This bonus has expired, you can view current M&T bonuses by clicking here.
Offer at a glance
- Maximum bonus amount: $250
- Availability: AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV
- Direct deposit required: Yes, $100
- Additional requirements: Open MyChoice account
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: Avoidable
- Early account termination fee: $50 180-days
- Expiration date: March 31st, 2017
- Household limit: None listed
Contents
The Offer
No direct link to offer (go to mtb.com/checking and enter promo code QO, but read our verdict first)
Open a new M&T MyChoice Premium checking account by March 31st, 2017 with the promotional code QO and receive a sign up bonus of $250 when you do the following:
- Set up a qualifying direct deposit of $100 or more within 90 days of account opening
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
Unlike other M&T bank promotions, this one only works on the MyChoice Premium checking account.
MyChoice Premium Checking $24.95 Per Month
This account has a $24.95 per month fee, this is waived when you do either of the following:
- Keep an average daily balance of $7,500 or more in the account per monthly service charge cycle OR
- Keep total combined balances of $25,000 or more in eligible personal deposit accounts, loans and home equity outstanding balances, investments6 and business deposit accounts
Early Account Termination Fee
Looks to be $50 now if closed within 180 days
Our Verdict
In the past (here & here) people have successfully gotten the bonus without being targeted, but YMMV as always. M&T is a bit crazy with the bonuses at the moment, they also have another promotion code required offer for $200. Public offer for $150 and another public offer for $160 (will post about this shortly). In the past people have been able to churn these offers as well, not sure how long that is going to last. The other good thing about M&T is that they post the bonuses very quickly after meeting the requirements.
The downside to this bonus is that you need to keep it open for 180 days to avoid the $50 account termination fee and the monthly fee is $24.95. You can waive it but that requires a deposit of $7,500. If you compare this directly to the $200 offer you’re basically tying up $7,500 for 180 days for an extra $50 – not a good deal for most people.
I won’t add this to our best checking promo list until somebody that wasn’t targeted confirms they got the bonus. Update: Confirmed and also confirmed that stacking works.
Hat tip to soft_bespoken on /r/churning
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
