What M&T Bank Is and Who Can Use It

M&T Bank is a regional bank headquartered in Buffalo, New York, with branches across the Northeast and Mid-Atlantic. It offers checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), and lending products like mortgages and personal loans. You do not need to live in a specific state to open an account — you can do it online or in person at any branch.

M&T serves both individuals and small businesses. If you are looking for a bank with physical locations you can visit, M&T has branches in New York, Pennsylvania, New Jersey, Delaware, Maryland, Virginia, West Virginia, and Washington, D.C. If you prefer online banking, you can manage your account through M&T's website or mobile app from anywhere.

Key Takeaways

  • M&T Bank offers standard checking and savings accounts, along with CDs and money market accounts, through branches and online.
  • You can open an account online or at a branch, and you will need a government-issued ID and Social Security number.
  • M&T's online banking platform lets you transfer money, pay bills, deposit checks by phone, and set up automatic payments.
  • M&T charges monthly maintenance fees on many accounts, but some accounts waive the fee if you meet balance or deposit requirements.
  • Customer service is available by phone, email, and in-person at branches during business hours.

Opening a Checking or Savings Account

To open an account at M&T, you will need a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. You can start the process online through M&T's website or visit a branch in person. If you open online, you will answer questions about your personal information, employment, and how you plan to use the account.

M&T offers several checking account types, including M&T Bank Checking and M&T Bank Premium Checking. The main differences are monthly fees, minimum balance requirements, and perks like check writing limits or ATM fee reimbursement. Savings accounts include the M&T Bank Savings Account and M&T Bank Money Market Account. Money market accounts typically pay higher interest rates than regular savings but may require a larger opening deposit.

Once your account is open, M&T will issue you a debit card, checks (if you have a checking account), and online banking access. You can begin using your account when ready for deposits and transfers.

Monthly Fees and Balance Requirements

M&T charges a monthly maintenance fee on most accounts. The amount varies by account type — checking accounts typically range from $6 to $15 per month, while savings accounts may have lower or no monthly fees. However, M&T waives the monthly fee if you meet certain conditions, such as maintaining a minimum balance, setting up direct deposit, or keeping a certain amount in linked accounts.

For example, some checking accounts waive the fee if you maintain a minimum daily balance (often $500 to $1,500, depending on the account) or if you have a monthly direct deposit of at least $500. You should review the specific terms for the account you are considering, because the fee structure differs by product.

M&T also charges fees for certain transactions and services: overdraft fees (charged when you spend more than your balance), out-of-network ATM fees, wire transfer fees, and stop payment fees. These fees are disclosed in the account agreement you receive when you open your account.

Using M&T's Online and Mobile Banking

M&T's online banking platform, accessible through their website or mobile app, lets you manage your account without visiting a branch. You can check your balance, view transaction history, transfer money between your M&T accounts, and set up bill pay to send money to merchants or individuals.

The mobile app also includes mobile check deposit, which lets you photograph the front and back of a check and deposit it without visiting an ATM or branch. You will need to endorse the check and follow M&T's instructions for the photo (usually good lighting and all four corners visible). The funds typically appear in your account within one to two business days.

M&T's bill pay feature works by entering the payee's name and mailing address, then scheduling a payment date. M&T mails a check or transfers the money electronically, depending on the payee. You can set up recurring payments for bills you pay regularly, like rent or insurance premiums.

ATM Access and Debit Card Use

M&T provides a debit card with every checking account. You can use it to withdraw cash at M&T ATMs (no fee) or at any ATM displaying the Allpoint, MoneyPass, or Visa Plus Alliance logo. Using an out-of-network ATM typically costs $2 to $3 per transaction, depending on the ATM operator.

Your debit card also works as a payment card at stores, restaurants, and online retailers. When you use it, the money is deducted directly from your checking account. You can set a PIN (personal identification number) for in-person purchases and use it without a PIN for online or phone transactions (though some merchants require one).

If your debit card is lost or stolen, contact M&T when ready. You can report it by phone, through online banking, or at a branch. M&T will cancel the card and issue a replacement, usually within 5 to 7 business days.

Interest Rates and CDs

M&T Bank savings accounts and money market accounts earn interest, but the rate varies based on the account type and current market conditions. Interest rates change frequently and are not may provide. You can check M&T's current rates on their website or by calling customer service.

Certificates of Deposit (CDs) are a savings product where you deposit money for a fixed period (3 months, 6 months, 1 year, 2 years, or longer) and receive a set interest rate. In exchange, you agree not to withdraw the money until the term ends. If you withdraw early, M&T charges an early withdrawal penalty, which reduces the interest you earn. CDs typically pay higher interest than regular savings accounts, but your money is locked up for the term you choose.

Customer Service and Getting Help

M&T Bank customer service is available by phone, email, and in person at any branch. Phone support is available during business hours (typically 8 a.m. to 8 p.m. on weekdays and limited hours on weekends). You can find the phone number on your account statement or M&T's website.

If you have questions about your account, need help with online banking, or want to report fraud or a lost card, customer service can information you. For complex issues like loan applications or investment products, you may be directed to a specialist or asked to visit a branch in person.

M&T also offers financial education resources on their website, including articles about budgeting, saving, and managing debt. These resources are free and do not require you to be a customer.

Frequently Asked Questions

Can I open an M&T account if I do not live near a branch?

Yes. You can open most M&T accounts online without visiting a branch. You will need to verify your identity during the online process, and M&T will mail your debit card and checks to your address. Some products, like certain loan types, may require an in-person visit or a phone call with a loan officer.

What happens if I overdraw my account?

If you spend more than your balance, M&T may cover the transaction and charge you an overdraft fee (typically $35 per overdraft). Alternatively, M&T may decline the transaction. You can link a savings account to your checking account to set up overdraft protection, which automatically transfers money from savings to cover shortfalls and may charge a lower fee.

How do I set up direct deposit?

Ask your employer or the organization sending you money (like a government agency) for M&T's direct deposit form. You will provide your account number and M&T's routing number (which you can find on your checks or by calling customer service). Once your employer submits the form, direct deposits usually begin within one to two pay periods.

Can I access my account if M&T's website is down?

If M&T's online banking is temporarily unavailable, you can still access your account by phone or at a branch. You can also use your debit card to withdraw cash at ATMs. For urgent issues, call M&T customer service to speak with a representative.

What should I do if I notice unauthorized charges on my account?

Contact M&T when ready by phone, through online banking, or at a branch. Report the unauthorized transaction and ask M&T to investigate. M&T will typically reverse the charge while they look into it, and you will receive a written explanation of their findings within 10 business days.