If your organization needs an affordable business checking solution that can accommodate low or moderate transaction volume, M&T Bank is a decent choice. The bank offers five business checking accounts, which include an interest-earning checking account and a non-profit checking account. Each comes with a free customizable debit card, the first check order for free, and online and mobile banking.
- Limited branch locations (14 states)
- No annual percentage yield (APY) except for Business Interest Checking
- Steep wire transfer fees
- Free customizable business debit card
- Online and mobile banking for Business
- Monthly fee waiver for three statement cycles upon account opening for other business checking accounts
- Access to M&T BizPay, an expense management tool
- M&T merchant services
- Business savings, credit cards, specialty accounts, and Small Business Administration (SBA) loans
How M&T Bank Stacks Up With Its Competitors
M&T Bank has low monthly service fees, and it is relatively easy to waive. It only requires you to maintain an average monthly ledger balance of $2,500 or make five transactions within the statement cycle.
Compared to national banks like U.S. Bank and Bank of America, M&T Simple Checking for Business offers fewer (100) fee-free transactions per month and charges a higher fee ($1) for excess transactions. The bank’s cash deposit allowance and excess cash deposit fees are relatively the same as its competitors.
When M&T Bank Is a Good Fit
- You have a low to moderate monthly transaction volume: With M&T Simple Checking for Business, you get up to 100 free monthly transactions.
- You have a low to moderate cash deposit volume: M&T Simple Checking for Business gives you a cash deposit allowance of $5,000 with a low excess cash deposit fee of 27 cents.
- You want a bank with low monthly service fees: New M&T Simple Checking for Business account holders don’t need to pay monthly service fees for their first 12 months of banking. Requirements for waiving the monthly fee are also relatively easy to meet.
- Your business is based in New York: M&T Bank is considered an East Coast banking giant with branches in almost all New York areas except for the North Country.
When To Consider M&T Bank Alternatives
- You operate outside M&T Bank’s service area: M&T Bank has a branch presence in Washington D.C. and 14 states (Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia). Chase is a better alternative since it has branches in 48 states. Our Chase business checking review can provide more details.
- You send and receive wire transfers regularly: Fees for M&T Bank wire transfers are relatively steep. If you want access to fee-free wire transfers and are content with digital-exclusive banking services, Mercury is a highly recommended alternative. Read our Mercury business checking review to see if it’s a good fit.
- You want to earn interest on a fee-free account: M&T Bank’s interest-earning account, M&T Business Interest Checking, charges a nonwaivable monthly service fee of $22. Bluevine charges no monthly fee and earns 2.00% APY on balances of more than $250,000, provided you meet its activity requirements. To learn more, check out our Bluevine business checking review.
Check out more providers in our list of the best small business checking accounts.
M&T Bank Business Checking Overview
M&T Bank Business Checking Requirements
To open a business checking account, you can visit the M&T Bank website, schedule an appointment to talk with a Business Banking specialist, or go to the nearest M&T branch.
Here are the requirements to be eligible for a business checking account:
- Applicants should be least 18 years old
- All applicants are subject to review of past account handling and verification of the information provided
- Business documentation may be required depending on business ownership structure
- All applicants must present two primary IDs or one primary ID and two secondary IDs:
- Primary IDs are driver’s license, passport, state-issued or authorized city-issued ID, resident alien ID, military ID, veteran’s healthcare ID, firearm ID, or global entry card
- Secondary IDs are US Visa, paystub, home rental agreement, utility bill, major credit card or debit card, or vehicle registration
Owners or signers will be asked to provide their full legal name, address, date of birth, country/countries of citizenship, country of residence, percentage of ownership (for owners only), and Social Security number.
Here are the additional M&T Bank business checking requirements according to business type:
- Sole proprietorship: DBA or business certificate (in states where this applies)
- Partnership: General partnership
- Limited liability company (LLC): Limited liability agreement and limited liability partnership (LLP)
- S corporation (S-corp) or C corporation (C-corp): Certificate or articles of Incorporation
- Nonprofit: Articles of incorporation, articles of association or organization
- Unincorporated associations: Membership agreements
Before opening an account, read our guide on how to open a business bank account. It contains a free downloadable checklist of required documents.
M&T Bank Business Checking Features
M&T Bank’s business checking accounts offer customizable debit cards, online and mobile banking, and monthly fee waivers for a fixed period.
M&T Business Checking Accounts
- M&T Simple Checking for Business suits new businesses, providing 100 free monthly transactions and a $5,000 cash deposit allowance.
- M&T Tailored Business Checking is ideal for growing businesses, offering higher monthly transactions and free cash deposits.
- M&T BizFlex Checking is designed for established businesses, providing an option for discounted Treasury Management services and allowing combined balances of up to four BizFlex accounts to waive the monthly maintenance fee.
- M&T Business Interest Checking is aimed at businesses seeking to draw interest and requires a $500 minimum daily collected balance to earn an APY.
- Non-Profit Checking is created for nonprofits, offering a 50-free transaction limit and a low $7.50 monthly maintenance fee.
A monthly maintenance fee waiver offer is available when you open a new M&T Simple Checking for Business account. You get $120 in savings since the bank does not charge a $10 monthly maintenance fee for 12 months or one full year from account opening. The promotional offer period is from July 1, 2023, through Dec. 29, 2023.
Other M&T Bank business checking accounts also receive a monthly maintenance fee waiver but only for the first three months from account opening.
Discounted Treasury Management Services
M&T Bizflex Checking account users get a 25% discount on treasury management services by maintaining two or more eligible services.
Customizable Business Debit Card
With an M&T Business debit card, you can pay for purchases in person, online, or by mobile app. Its contactless technology allows a faster and more secure checkout. It lets you access linked M&T accounts, up to four checking accounts, four savings accounts, and two lines of credit, or Visa credit cards. You can also customize your business debit card for free. To be eligible for this card, you must be an authorized signer on all deposit accounts linked to the cards.
Online & Mobile Banking
Business owners can view their balances, transfer funds, permit multiple user access, pay bills, and deposit checks through online and mobile banking. M&T Bank’s mobile banking app shows a high 4.9 out of 5 rating, with more than 193,000 ratings on the App Store. However, it has an average rating of 2.8 out of 5 stars on Google Play from around 14,000 reviews.
Users praised the mobile app for its simple layout, convenient fingerprint login access, and highly responsive tech support team. Several even stated that they found the app user-friendly. However, some reported having experienced crashes and claimed the app remained buggy. Others also found setting up external transfers and using online bill pay challenging.
Business owners can apply for M&T BizPay, an ACH and wire transfer tool that allows you to pay your expenses efficiently through online banking. You can reconcile accounts easily, save from check processing fees, and boost employee productivity with fewer check preparation tasks.
Other M&T Bank Business Banking Products
- Commercial checking
- Interest on Lawyer Account (IOLA)
- Interest on Lawyer Trust Account (IOLTA)
- Maryland Affordable Housing Trust (MAHT)
- Interest on Trust Account (IOTA)
- The Commercial Savings Account charges a monthly fee of $5, waivable with a daily balance of $300 or greater. It offers a variable interest rate.
- M&T Market Advantage for Business Savings and Commercial Money Market Savings accounts charge monthly fees of $12.50, waivable with a daily balance of $10,000 or greater. Both offer variable, tiered interest rates. A $1,000 daily collected balance is required to earn interest for M&T Market Advantage for Business Savings accounts, while only a $500 daily collected balance is required for the latter.
- The M&T Bank Business Rewards Credit Card earns 2.00% cash back for your first year of use, then 1.50% for each year thereafter. Read our M&T Business Rewards Credit Card review for more information.
- The M&T Bank Business Credit Card is a standard credit card that charges low APR rates.
Both are protected under M&T Assurance Fraud Protection. They can be added to Apple Pay, Google Pay, and Samsung Pay. M&T also lets you issue additional employee cards.
- SBA loans: SBA Paycheck Protection Program and SBA loans
- Lines of credit: Business Access line of credit and FlexLine of Credit
- Term loans: Unsecured business installment loan, secured term loan, owner-occupied commercial real estate (CRE), and investment real estate
- Equipment financing: Aircraft, healthcare, manufacturing and production, renewable energy, construction, government/municipalities, rail, and trucks/trailers (industries served)
- Commercial cards
- Automated check payments
- ACH services
- Real-time payments (RTP)
- Wire transfers
- Account reconciliation
- Controlled disbursement
- Payment acceptance options (credit cards, debit cards, contactless cards, and mobile wallet)
- Payment technologies (mobile payment devices, countertop terminals, and e-commerce gateways)
- Fraud protection
M&T Bank Business Checking Reviews From Users
Few M&T Bank business checking reviews are available online. The bank has a WalletHub rating of 3.4 out of 5 based on more than 1,000 reviews. Most positive feedback revolved around personal loans and mortgages where users praised the bank for an easy and convenient payment setup procedure and helpful loan officers.
Still, many clients reported a bad customer service experience, stating that no resolutions were offered when they called. They were transferred to different departments or advised to visit a branch. Reviewers also mentioned that reaching customer service on the phone took a long time.
Several negative comments came from former customers of People’s United Bank, which was acquired by M&T Bank in 2022. Complaints include the lack of access to online accounts, declined transactions, and longer transaction posting that resulted in fees.
M&T Bank Simple Checking for Business is suitable for small business owners with 100 or fewer transactions per month, as they won’t be charged with a hefty $1 excess transaction cost. As your business becomes more established and your transactions increase, it’s better to open the higher-tier business checking accounts, M&T Tailored Business Checking and M&T BizFlex Checking, to avoid the extra charges, which can add up.
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