[CT, DE, D.C., MD, NJ, NY, PA, VA, WV, In Branch] M&T Bank $400 Business Checking Bonus


Offer at a glance

  • Maximum bonus amount: $400 (+$400 for merchant services)
  • Availability: In branch only [Branch locator]. Branches are in CT, DE, D.C., MD, NJ, NY, PA, VA, WV
  • Direct deposit required: No
  • Additional requirements: Average daily balance of $5,000 on the 90th day after account opening
  • Hard/soft pull: Soft
  • ChexSystems:Yes
  • Credit card funding: No
  • Monthly fees: $20, avoidable
  • Early account termination fee:  $50, 180-days
  • Household limit: None
  • Expiration date: March 15, 2021

The Offer

Direct link to offer

  • M&T Bank is offering a bonus of $400 when you open a new Tailored Business Checking account and complete the following requirements:
    • Have an average ledger balance of  is at least $5,000 for the third full calendar month after the Account was opened
  • You can also get a $400 bonus for setting up merchant services

The Fine Print

  • We will credit one $400 bonus (“Checking Bonus”) to your new M&T Tailored Business Checking Account opened between 1/18/21 and 3/15/21 if the Average Ledger Balance in the Account is at least $5,000 for the third full calendar month after the Account was opened. If the requirements are met and the Account remains open, the Checking Bonus will be credited to the Account within 45 days after the end of the third full calendar month after the Account was opened. The Checking Bonus is reportable for tax purposes and is not available to employees of M&T Bank or any of its affiliates. The Checking Bonus is not available to customers who have had a non-personal M&T checking account within the previous 90 days of opening an M&T Tailored Business Checking account. Only one Checking Bonus will be awarded per customer regardless of the number of new M&T Tailored Business Checking accounts opened. A $50 Account Closure Fee applies if the account is closed within the time period referenced in the Commercial Deposit Account Fee Schedule.
  • The Bonus offer is available for merchants who fulfill the following conditions during the Offer Period of 1/18/21 to 3/15/21: (1) merchant does not currently have an M&T Bank Merchant Services® account; (2) merchant opens an M&T Bank Merchant Services account during the Offer Period; (3) merchant opens during the Offer Period, or currently has, an M&T Business Checking account to accept merchant deposits; and (4) merchant must be active and process $20 in merchant transactions within a calendar month no later than 6/30/21 to receive the one time $200 bonus, and the merchant must be active and process at least $4,000 in merchant transactions within a calendar month no later than 6/30/21 in order to receive the additional $200 bonus, totaling $400. Only one Bonus will be awarded, regardless of the number of locations for a merchant. This Bonus may not be combined with any other promotional merchant services offers (excluding the $9.95 Tailored Checking Promotion.) This Bonus offer is subject to credit underwriting, due diligence requirements, and approval of an M&T Bank Merchant Services account in accordance with M&T’s requirements. If the above conditions are met, we will credit a $200 bonus (“The Bonus”) for activating the account, and an additional $200 bonus (“The Incremental Bonus”), if applicable, for processing at least $4,000 in a calendar month, as a credit to the M&T merchant services account by 8/30/21. The Bonus and Incremental Bonus are reportable for tax purposes and may be considered taxable income.

Avoiding Fees

Monthly Fees

This account has a $20 monthly fee. This is waived if you:

  • Maintain a $10,000 monthly average ledger balance
  • Maintain $25,000 average ledger balance between checking & savings
  • Make $2,000 in purchases on a linked M&T business credit card
  • M&T bank merchant services account proceeds deposited

Early Account Termination Fee

The personal account has a $50 early account termination fee if closed within 180 days, not sure if it’s the same on this business account or not.

Our Verdict

We’ve seen this offer before and also a $300 bonus. Merchant services bonus isn’t worth considering, we discuss this in this linked post here. The downside to this bonus is requiring a $10,000 deposit requirement but still worth doing for those who can spare the $10,000 for three or so months. Will add this to the best business bank bonuses.

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