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expired Posted by EfficientArm1742 • Sep 25, 2024
expired Posted by EfficientArm1742 • Sep 25, 2024

M&T Bank Checking Account: Open Account & Direct Deposit $1000 Within 90 Days

(Valid in Select States thru 10/25)

Earn $500 Cash Bonus

M&T Bank - Bank Advertiser
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Deal Details
M&T Bank offers its M&T Checking Account Offer: Open An Eligible Account + Enroll in Direct Deposit & Make Qualifying Direct Deposits totaling at least $1,000 (within 90 days of account opening) with promo code UC and earn a $500 Cash Bonus credited to your account or when you follow the instructions listed below.

Thanks to Community Member EfficientArm1742 for sharing this deal
  • Note: Please enter your home zip code to see if this offer is available in your state. Available offer(s) may vary based on your location.
Deal Instructions
  1. Visit the Offer Page
  2. Open a qualifying M&T Bank MyChoice Plus or Premium Checking Account online or at any branch by October 25, 2024, using promo code UC
  3. Set up your direct deposits by enrolling and making qualifying direct deposits totaling at least $1,000 within 90 days of account opening
  4. Your $500 cash bonus will be credited within 90 days of the account receiving the qualifying direct deposits

Editor's Notes

Written by qwikwit | Staff
  • Terms:
    • Person-to-person, bank or other electronic money transfers, such as those made through internet payment services, do not qualify.
    • To receive the Direct Deposit Bonus, open a new MyChoice Plus or Premium Checking account between 9/3/24 and 10/25/24 and make at least $1,000 in qualifying direct deposits within 90 days of account opening.
    • Qualifying direct deposits include recurring electronic deposits of payroll, pension or Social Security.
    • The bonus will be credited to your account within 90 days of all requirements being met.
    • The promo code is required at account opening to qualify for the bonus(es).
    • Your new M&T M&T MyChoice Plus or MyChoice Premium checking account must still be open when we seek to credit the bonus(es).
  • Please refer to the bottom of the page for complete terms & details.
  • Please see the original post for additional details & refer to the comments below for discussion.

Original Post

Written by EfficientArm1742
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
M&T Bank offers its M&T Checking Account Offer: Open An Eligible Account + Enroll in Direct Deposit & Make Qualifying Direct Deposits totaling at least $1,000 (within 90 days of account opening) with promo code UC and earn a $500 Cash Bonus credited to your account or when you follow the instructions listed below.

Thanks to Community Member EfficientArm1742 for sharing this deal
  • Note: Please enter your home zip code to see if this offer is available in your state. Available offer(s) may vary based on your location.
Deal Instructions
  1. Visit the Offer Page
  2. Open a qualifying M&T Bank MyChoice Plus or Premium Checking Account online or at any branch by October 25, 2024, using promo code UC
  3. Set up your direct deposits by enrolling and making qualifying direct deposits totaling at least $1,000 within 90 days of account opening
  4. Your $500 cash bonus will be credited within 90 days of the account receiving the qualifying direct deposits

Editor's Notes

Written by qwikwit | Staff
  • Terms:
    • Person-to-person, bank or other electronic money transfers, such as those made through internet payment services, do not qualify.
    • To receive the Direct Deposit Bonus, open a new MyChoice Plus or Premium Checking account between 9/3/24 and 10/25/24 and make at least $1,000 in qualifying direct deposits within 90 days of account opening.
    • Qualifying direct deposits include recurring electronic deposits of payroll, pension or Social Security.
    • The bonus will be credited to your account within 90 days of all requirements being met.
    • The promo code is required at account opening to qualify for the bonus(es).
    • Your new M&T M&T MyChoice Plus or MyChoice Premium checking account must still be open when we seek to credit the bonus(es).
  • Please refer to the bottom of the page for complete terms & details.
  • Please see the original post for additional details & refer to the comments below for discussion.

Original Post

Written by EfficientArm1742

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Top Comments

You may have to consider the opportunity cost of keeping the account open to avoid the early close-out fee. Putting $2,500 into a 5% high yields savings account nets $125 in a year or $61.5 in 6 months. On the other hand, to avoid the early close-out fee, you would have to keep $2,500 in a 0.01% APY checkings account for 6 months (180 days) but this would overall save you $64.95 by not having to pay the first monthly fee ($14.95) and pay the close-out fee ($50). If you have a higher yield savings account, it would be better to just pay the monthly fee and pay the close-out fee.

Edit: From what I've seen online, the first month's fee is waived and you can downgrade your account to the EZChoice plan so that you don't have to pay monthly fees and so you don't have to keep $2,500 in the account. I outlined this in my second comment: https://slickdeals.net/f/17778438-m-t-bank-checking-account-open-account-direct-deposit-1000-within-90-days-earn-500-cash-bonus-valid-in-select-states-thru-10-25?p=173029269#post173029269

As for tax calculations, (for a general rule of thumb) if you make more than $44,726, that puts you into the 22% tax bracket. Since the $500 sign up bonus is considered as taxable income, it will be taxed at 22%. Moreover, state tax also applies. For instance, Maryland State tax is 4.75% for income between $3,000 and $100,000. So after taxes, the $500 becomes $366.75 if you decide to keep the account open and keep $2,500 in the account for that duration. If you decide to pay the monthly fee and pay the early close-out fee you net $301.3.
This is the rundown for the $500 sign up bonus for M&T Bank with a $50 visa giftcard. (Offer available until November 30th)
* Sign up to ReferLive (this is NOT signing up for a checkings account) via a referral link to get a $50 visa giftcard (this is mines): https://io.referlive.com/1GUf3z
* Click on the promotional link (https://campaigns.mtb.com/500bonus) and sign up for a MyChoice Plus Checkings account. It may prompt you for a promo code. Use code TV.
* The MyChoice Plus Checkings account should have the first monthly fee waived. You need to fund the account with $25 minimum.
* Once you register for the checkings account use a "qualifying direct deposit" and have your deposit(s) amount to $1000 minimum within 90 days.
* Users online have reported that some electronic transfers and bank transfers can qualify. Some users have reported success with getting the bonus by transferring funds from Robinhood, Cash App, Fidelity, Capital One and more.
* Once you have "direct deposited" aka transferred funds from, say, Cash App, you should get the bonus within a couple of days. Users online have reported getting the payout within 2-3 days. Some have reported it taking longer, for instance, a month. The maximum length it'll take is 90 days as written in the fine print.
* If you got the payout quickly, you can downgrade your account to the EZChoice checkings account so that you don't have to pay a monthly fee. If you didn't get the payout quickly then you have to keep it on your current plan (and if your payout isn't within the first month then you have to pay the second month's fee).
* Close the account after 180 days to avoid the early closing fee of $50. Or you can keep the account.
* The $500 is considered taxable income so you will have to pay state and federal income tax on it. File the tax form the bank gives you. It will be either a 1099-Misc or a 1099-Int. If you did not get a form add it to your 1040.
This promo runs regularly every 1-2 months. In the fine print it states you can't get a bonus if you had a account within the past year. So you can do this again the next year on the day you closed your account. This is called "churning".

Edit: You have to use the exact same information that you used in ReferLive for M&T Bank in order to get the $50 giftcard. They will crossmatch the information between ReferLive and M&T Bank and that's how they know whether it's a successful referral. If I recall correctly, the link is not a tracking link. Moreover, you will have to pay taxes on the $50 visa giftcard because it is considered a gift certificate of cash. You will have to add it as additional income under your 1040 tax form. The referral offer and the bank sign up bonus does stack. I have gotten a gift card in the mail along with my bonus which was posted 3 days after my $1000 DD hit.

Edit 2: Some people have issues trying to push money from one bank to M&T and it locks them out the account needing to call customer service. This is happening due to their outdated fraud detection system. If you have this issue you can try two things. The first thing you can try is verifying your identity at a branch. The second thing you can try is activating the debit card. If all else fails you will have to talk it out with customer service.
Or you can do a direct deposit of $1500 every month and take out the money the next moment it is deposited to your account to avoid fee on MyChoice Plus Checking

141 Comments

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Oct 1, 2024
10 Posts
Joined Feb 2017
Oct 1, 2024
Locol87
Oct 1, 2024
10 Posts
Quote from EfficientArm1742 :
LendingClub has a 5.30% APY when you deposit at least $250 per month. I have a separate post on my profile. There are no other fees iirc.
Wealthfront have 4.75 with not minimum deposit need it . And 5.00 if you refer someone
Oct 2, 2024
9 Posts
Joined Dec 2007
Oct 2, 2024
smgilbreath
Oct 2, 2024
9 Posts
Better check to see if your zip code qualifies for this promo! NY is eligible, but my zip code in NY does NOT qualify!
Oct 2, 2024
17 Posts
Joined Nov 2012
Oct 2, 2024
frozencheetos
Oct 2, 2024
17 Posts
Quote from smgilbreath :
Better check to see if your zip code qualifies for this promo! NY is eligible, but my zip code in NY does NOT qualify!
Try the "premium" account offer, it has a higher monthly fee but my zip code was eligible for this one but not the other. Promo code "UD"
https://campaigns.mtb.com/500premiumbonus
Oct 2, 2024
112 Posts
Joined Jul 2016
Oct 2, 2024
Rybaby
Oct 2, 2024
112 Posts
Called branch in PA and said no go
Pro
Oct 2, 2024
1,616 Posts
Joined Jul 2018
Oct 2, 2024
spacers
Pro
Oct 2, 2024
1,616 Posts
anyone had success pushing money from Robinhood or Cash app satisfying the DD requirement ? I did both and not seen any email or bonus yet .. M&T sends any email after completing the DD or its just waiting game?
Oct 2, 2024
2,768 Posts
Joined Mar 2010
Oct 2, 2024
Pzark41
Oct 2, 2024
2,768 Posts
Quote from veriluxxx :
link not working
Working fine for me.
Oct 2, 2024
2,768 Posts
Joined Mar 2010
Oct 2, 2024
Pzark41
Oct 2, 2024
2,768 Posts
Quote from spacers :
anyone had success pushing money from Robinhood or Cash app satisfying the DD requirement ? I did both and not seen any email or bonus yet .. M&T sends any email after completing the DD or its just waiting game?
My timeline for getting the bonus:
  • 9/23 - $5K transfer pushed from Idaho First Bank
  • 9/24 - $500 shows up in account next day.
Never got any email or anything like that.

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Oct 3, 2024
672 Posts
Joined Oct 2007
Oct 3, 2024
redwing634
Oct 3, 2024
672 Posts
Quote from Pzark41 :
My timeline for getting the bonus:
  • 9/23 - $5K transfer pushed from Idaho First Bank
  • 9/24 - $500 shows up in account next day.
Never got any email or anything like that.
Lucky. My direct deposit hit 9/27. Still no bonus today 10/3
Oct 3, 2024
105 Posts
Joined Dec 2009
Oct 3, 2024
veriluxxx
Oct 3, 2024
105 Posts
Could I link my chase or AMEX biz checking for the DD to work or does it have to be ACH transfer?
Oct 4, 2024
820 Posts
Joined Nov 2005
Oct 4, 2024
rpower
Oct 4, 2024
820 Posts
Quote from EfficientArm1742 :
from what i've seen it's: CT, DC, DE, MD, NJ, NY, PA, VA, WV
Unfortunately, while PA is in the list of states that qualify for this offer, it seems they only have branches in eastern PA. I'm in western PA and when I input my zip code to get started, it responds that the offer is not available in my area. So, i'm guessing they're restricting it to locations where they have physical branches. Bummer.
Oct 7, 2024
672 Posts
Joined Oct 2007
Oct 7, 2024
redwing634
Oct 7, 2024
672 Posts
Anyone else able to provide an update as to whether they received bonus already or not?
Pro
Oct 7, 2024
3,771 Posts
Joined Aug 2007
Oct 7, 2024
kqian111
Pro
Oct 7, 2024
3,771 Posts
Quote from redwing634 :
Anyone else able to provide an update as to whether they received bonus already or not?
I pushed $1000 from Fidelity cash mgmt account on 10/1 and still no bonus as of today 10/7. Gonna try Schwab bank next.
Oct 8, 2024
169 Posts
Joined Oct 2015
Oct 8, 2024
muyanglee
Oct 8, 2024
169 Posts
9/26 I opened my account, and nothing looks wrong. There was no hint I needed further action or documents.
9/29 I received a DocuSign email, filled it and scanned my ID online.
10/2 I still cannot fund the account, all my deposits have been reversed. M&T csr says "it's still under review that's why it's frozen. You can wait until Thursday to call back."
10/4 My two savings accounts that I used to fund the M&T account both got reversed and frozen (that I have to call each to solve it). I called M&T again asking if I could close the account and delete everything I had with them. Their rep told me I cannot do anything unless I go to a branch. The closest branch is 30min away and only open 9 to 4.
10/7 Called 3rd time. After 3 phone holds and transfers to 'another department', they told me the account ban has been lifted on 10/5 but I have to "call another fraud department to lift the online client ban". Here we go again on the 4th call.
10/8 they freaking locked my online account again for no freaking reason! I had to call the 6th time! They still did not tell me what the issue was all the time and were almost mocking me.

For real, M&T is the biggest joke I ever knew. If you want to send your money to someone who absolutely hates you for unknown reasons, go ahead banking with them.
Last edited by muyanglee October 8, 2024 at 02:30 PM.
1
Oct 10, 2024
803 Posts
Joined Sep 2006
Oct 10, 2024
ychen07
Oct 10, 2024
803 Posts
Quote from muyanglee :
9/26 I opened my account, and nothing looks wrong. There was no hint I needed further action or documents.9/29 I received a DocuSign email, filled it and scanned my ID online.10/2 I still cannot fund the account, all my deposits have been reversed. M&T csr says "it's still under review that's why it's frozen. You can wait until Thursday to call back."10/4 My two savings accounts that I used to fund the M&T account both got reversed and frozen (that I have to call each to solve it). I called M&T again asking if I could close the account and delete everything I had with them. Their rep told me I cannot do anything unless I go to a branch. The closest branch is 30min away and only open 9 to 4.10/7 Called 3rd time. After 3 phone holds and transfers to 'another department', they told me the account ban has been lifted on 10/5 but I have to "call another fraud department to lift the online client ban". Here we go again on the 4th call.10/8 they freaking locked my online account again for no freaking reason! I had to call the 6th time! They still did not tell me what the issue was all the time and were almost mocking me. For real, M&T is the biggest joke I ever knew. If you want to send your money to someone who absolutely hates you for unknown reasons, go ahead banking with them.
Same things happened to me. No docusign was ever sent to me until I found out the hard way. Made a transfer from my external account and it was rejected and reversed. As a result, my external bank account was frozen too.

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Oct 10, 2024
169 Posts
Joined Oct 2015
Oct 10, 2024
muyanglee
Oct 10, 2024
169 Posts
Quote from ychen07 :
Same things happened to me. No docusign was ever sent to me until I found out the hard way. Made a transfer from my external account and it was rejected and reversed. As a result, my external bank account was frozen too.
Sorry they made you suffer too. I filed a CFPB report. Instead of a solution, today they banned my online bank to bank transfer function for 3rd time with no reason. I can deposit money into the account but cannot transfer out. This bank is pure evil and scammer.
Pro
Oct 12, 2024
3,771 Posts
Joined Aug 2007
Oct 12, 2024
kqian111
Pro
Oct 12, 2024
3,771 Posts
They now added a zip code checker to see if your location qualify. This was not there a week ago when I signed up in branch and the bank officer confirmed my account with the sign up bonus. Now my location doesn't qualify for this offer. I'm gonna be raising hell if they disqualify me from the bonus when it was clearly communicated to me when signing up in branch.

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