Offer at a glance
- Maximum bonus amount: $200
- Availability: CT, DC, DE, MD, NJ, NY, PA, VA, WV
- Direct deposit required: Yes, $100+
- Additional requirements: None
- Hard/soft pull: Soft
- ChexSystems: Yes
- Credit card funding: None
- Monthly fees: $24.95, avoidable
- Early account termination fee: $50, 180 days
- Household limit: None
- Expiration date: October 20th, 2017
Contents
The Offer
No direct link to offer (go to mtb.com/checking and enter promo code QK (read the our verdict section)
- Open a new M&T personal checking account by October 20th, 2017 with the promotional code QK and receive a sign up bonus of $200 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
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.
MyChoice Checking
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
- Make 10 or more monthly debit card purchases
- Keep an average daily balance of $500 (might be $1,500 depending on your area) or more
Basic Banking
This account has a non-waivable $3 monthly fee.
Early Account Termination Fee
Account must be kept open for 180 days otherwise $50 bonus will be charged.
Our Verdict
Recently there has been issues with M&T Bank, the last code released (QJ) resulted in a lot of people not getting the bonus. Also lots of reports of newly opened accounts being closed. My gut feeling is that this will be similar to the QJ code and won’t work out of state and still won’t work for a lot of people in one of the eligible states but at the moment that’s just a guess. The good thing about M&T bank is that the bonus usually posts shortly after receiving a direct deposit so I suspect we will know sooner rather than later. I won’t be adding this to our best checking bonus page until we know more. They have used this promotional code before, I decided to create a new post as things have changed significantly since last time.
Big thanks to reader, MarylandMama, Matt & /r/churning who let us know. Learn how to find bonuses and contribute to the site here.
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 Account DP: Wow, so I submitted a complaint on the cfpb website, and it actually worked!
I used the M&T QK offer a few months ago, and opened an EZChoice Checking account (important for later). I did the qualifying deposits from my employer and called up afterwards to confirm that I will have money coming my way.
“It hasn’t been submitted yet but it can take up to 90 days” So I wait the 90 days and call back. The CSR is confused, as he sees the qualifying direct deposit on my account and it’s passed 90 days and no bonus!
He connects me to his supervisor who then gives me the shpiel that I didn’t open up the “correct” account, and should have opened a MyChoice checking to trigger the bonus. So when I called up the two previous times they never mentioned this once and just told me to wait, and now I’m getting told I didn’t make the correct account to qualify. You can see that it says here you can open any account, and even the fine print doesn’t specify a particular account to open.
I submit a complaint to the cfpb basically detailing this whole story, and they said fuck it and gave me the money in my account. Wow, God Bless America hahaha!!!
In M&T area and used QK. I have actual employer DDs over the last month and no bonus. Sent an SM about the bonus. Here was the response:
“Please be assured M&T Bank continually offers cash bonus promotions in an effort to allow all customers, new and existing, an opportunity to learn more about our various products and services. These promotions can be offered via mail, online, newspapers, radio and in the branch.”
Looks like this is a no go or very YMMV even if you are in an M&T area.
John, This is such a vague, general comment. It doesn’t even state a reason why you didn’t get your bonus. Strange…
QK and QJ are targeted bonuses for specific zip codes!
Do you know which zip codess?
I did get QJ but I’m afraid to go for QK. It seems to get everyone a perm shut down.
some info https://www.doctorofcredit.com/trying-work-mt-qj-eligiblity-requirements-including-lots-data-points/
if you got QJ you have real chances to get QK. The thing is it seems that M&T enforced some new rules…. many people tried ACHs and they didn’t work…. something is going on with m&T bonuses….
Now that they’re checking closely to see if people have multiple accounts or have already received a bonus, it’s not worth pursuing. I only have a couple months until my last M&T account can be closed. I don’t want to get shut down and have several negatives Chex report.
It was good while it lasted. I’m grateful. The extra $4k in bank bonus income this year helped me take my family to London & Paris. 🙂
QK did not work.. no bonus .. should have used QC instead
Where are you located?
DP: Living in stronghold of M&T. Opened account with QK – went fine and got account number. Day 2 comes and it’s now gone from online profile. Most probably closed by them.
Never applied with QK before but have used all other codes before.
This is the second M&T Checking acct I’m not getting a bonus from. First promo, QJ (which most people didn’t get), and now QK. I have not been targeted on any of the promo’s, and don’t live in the targeted areas. I have had 3 successful bonuses: QI, QC, QD
Everything went fine when applying for QK, debit card was sent 2 days after account opened, etc. When I went to activate the debit card yesterday I got forwarded to customer service. After 12 minutes on hold a CSR answered, then I was put on hold another 7 minutes while she talked with someone else about it. She came back and said it was because the account was being closed, and M&T did not want me opening any more accounts with them. I asked her why, she said she was not allowed to discuss the reason with me and that I needed to go into a branch office and discuss it with a manager.
Seeing I’m a few hundred miles from the nearest branch, plus I know the reason, I will simply bid them adios when the 180 days are up, and be thankful for my three bonuses. If you get the message “we cannot activate your card at this time”, and get forwarded, you may as well just hang up and not waste your time. They are putting their foot down on these multiple account openings. Ditto for my wife on everything above, so we have six bonuses between us. Hope a few more of you can slip through before it’s over.
I have 3 accounts and have not tried this code yet. Each month I have been dutifully using debit card in each account so ready fee is waived, but I am soon to get to the date where I can actually close out. What is the procedure for closing one or all M&T accounts? Would I just drain the accounts and ask to have them closed? That seems a bit weird that I have all these accounts and now want ten closed.
That should be “and now want them closed”, not “ten” closed.
If there is no feature to close online on our own, I will message them online, one by one, giving time frame between a week…… with zero balance, but make sure that you are within your billing cycle when closing account with zero balance…
I am in CA and this is my 3rd M&T account
using chase ACH and no bonus. Should I try another bank account ACH or this one is pretty certain the bonus won’t post…
Thanks
I don’t think it’s your bank where ACH came from, give it 2 more days to see if your bonus posts and if not, you won’t likely get it. Our DDs which was ACH transfer from a CU hub posted Thursday, no bonus on Friday but it posted today; great way to start the week! : )
Guys, Mimi, George, did you get QJ bonus?
I didn’t use that code, got bonus using QK.
I’m trying to understand before I apply, if this QK is targeted as QJ, Mimi, do you have M&T branch near you? eligible state.
Nope, chase posted since 9/14 and still no bonus!! Sigh
Another data point:
New to bank bonuses; opened QC in July so this is my second M&T; in target area (PA)
Opened account 9/9
Funding transfer went through 9/12
DD from Gusto of $200 9/15
$200 bonus given 9/15
Looks like newbies like me are still in the game. Will try another one in October/November.
Quick question – how did you get your 2nd account to show up in your online banking account??
you can try these:
1. send a SM and ask for the full account number;
2. download the app and you’ll see your accounts when you log in with the full account numbers
HTH.
I got approved with QK code (have 6, DH has 7 accounts; we skipped applying in August), did not ACH initial deposit but did DD from my CU hub. Will report if the DD goes through and if I get my bonus. Suffice it to say I am out of their target states but prefer not to say what state I’m in to be on the safe side. I’m crossing my fingers my app slipped through unnoticed, but I’ll find out soon.
Did you get QJ bonus? thx
we did not apply using that code.
Do you also answer on the question – “do you have accounts with us” and provided current checking account numbers? Every other application, did you provide different current account or the same? thanks
yes, I did all things the same way I did on my previous applications except this time I did not initiate an ACH transfer for my initial deposit to prevent any freeze on it. In one of my approved accounts in the past, I did not fund initial deposit either and went straight to DD and got my bonus.
I didn’t get it, did you provide different current account numbers, or none, or the same original one when applied every other time?
this time you are going to send them a check or how you will fund your new account?
DD posted Thursday, bonus posted today! Nothing outside of the ordinary activity others have done EXCEPT no apps in August with our last app approved and bonuses paid early July.