M&T Bank has a long tradition dating back to Buffalo, New York where it was founded under the name Manufacturers and Traders Bank in 1856. By 1969 the bank was under the umbrella of First Empire State Corporation bank holding company. In 1998, the name changed to M&T Corporation.

Today, after a list of mergers and acquisitions, M&T Bank Corporation is now Manufacturers and Traders Trust Company, or better known as M&T Bank. It is one of the 20 largest commercial bank holding companies in the United States with $97 billion in assets as of the end of 2014. It has over 650 local branches and more than 1,500 ATM locations in Delaware, Maryland, New York, Pennsylvania, Virginia, West Virginia, and Washington, D.C. M&T prides itself on being a community bank with a symbiotic relationship with the local community where its branches serve.

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The Good

M&T Bank’s most favorable offer is their “build it yourself” account add-on features.

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Add-On features include:

  • No M&T Fee at Other Banks’ ATMs
  • Refund of Other Banks’ ATM Fee
  • No Fee for Overdraft Protection Transfers
  • Standard Checks & Safe Deposit Box
  • Credit Score

Certain checking accounts allow customers to get the above Custom Add-ons at no cost. Otherwise, there is a $4.95 monthly subscription fee per add-on.

M&T Personal Checking Account

M&T offers several checking accounts, its primary account being the EZ Checking for its economic- friendly options.

Options such as:

  • No monthly fee when customer completes at least one monthly deposit or transaction. This can be anything from a cash, check or direct deposit or a debit card purchase.
  • $4.95 monthly fee for individual add-on account features
  • $0 Non-sufficient funds (NSF) or overdraft fee if customer does not have sufficient available funds in their checking account to cover a transaction of less than $5.

M&T Savings Account

M&T’s most popular savings account is their e-Money Market Savings Account. Its main feature is its no-fee costs, including:

  • No minimum balance
  • No monthly maintenance charge
  • Six free withdrawals and transfers per month ($12.50 for withdrawals and transfers in excess of 6 per monthly service charge cycle)
Other Features and Services Available with M&T e-Money Market:
  • M&T Web Banking and Mobile Banking
  • Account access at over 1,500 M&T Bank ATMs
  • Direct Deposit, Electronic Statements, M&T’s Easy Save
  • Available only for personal accounts
  • Interest is compounded daily and paid monthly.
  • Savings Account interest rate of .05%
  • Annual percentage Yield (APY) of .05%

M&T’s Business Checking account

This business checking account’s selling point is its offer of a flexible, low-cost alternative to standard business checking accounts.


  • No monthly maintenance fee when customers maintain a $1,500 minimum Average Ledger Balance
  • $5 monthly maintenance fee when enrolled in monthly electronic statement delivery and Business and Average Ledger Balance is less than $1,500
  • With paper monthly statements and Average Ledger Balance is less than $1,500, there is a $10 monthly maintenance fee
  • No charge for first 100 transaction items per month and first $5,000 currency deposited per month
  • ATM, Telephone and online access
  • M&T Business Debit Card with chip technology

M&T Debit Card  has NO ANNUAL OR MONTHLY FEE. Transaction fees vary.  Customers have to check their Electronic Banking Card and Telephone Transaction Disclosure and Agreement for details.

M&T CHOICEquity Line of Credit

CHOICEquity is M&T Bank’s brand name for their home equity line of credit (HELOC). The product is advertised as part of their college savings plan offering to parents but the credit can be applied towards financing anything. Its unique selling point is that it offers customers the flexibility to choose how and when they want to use it.

The benefits are:

  • Access to a revolving line of credit up to the available line amount
  • With a special loan lock-in feature, customers can lock in up to three loan segments within their approved credit limit at a fixed rate and fixed term. No additional paperwork or approvals are necessary
  • Make interest only payments on the Line of Credit portion for the first 10 years or pay principal and interest
  • Pay finance charges only for the amount of money being utilized
  • No Application Fee or Processing Fee
  • One monthly payment and statement encompassing all account activity
  • Access to funds through convenience checks or M&T Online Banking
  • Variable Interest Rate
  • Interest may be tax deductible
  • No closing costs
  • Subject to 36 month early closing
  • Maximum Loan to Value (LTV) 85%
  • Minimum Loan Amount $5000
  • Maximum loan amount $500,005

Car Loans

M&T offers car loans, partnering with TrueCar, a program providing customers with the opportunity to shop online for new and used vehicles. This online information tool educates consumers about the car-buying experience and connects customers directly with a network of certified dealers.

Car Loan Features include:

  • New/Used cars or trucks
  • Minimum to borrow $2,000
  • Fixed rates
  • Terms up to 72 months
  • Fast approval
  • Payment calculator
  • Promise of prompt professional attention
  • Buy from a dealership or private party

The Bad

Amidst M&T Bank’s promoted flexible and cost-efficient financial product offers, customers should be aware of certain Quid Pro Quos, such as:

  • To open an M&T Select CD, customers MUST have or open an M&T Checking Account .
  • A penalty may be imposed for early withdrawal. Fees could reduce earnings on the account. Offer not available for non-personal accounts and may not be available at all M&T Bank branches. Maximum deposit is $1 million per customer. Advertised APYs cannot be combined with any other offer. Rates are subject to change without notice.
  • Savings Account interest rates are variable, so the current rate when opening the account can change.
  • Customers will need the appropriate services and accounts to take advantage of the Custom Add-ons.

For example, they will need:

  • An M&T ATM Card or Debit Card for Custom Add-ons relating to ATM fees
  • Enroll in Credit Score
  • Order checks
  • Open and link an overdraft protection account
  • Open a safe deposit box.

The Bottom Line

M&T Bank has been in existence since the 1800’s, starting out in Buffalo, New York as Manufacturers and Traders Bank. Years of mergers and acquisitions have brought the company to its modern name, Manufacturers and Traders Trust Company, better known as M&T Bank. The bank prides itself on being a community bank in close relationship with its local branch communities across the eastern United States, from New York to Virginia. Its main selling point is its flexible banking options and customizable checking accounts. The customizable add-ons for personal checking accounts have a monthly subscription fee—along with a few more requirements than promoted that make its economic benefits questionable.



  • Personal Checking
    • $9.95 monthly fee (NO fee with at least one deposit or transaction per month)
    • $4.95 monthly fee for individual add-on account features
  • Savings
    • $0 minimum balance
    • $0 monthly maintenance charge
    • $12.50 for withdrawals and transfers in excess of 6 per monthly statement cycle
  • CDs
    • Minimum deposit $1000
    • A penalty may be imposed for early withdrawal.
  • Business Checking
    • $5  when using paperless statements and average ledger balance under $1500
    • $10 when using paper statements and average ledger balance is under $1500
    • $0 with an Average Ledger Balance of $1500
  • M&T Credit Card
  • M&T CHOICEquity Line Of Credit
    • Application fee: $0
    • Processing fee: $0

Savings Programs (College Savings Plans)

M&T CHOICEquity Savings

  • Consolidate debt
  • Make home improvements
  • Pay for education expenses
  • Cover unexpected expenses

Company Selling Points

Offers accounts with flexible and cost-efficient options, such as customized checking accounts with add-on features.

Monthly Service Fees (If any)







Business Checking

      • $0 if balance is above $1500
      • $5 if using paperless statements and balance Is below $1500
  • $10 if using paper statements and balance is below $1500


Contact Info

M&T Bank

One M&T Plaza
8th Floor
Buffalo, NY 14203-2399
(716) 842-5138

Online & Mobile Banking 1-800-790-9130
General Service 1-800-724-2440

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