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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.’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%.

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$14.95 per month





Minimum deposit to open


APY0.01% on balances of $1+
Fee$14.95 per month
To waive the feeMaintain 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
ATMsOver 1,500 free M&T Bank ATMs and up to $2 rebates when using all other ATMs
ATM transaction fee$0
ATM fee rebatesUp to $2 toward other bank ATM fees
Out-of-network ATM fee$0
Foreign transaction fee3%
Overdraft fee$38.50
Nonsufficient funds fee$38.50

Review by

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, and, 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.

Expert review

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:

  1. From the main M&T Bank page, roll over the Banking tab and select Checking.
  2. Under MyChoice Plus, click Open Account.
  3. Select whether you want to open an Individual or Joint account, and click Continue.
  4. Enter a promo code if you have one and note the information you’ll need to open the account online. Click Continue.
  5. 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.
  6. Enter your employment information, driver’s license number, Social Security number, birth date and select your citizenship status. Click Continue.
  7. Click Accept to receive information from the bank electronically instead of by paper.
  8. 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

Required information

Have the following information ready to open your account:

  • Full name
  • Birth date
  • Street and mailing address
  • Phone
  • Email
  • 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.

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01% on balances of $5+
Free to use at all ATMs in the US
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
55,000+ free Allpoint ATMs worldwide
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Finder Rating: 4.7 / 5: ★★★★★
55,000 AllPoint ATMs around the world for free
Earn $30 bonuses every time a friend signs up for an account and deposits at least $20 in one transaction
No monthly fees. No foreign transaction fees. No fees at 55,000+ Allpoint ATMs.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
60,000+ fee-free ATMs
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
ATM fees reimbursed at any ATM nationwide
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
BMO Harris Smart Money™ Account
Unlimited transactions at 40,000+ ATMs nationwide
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.

Compare up to 4 providers

How do I deposit or withdraw my money?

Use the following methods to access your account funds:


  • Check or cash at ATM
  • Check
  • Wire transfer
  • Transfer from another account
  • Direct deposit
  • Deposit at bank branch
  • Mobile check deposit


  • ATM withdrawal
  • Check
  • 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
  • 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.

Read the full methodology of how we rate checking accounts.

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