD, NJ, NY, OR, PA, VA, WV]

This bank bonus has expired, but you can view a list of the best bank bonuses here.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: While it will let you open an account online anywhere, it won’t actually work unless you live in one of the following states: CT, DC, DE, FL, MA, MD, NJ, NY, OR, PA, VA, WV
  • Direct deposit required: Yes, must direct deposit $100+
  • Additional requirements: None
  • Hard/soft pull: Soft
  • Credit card funding: None
  • Monthly fees: $6.95, waive-able
  • Early account termination fee: $50, 180 days
  • Expiration date: September 12th, 2015 

The Offer

  • Open a MyChoice checking account with the promotional code ‘QM’, receive a direct deposit of at least $100 and receive a sign up bonus of $200 from M&T bank.

m&t bank 200 cash bonus

 

The Fine Print

  • Valid until September 13th, 2015
  • Qualifying direct deposits include but are not limited to: electronic deposits such as payroll or social security.
  • Direct deposit must be received within 90 days of account opening
  • Bonus will post to the account within 90 days of meeting the bonus requirements
  • Offer may vary by region
  • All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Early Account Termination Fee

There is an early close out fee of $50 according to these terms & conditions if you cancel within 180 days of signing up.

MyChoice Checking

You need to open a basic MyChoice checking account to get this bonus. 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 per monthly service charge period
  • Make 10 or more monthly debit card purchases per monthly service charge period
  • Keep an average daily balance of $500 or more per monthly service charge period

M&T Bank is one of the few banks that doesn’t give you a grace period, these must be completed your first month otherwise you’ll be charged the fee.

Our Verdict

Update: Reader Jeff has reported receiving the bonus, as such we’ve added it to our best bonus page.

This bank is also offering a bonus of $150, with a landing page – which might be a better option for those not wanting to risk it without getting confirmation of the bonus before signing up (adding the promotional code doesn’t give confirmation)/not wanting to go in branch to confirm. That being said this bonus has the same requirements, but gives $50 more so hopefully somebody is able to find a dedicated landing page for this bonus as well.

One of the nice things about M&T bank is that the bonus posts the day after receiving the direct deposit requirement for most people. We haven’t added this bonus to our best bonus list due to the no confirmation issue, but will do if somebody finds a direct link. We have however added it to our sortable bank bonus list with all current deals that are available.

Hat tip to reader David M.



89
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Jay
Jay

Got an account back in February this year. Wonder if I am eligible for another account with cashback promo.

Jay
Jay

By the way, the early termination fee is $50 not $10. To close an account, you have to either go to the branch and close it or sent them a letter.

Mike
Mike

Will a PayPal transfer work as a direct deposit?

Dud
Dud

Wonder if we can email them asking to extra $50 as now they are offering higher bonus? I just got $150 about 2 weeks ago.

Peter
Peter

Chatted with bank staff and they said this is a special mail offer. If you do not receive the mailing offer you will not qualify even if you open the account online with promotional code ‘QM’.

Jeff
Jeff

Opened account today, so will keep everyone updated. Also, Jay is right – updated early account termination fee is $50. Also, account closure by mail is an extra $4, and there may be an ACH transfer-out fee of $3 each, but the CSR I spoke to was not very knowledgeable about this.

Jeff
Jeff

Also of note, when opening $150 bonus with M&T, promo code entered is ‘QF’ when you go through the landing page, so hoping QM will work as they are both simple promo codes.

Peter
Peter

Can anyone confirm that has received $200 using promo code ‘QM’?

Jeff
Jeff

Good news! $200 Bonus posted today, 1 day after ACH transfer from Ally.

definitely should be added to the best bonuses page.

-going to avoid monthly fee through recurring ACH transfer from Ally each month

-ACH transfer initiated from M&T has a $3 fee, but I believe there is no fee when initiating transfer from another bank

-happy to help with any other questions

Eric
Eric

When I put in my zip code it says my area isn’t eligible even though I live in one of the states listed here. Is there any workaround?

Nicholas
Nicholas

So Jeff, just to confirm, at the “Choose The Checking Account That’s Right For You” landing page, you simply changed “QF” to “QM” in the address bar, hit enter, applied by hitting “Open Online” and after the first DD, you got the $200? I noticed that the $150 offer goes away and nothing replaces it on the landing page when I update to QM.

I went in branch and had to do a song and dance about my dog eating my offer, but if it can be done online, I’ll hook up some other folks.

Nicholas
Nicholas

I’m a dummy and didn’t continue to the application where it shows the promo code field.

Captain_America
Captain_America

The offer posted on DOC shows the code is QF for the $200 offer. Where does the QM come from? I opened using QF and my deposit is just going through now.

Andrew
Andrew

Just wanted to add another data point. Success with ACH from Ally. Just checked my account this morning, and $200 posted

Ted
Ted

Hmm no new/existing customer language….

Jackalope
Jackalope

Here is another data point. Used Cap360 to send a $200 ach transfer the day I opened the account. When that $200 posted 2 Business days later, the $200 bonus also posted later that day!

Jackalope
Jackalope

I spent some time chatting with M&T today to clear up some of my questions. Here are some of the answers I got and their implications.

There are no fees for ACH transfers, nor transfers initiated by other banks (ACH pulls). There will be a $3 fee for Bank to Bank transfers from M&T to another bank.

The $200, once deposited in your account, does count towards the average daily balance of $500 needed to waive the $6.95 fee.

If you have a zero balance in the account, you can close the account over the phone at no charge without going to a branch.

I already opened an account and got the $200 bonus with an ACH transfer from CapOne360. Here is what should work if you want to get this bonus the easiest way and with no fees:

Open the account with a $25 transfer from your bank of choice. Immediately do an ACH transfer of at least $275. CapOne360 worked fine for me., Check and make sure you get the $200 bonus within Month One. You should now have at least $500 in the account and won’t get charged a monthly maintenance fee. Wait 180 days and don’t use the account for anything else. Use a transfer initiated by another bank to zero the account.. I am going to use my Amex Serve. Call up M&T once the transfer is complete to close the account. Total money tied up is $300.

loardnikon
loardnikon

Thanks for this helpful comment! I opened using the code QM, followed Jackalope’s method, and funded with a Charles Schwab ACH push. Worked great and the bonus posted at the same time as the ACH push.

David
David

Great guide, I was thinking of kicking the monthly fee by making 10 purchases in the form of amazon GCs for $0.50 each. That would round to $5/month x 6 months = $30, I think I’d rather lose $30 to amazon GCs than tie up $500. Does that seem reasonable?

Jackalope
Jackalope

David, I kind of look at it as tying up $300 of my cash and at the end getting $500 dollars. You also don’t have to spend the time each month buying the Amazon gift certificates and then turning that around and depositing them in your account. Seems like more effort than is really needed.

Quick but related sidebar. Does anyone know the minimum purchase amount for the Paypal Here or Square readers? If the minimum purchase amount is very low, say $.10, in theory there wouldn’t have the 2.7% transaction fee applied to the purchase. You can than do 10 X $.10 debit card swipes per month paying yourself a $1.00 total..

David
David

For ACH from CapitalOne360, do you have to link M&T for transfers? I know there are P2P and Checks you can send, I just want to make sure I’m doing the right one.

Mary
Mary

How long did this whole process take? The ACH transfer? Did you have a trial transfer from Capone 360 to MTB? How long did that take? Is the transfer from Capone360 to MTB considered and ACH transfer?

TJ
TJ

Once you do your $100+ deposit (not initial deposit) you’ll get bonus the next day. You can either set up trial deposits or just do a P2P with Cap360. It does work with Cap360 and an ACH.

Jay
Jay

Is the bonus churnable?

Lucy
Lucy

I went to 2 different branches in PA to open this account. I was told, this is a special mail in promotional offer only valid online. I need to have the promotional coupon mailed to me to qualify for this bonus. I would not qualify for the bonus if I did not have the mailed promotional coupon. I did not open the account. One banker told me that this was to prevent fraud after he went and talked to the branch manager.

Jackalope
Jackalope

Lucy — just open the account online and use the code. It worked fine for me for two accounts, and it looks like a number of others reading this posting.

Lucy
Lucy

I filled out the acct information and my application was denied and was told to go into the branch. In retrospect, when I went back and checked my hard copy, I had inadvertently filled out a couple of items incorrectly ie switched the date and month on my DOB and when it asked for the information from my credit file i.e. which card file I opened in 1994 I could not remember and said none of the above and I forgot to check one of the boxes. I called customer service and they were of no help. They told me to go to the bank and take my coupon with me. I guess luck is not on my side but will try again.

Kelly
Kelly

I signed up online with the QM and the account opened fine and I did an ach transfer of $25, which also worked fine. I mailed in the signature card but then got a letter from them that my account is now “restricted” until I send them a copy of a utility bill and my social security card.

Seems odd…I’ve never had this happen before.

Dave_B
Dave_B

That is odd. I opened an account a little while ago for this bonus, but never got any requests like this.

cindy
cindy

Kelly –

I had the “restricted” letter too – I faxed them my Driver’s license and a paycheck stub and that was removed.

I also wanted to report – I did an ACH of $25 and a second of $500 via Ally = the bonus was in my account the following day. This was the easiest so far.

Back to Top ↑