M&T Bank has a wide variety of business checking accounts and serves the Mid-Atlantic and Northeast regions of the US. It offers two main business accounts for startups and growing businesses and three specialty accounts for businesses seeking interest-earning options, nonprofit organizations, and next-level business growth. Both can be opened with a $25 opening deposit and have reasonable monthly fees.
The bank has a presence in 12 states
Why You Can Trust Fit Small Business
How We Evaluated M&T Bank Business Checking
When completing this M&T Bank business checking review, I studied the M&T website to collect as much information as possible. I also placed two calls to customer service representatives to confirm some details I was unable to find specific information for. Both my calls went smoothly—the hold times were minimal, and both representatives were very nice and helpful.
In addition, I compared its introductory business account with other comparable bank accounts to see how they stacked up. Some of M&T’s account features exceeded other financial institutions. Its fee schedule also falls somewhere in the middle; not being the highest or the lowest, so it is definitely within range.
I also visited online forums where users can leave reviews for specific products or the bank in general. There are plenty of reviews from satisfied customers, but some expressed concerns over customer service inefficiencies or fee misunderstandings.
The rating that had me the most perplexed was the mobile app. The rating on the App Store is 4.9, while Google Play is at 2.4. Usually, these scores are closer since the mobile app is basically the same on both platforms. iOS users were extremely satisfied with the performance, whereas Android users reported app crashes and the need to uninstall and reinstall at times. Based on the reviews, I was unable to tell if this was a technology issue or something specific to each app platform.
Terms & Features
| Special Offer | N/A |
|---|---|
| Opening Deposit Requirement | $25 |
| Monthly Maintenance Fee | $10 |
| APY | N/A |
| Free ATM Network | Available in Washington, D.C., and 12 states |
| ATM Fee Reimbursement | Not offered on business accounts |
| Other Standout Features | Debit cards can be customized with a business logo |
Use Cases
- Business owners in the Mid-Atlantic and Northeast looking for in-person service: M&T Bank is a regional bank operating under a community bank model. It has all the business products of larger banks, offering robust online banking and 100 free transactions per statement cycle. It also has in-person account representatives for personalized service.
- Businesses looking for a bank to grow with: With five different business accounts, M&T has accounts that can take you from the startup phase to a thriving business needing upgraded treasury products.
- Customers needing an interest-bearing business checking account: M&T offers the Business Interest Checking account, which is one of three specialty accounts, allowing customers to earn interest at the rate of a savings account while getting the benefits of a checking account.
- M&T Bank Business Checking Alternatives & Comparison
- M&T Bank Business Checking Reviews from Users
- M&T Bank Business Checking Overview of Terms & Features
- M&T Bank Business Checking Requirements
- M&T Bank Business Checking Account Features
- Other M&T Bank Business Banking Products
- Frequently Asked Questions (FAQs)
- Bottom Line
M&T Bank Business Checking Alternatives & Comparison
| Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Simple Checking For Business | $10 | 100 | $5,000 | Washington, D.C., and 12 states |
Business Essentials Checking Account | $0 | Unlimited digital transactions and 25 free teller transactions | 25 free monthly cash deposits, then 50 cents each | 26 states |
| Visit U.S. Bank | ||||
 Business Advantage Fundamentals Banking | $0 for the first 12 months, then $16 waivable | 200 | 50 cents each | Washington, D.C., and 38 states |
| Visit Bank of America | ||||
 Chase Business Complete Banking | $15 waivable | 20 | $5,000 | 48 states |
| Visit Chase | ||||
| Best For | Learn More | |
|---|---|---|
| Businesses that have a low transaction volume and need a free account: M&T offers a low transaction account, but there is a $10 monthly maintenance fee. U.S. Bank has a low transaction account that has no maintenance fee, making it a better choice for businesses on a budget. | Read our U.S Bank business checking review |
| Businesses with a high transaction volume and can afford the monthly maintenance fee: M&T has a monthly cap of 100 transactions. It will allow more; however, there is a fee if your account goes over 100. Bank of America has an account offering 200 transactions. The first 12 months of the account are free, then a $12 monthly maintenance fee is added. | Read our Bank of America business checking review |
| Businesses wanting access to in-person branches across the US: M&T Bank has a branch presence in the Mid-Atlantic and Northeast regions. For businesses with multiple locations across the nation, Chase may be a better fit since it has a footprint extending across all 48 mainland states. | Read our Chase Business Complete Banking review |
M&T Bank Business Checking Reviews from Users
| Users Like | Users Dislike |
|---|---|
| Tech support helpful with online banking issues | Low savings account rates |
| Customer support reps are courteous and knowledgeable | Small ATM network |
| M&T Visa credit card has a good rewards program | Higher fees and minimum balance requirements |
I was unable to find an M&T Bank business checking review, as all comments I read are for the bank in general. There are also reviews on the App Store and Google Play, which are based on the performance of the mobile banking app.
Many customers said that they were satisfied with the accounts and services provided. Some of the reviews showed concern regarding fees associated with accounts, feeling they are a bit higher than expected. Others had great experiences with customer service, but many expressed concerns about unresolved issues after having reached out to customer support. Many iOS users were very satisfied with the mobile app.
Here’s how M&T scored on third-party review sites:
M&T Bank Business Checking Overview of Terms & Features
| Simple Checking for Business | Tailored Business Checking | |
|---|---|---|
| Required Opening Deposit | $25 | $25 |
| Monthly Fees | $10 monthly maintenance fee | $20; waivable |
| APY | N/A | |
| Transaction Limit Before Fees | 100, then $1 per item | 500, then 50 cents per item |
| Standard and Same-day ACH Fees | Required to have a Treasury Management Package to send ACH files | Required to have a Treasury Management Package to send ACH files |
| Domestic and International Wire Transfer Fees |
|
|
| ATM Fees | None for in-network transactions; no reimbursement for out-of-network | None for in-network transactions; no reimbursement for out-of-network |
| Cash Deposits | No charge for the first $5,000 | No charge for the first $20,0000 |
| Debit Card | Available for all accounts and can be customized to include a company logo |
|---|---|
| Physical Checks | First order of standard checks at no charge |
| Accounting Software Integration | QuickBooks |
| Business Payment Integration | Real-time payments available through Treasury Management |
| Customer Service |
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| Other Products | Cash management, business financing, business credit cards, digital banking, merchant services, SBA loans, business savings, Business Banking Switch Kit |
M&T Bank Business Checking Requirements
Part of the M&T Bank business checking requirements is to have a business located within its 12-stateⒾ service area and be at least 18 years old. Also, you will need the following information:
- Legal business name
- Tax ID or Social Security number for a sole proprietorship
- Name, address, phone number, and Social Security number for each singer on the account
- Country of citizenship and residence for each signer
- State or federally-issued form of identification
- Proof of address, such as a utility bill or vehicle registration
- Percentage of ownership for each member
Select your entity type to see additional requirements.Select your entity type to see additional requirements.Corporation (S- or C-corp)Sole ProprietorshipPartnershipLLCNonprofitUnincorporated Association
- Certificate/Articles of Incorporation
- DBA or Business Certificate (in states where this applies)
- General partnership
- Limited Liability Agreement
- Limited Liability Partnership
- Articles of Incorporation
- Articles of Association/Organization
- Membership Agreements
How to Open an M&T Bank Business Checking Account
M&T Bank has two options for opening a business checking account.
- Online: Visit M&T Bank. Once you choose the account type, click the blue Open Online button. The first question will confirm if you are 100% owner or if there are additional owners of the company. If you own $100% of the company, you can proceed with the online application; if not, then you will be directed to visit the branch.
- In-person: For the full list of branches in your area, visit M&T’s Locations page.
M&T Bank Business Checking Account Features
- Business Banking Switch Kit
- Financial Education Center
- Cash Management
- Incoming and outgoing wires
- Business credit cards
- Digital banking
- Merchant services
- Financial Education Center
Other M&T Bank Business Banking Products
- M&T Bizflex Checking: This is a next-level business growth account that waives the monthly maintenance fee for the first three months, and then charges $50 monthly. It offers a 25% discount on Treasury Management services, including 1,000 transactions and up to $50,000 in cash deposits per statement cycle.
- M&T Business Interest Checking: This account pays interest on daily collected balances over $500 with rates competitive to industry savings accounts. The monthly maintenance fee is waived for the first three months, and then $22 a month is charged.
- M&T Non-Profit Checking: M&T upholds a centuries-old commitment to support communities, organizations, and neighborhoods in their banking footprint. This account offers a $7.50 monthly maintenance fee, which is waived for the first three months and can be waived after by enrolling in eStatements or maintaining a $500 monthly average ledger balance. It comes with 50 free transactions monthly, then 50 cents for each additional transaction.
Frequently Asked Questions (FAQs)
Is M&T Bank good for small businesses?
Yes. M&T is a great bank for a small business located in the Mid-Atlantic and Northeast regions of the US in Washington, D.C., or one of these 12 states: Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, and West Virginia. ATMs are located in each of these states plus Washington, D.C., Florida, and Rhode Island. It offers five checking accounts supporting businesses from startups to well-established companies.
What are the cons of M&T Bank?
M&T Bank has a small ATM network due to the limited number of states in which it has a presence. To extend this network, M&T has added ATMs in other states such as Florida, Rhode Island, and Washington, D.C.
What is the minimum balance for M&T business checking?
M&T does not have a minimum balance requirement for its Simple Checking for Business account.
Bottom Line
M&T Bank is considered an East Coast giant in the banking world. Originally opening its doors in Buffalo New York in 1856, it has grown to over 1,000 branches, spreading its footprint across the Mid-Atlantic and Northeast regions of the US. For business owners, there’s something for everyone. The accounts range from those in the startup phase to a thriving business needing all the bells and whistles of treasury management services. M&T is a great choice for business owners searching for an in-person regional bank with the feel of a community bank.
User review references:
[1]App Store
[2]Google Play
[3]WalletHub
