M&T Bank is a regional bank with branches across the Northeast and Mid-Atlantic
M&T Bank is a commercial bank headquartered in Buffalo, New York, that operates branches in New York, Pennsylvania, New Jersey, Connecticut, Maryland, Delaware, Virginia, West Virginia, and Washington, D.C. It is a publicly traded company and one of the larger regional banks in the United States. M&T offers checking and savings accounts, credit cards, mortgages, auto loans, and business banking services.
The bank operates both physical branches and online banking. You can walk into a branch to deposit cash, speak with a banker about a loan, or handle account issues in person. You can also manage your account through M&T's website or mobile app, deposit checks by phone camera, and transfer money between accounts without visiting a branch.
M&T is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account type per depositor are protected if the bank fails. This protection applies to checking accounts, savings accounts, and money market accounts held in your individual name.
Key Takeaways
- M&T Bank operates physical branches in nine states plus Washington, D.C., and also offers online and mobile banking for remote account management.
- The bank offers personal accounts (checking, savings), credit products (credit cards, mortgages, auto loans), and business banking services.
- M&T deposits are FDIC-insured up to $250,000 per account type, protecting your money if the bank becomes insolvent.
- M&T charges monthly maintenance fees on most checking accounts unless you meet balance or direct deposit requirements, and ATM fees explore outside its network.
Types of accounts M&T offers
M&T's personal checking accounts include the Essential Checking account, which has a monthly maintenance fee waived if you maintain a minimum balance or set up direct deposit. The Preferred Checking account carries a higher monthly fee but includes benefits like higher interest rates and ATM fee reimbursement. Both accounts allow you to write checks, use a debit card, and set up bill pay through the online platform.
Savings accounts at M&T include a standard savings account and a money market account. The money market account typically requires a higher opening balance and offers a higher interest rate in exchange. Interest rates on both products change based on the Federal Reserve's rate decisions and M&T's own pricing strategy, so the rate you see today may differ from the rate offered next month.
M&T also offers certificates of deposit (CDs), which are time-locked savings products. You deposit money for a fixed period—typically three months to five years—and receive a set interest rate. If you withdraw the money before the term ends, you pay an early withdrawal penalty. CDs are useful if you have money you will not need for a known period and want a may provide return.
How M&T handles deposits and transfers
When you deposit a check at an M&T branch, the bank processes it the same day if you deposit before the branch's cutoff time (usually 3 p.m. or later, depending on the branch). The funds become available in your account within one to two business days, depending on the check amount and the bank it was drawn from. Larger checks or checks from out-of-state banks may take longer.
If you use M&T's mobile app to deposit a check by taking a photo, the bank processes the image and credits the funds to your account. Mobile check deposits typically clear within one business day. You can transfer money between your own M&T accounts when ready through online banking or the app.
Transfers to accounts at other banks take one to three business days through the ACH (Automated Clearing House) system, which is the standard network for moving money between institutions. Wire transfers, which move money faster, typically arrive the same business day if sent before the bank's cutoff time, but they cost $15 to $25 per transfer.
ATM access and fees
M&T operates its own ATM network across its branch locations and in some retail locations. Using an M&T ATM to withdraw cash is free for account holders. If you use an ATM outside the M&T network, the bank charges a fee—typically $2 to $3 per transaction—and the other bank's ATM operator may charge an additional fee.
Some M&T checking accounts, particularly the Preferred Checking product, include ATM fee reimbursement, meaning M&T refunds the fees you pay at other banks' ATMs. This benefit is useful if you travel frequently or live in an area without M&T branches nearby. Check your specific account's terms to see whether this benefit applies.
Credit products: cards, mortgages, and loans
M&T offers credit cards for personal use, including cash-back cards and rewards cards. The cards carry annual percentage rates (APRs) that vary based on your credit score and creditworthiness. M&T also issues business credit cards with different rewards structures and higher credit limits for business owners.
For mortgages, M&T works with borrowers to finance home purchases and refinances. The bank offers fixed-rate mortgages (where your interest rate stays the same for the life of the loan) and adjustable-rate mortgages (where the rate changes after an initial fixed period). Mortgage rates change daily based on market conditions, so the rate you see today will not be the rate you lock in next week.
M&T also originates auto loans for new and used vehicles. Like mortgages, auto loan rates depend on your credit profile and current market rates. The bank will require proof of insurance and a lien on the vehicle until the loan is paid off.
Business banking and commercial services
M&T's business banking division serves small businesses, mid-market companies, and large corporations. Business customers can open checking accounts designed for business cash flow, set up payroll processing through M&T's platform, and access lines of credit for working capital or equipment purchases.
The bank also offers merchant services, allowing businesses to accept credit and debit card payments in-store or online. M&T processes the transactions and deposits the funds (minus processing fees) into the business's account, typically within one to two business days.
Commercial lending is another service M&T provides to established businesses. This includes term loans for expansion, equipment financing, and real estate loans for commercial properties. The terms, rates, and approval process depend on the business's financial history, industry, and the loan amount requested.
How M&T's online and mobile banking works
M&T's online banking platform lets you view account balances, review transaction history, transfer money between accounts, pay bills, and read statements. You log in with a username and password, and the bank uses encryption to protect your information. You can set up alerts to notify you when your balance drops below a certain amount or when a large transaction occurs.
The M&T mobile app offers the same core functions as the website, plus mobile check deposit and the ability to lock or unlock your debit card if it is lost or stolen. The app uses biometric login (fingerprint or face recognition) on most phones, which is faster than typing a password each time.
M&T also offers bill pay through its online platform. You enter a payee's information (a utility company, landlord, or other creditor), the amount, and the date you want the payment sent. M&T sends the payment electronically or by check, depending on the payee. Bill payments typically arrive within three to five business days.
Frequently Asked Questions
What happens if I overdraw my M&T checking account?
M&T charges an overdraft fee if a transaction brings your balance below zero. The fee is typically $35 per overdraft, though the bank may waive one overdraft per year for account holders in good standing. You can also set up overdraft protection, which links your checking account to a savings account or line of credit so transfers happen automatically if you run short.
Can I open an M&T account online without visiting a branch?
Yes. M&T allows you to open a checking or savings account through its website by providing your Social Security number, address, and initial deposit information. The bank verifies your identity electronically and activates the account within one business day. You can then use online banking and mobile deposit when ready.
Does M&T offer savings accounts with high interest rates?
M&T's savings account rates are competitive with other regional banks but typically lower than online-only banks, which have lower overhead costs. M&T's money market accounts offer higher rates than standard savings accounts. Interest rates change frequently, so compare M&T's current rates with other banks before opening an account.
What should I do if I notice fraudulent activity on my M&T account?
Contact M&T when ready by calling the number on the back of your debit card or logging into online banking to report the transaction. M&T will investigate and typically refund fraudulent charges within 10 business days. Federal law limits your liability to $50 if you report the fraud within 60 days of the statement date.
Does M&T offer investment services like stocks or mutual funds?
M&T does not offer brokerage services directly, but it partners with third-party investment firms to provide investment accounts. You can speak with an M&T banker about referrals to investment advisors, or you can open an investment account with a separate brokerage firm and link it to your M&T checking account for transfers.