M&T Bank MyChoice Plus Checking review
Offers ATM rebates and discounts on loans — but you’ll only earn up to APY on your balance.
finder.com’s rating: 2.8 / 5.0
The M&T Bank MyChoice Plus Checking account comes with free monthly ATM rebates and discounts on M&T Bank loans. But you have to carry a minimum $2,500 balance or have at least $1,500 in monthly direct deposits to avoid the $14.95 monthly fee. And although it touts the option to earn interest, the rate is an abysmal 0.01%.
$14.95 per month
Minimum deposit to open
|APY||0.01% on balances of $1+|
|Fee||$14.95 per month|
|To waive the fee||Maintain an average balance of $2,500 or more per service charge cycle|
OR receive direct deposits totaling more than $1,500 per service charge cycle
|Minimum deposit to open||$25|
|ATMs||Over 1,500 free M&T Bank ATMs and up to $2 rebates when using all other ATMs|
|ATM transaction fee||$0|
|ATM fee rebates||Up to $2 toward other bank ATM fees|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||3%|
|Nonsufficient funds fee||$38.50|
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
The M&T Bank MyChoice Plus Checking account is great for anyone looking for the freedom of a more basic account with the option to get ATM rebates and discounts on loans.
However, the biggest drawbacks are the account’s APY and monthly fees. You only earn 0.01% interest on your total balance — that’s one penny a year for every $100 you save! There’s also a $14.95 monthly fee to maintain the account unless you meet certain minimum balance or direct deposit criteria.
If you can easily waive the fee and aren’t looking for an interest-bearing checking account, M&T Bank MyChoice Plus Checking may be just what you need. Otherwise, you’ll want to keep looking.
How do I open an M&T Bank MyChoice Plus Checking account?
Open your account inside a branch or online:
- From the main M&T Bank page, roll over the Banking tab and select Checking.
- Under MyChoice Plus, click Open Account.
- Select whether you want to open an Individual or Joint account, and click Continue.
- Enter a promo code if you have one and note the information you’ll need to open the account online. Click Continue.
- Enter your name, street address, phone number and email. If you have a different mailing address, click the box and enter it. Otherwise, click Continue.
- Enter your employment information, driver’s license number, Social Security number, birth date and select your citizenship status. Click Continue.
- Click Accept to receive information from the bank electronically instead of by paper.
- Once your identity is confirmed, choose how to fund your account and open it.
To open an account you must meet the following criteria:
- At least 18 years old
- US citizen or resident
- Valid Social Security number
Have the following information ready to open your account:
- Full name
- Birth date
- Street and mailing address
- Driver’s license number
- Social Security number
- Bank information or debit card to fund the account
What are the benefits of an M&T Bank MyChoice Plus Checking account?
M&T Bank MyChoice Plus Checking offers the following perks:
- ATM rebates. M&T Bank waives out-of-network ATM fees and reimburses any charged by other banks within the US, up to $2 per transaction.
- Free linked savings account. M&T waives your Relationship Savings account monthly fee if linked to your checking account.
- Discount on personal loans. Get discounted interest rates on any personal loans from M&T Bank.
- Free customizable ATM card. Your card comes with all the usual features, like chip and contactless technology, but M&T also lets you customize your card’s background image and include an ID photo.
What should I look out for?
Keep the following in mind before you open an M&T Bank MyChoice Plus Checking account.
- Monthly maintenance fee. You’ll pay $14.95 a month unless you have $1,500 in monthly direct deposits or carry an average $2,500 daily balance on the account.
- Low interest rate. This account earns interest, but the rate is only 0.01%. You’ll earn much more with other interest-bearing checking accounts.
- Limited locations. M&T bank only operates in Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington, D.C. and West Virginia.
- High overdraft fees. If you overdraft by more than $5, M&T charges $38.50 for every transaction, up to five per business day.
If want an account with no monthly fees, you’ll want to keep looking. As always, compare your options when considering a checking account.
M&T Bank’s ATM network and fees
Use your MyChoicePlus Checking debit card at 690 M&T branch ATMs in the states it operates, at four M&T ATMs in Florida and in over 1,500 ATMs nationwide.
You can also use your M&T debit card with the following online and mobile services:
- Apple Pay
- Google Pay
- Samsung Pay
- Visa Checkout
Compare MyChoice Plus Checking with other checking accounts
Use this table to see how M&T Bank MyChoice Plus Checking’s fees, APYs and ATM network stack up against the competition.
How do I deposit or withdraw my money?
Use the following methods to access your account funds:
- Check or cash at ATM
- Wire transfer
- Transfer from another account
- Direct deposit
- Deposit at bank branch
- Mobile check deposit
- ATM withdrawal
- Cash withdrawal at bank branch
- Transfer to another account
- Wire transfer
- Online or mobile bill pay
How do I contact M&T Bank’s customer service?
You can contact customer service by phone, email or at a branch. Visit the Contact Us page on the website for a complete list of phone numbers specific to the question you have, but for general support use one of the following methods:
- Call 800-724-2440
- Email email@example.com
- Search for the bank branch closest to you.
What other checking options does M&T Bank offer?
M&T Bank offers a wide array of personal and business checking accounts:
- EZChoice Checking. A basic checking account offering no monthly maintenance fees.
- MyWay Banking. All the features of a checking account without the checks and with no overdraft fees.
- MyChoice Premium. An interest-bearing account that gives you premium interest rates on CDs and personal loans and waives the monthly maintenance fees on any linked savings or money market accounts.
- Simple Checking for Business. A low-cost account perfect for startups, with 100 free transactions, up to $5,000 in free deposits and a $10 monthly maintenance fee that gets cut in half if you choose e-statements over paper.
- Tailored Business Checking. Offers 500 free transactions, up to $20,000 in free deposits, and a higher interest rate when you link your Commercial Savings account.
- Bizflex Checking. Allows you to link up to four Bizflex accounts and waives the $50 monthly maintenance fee as long as you keep a $50,000 balance combined across the accounts.
- Commercial Checking. A low-fee account that allows you to offset your service fees with an Earnings Credit Rate.
- Non-Profit Checking. Available to not-for-profit organizations, with 50 free transactions and a $7.50 monthly fee that gets waived if you choose e-statements over paper.
- Medical Services Checking. Designed for medical practices with 1,000 free transactions and $35,000 in free deposits.
- Professional Services Checking. Offers 300 free transaction and $35,000 in free deposits.
- Business Interest Checking. Earn interest if you meet the $500 minimum collected balance, as well as perks like unlimited checking and overdraft protection.
Frequently asked questions
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.