M&T Bank Simple Checking for Business Review 2024
Opening a business checking account can help you keep business and personal expenses separate. M&T Bank is one option to consider if you’re looking for traditional business checking.
M&T Bank offers the Simple Checking for Business account, which you can open online or at a branch. This account is designed to make managing business finances easier, though there are some fees to consider.
M&T Bank Simple Business Checking At-a-Glance
When comparing business checking accounts, it helps to start with the main highlights. Here are some of the most important things to know about business checking from M&T Bank.
- A $10 monthly maintenance fee applies but there are several ways to waive it.
- There are no usage charges for the first 100 transactions per month or the first $5,000 deposited to your account.
- There’s no minimum balance requirement needed to keep your account open.
- You can open your account online or at a branch, and M&T Bank offers both mobile and online banking.
- M&T Bank offers custom debit cards that can include your business logo.
- Services are available at more than 700 branch locations and you can access funds at 1,800+ ATMs.
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Overall Impression
M&T Bank’s simple business checking option makes managing business finances convenient, as you can access accounts online, at a branch, or at an ATM. The monthly maintenance fee is typical of business checking accounts offered by traditional banks. The features and benefits included are fairly simple, though M&T Bank does offer some other business checking options if you need access to Treasury Management services or want to earn interest on balances.
Pros and Cons of MM&T Bank’s Simple Checking for Business
When comparing business checking accounts, it’s important to balance out the good with the potential downsides. Here are some of the main pros and cons to know about M&T Bank’s simple checking account for business.
Pros
- The monthly maintenance fee is waived for the first three months.
- There’s no minimum balance requirement for this business checking account.
- Smaller businesses that don’t have as many transactions each month can avoid usage charges.
- You’ll have multiple ways to manage and access your account.
- If you need to upgrade to a more advanced checking account later, M&T Bank offers several options to choose from.
Cons
- Since this is a simple checking account for business, it doesn’t come with a lot of extra bells and whistles.
- After you reach 100 transactions, you’ll pay a $1 fee for each additional transaction.
- The monthly maintenance fee adds up if you’re not able to waive it.
Compare to Other Checking Accounts
M&T Bank is one option for opening a business checking account but there are plenty of others to choose from. Here are four other business checking accounts that may be right for your needs.
Grasshopper Business Checking
Grasshopper offers a digital business checking account with no monthly maintenance fees. You’ll need $100 to open a business checking account with Grasshopper and you can manage your account through online or mobile banking.
There are no branches but you can withdraw cash at ATMs with your debit card.
You can take advantage of unlimited transfers with no fee at Grasshopper and incoming domestic wire transfers are free. Eligible debit card purchases also earn rewards, which can help your business save money.
Read our full Grasshopper Business Checking review.
Lili Banking
Lili Banking is designed with freelancers in mind but it’s still worth considering if you run any other type of small business. With Lili, can manage your accounts online or through mobile banking, with helpful expense tracking and invoicing tools built in.
Accounts also include a debit card, which you can use to make purchases or withdraw cash at more than 38,000 ATMs.
There are no hidden fees or minimum balance requirements. Lili also makes it easy to set aside money in a savings account regularly to pay estimated quarterly taxes.
Read our full Lili Banking review.
BlueVine Business Banking
BlueVine is perhaps best known for being a small business lender, but you can also open a business checking account here. There are no monthly fees or overdraft fees, and you can take advantage of unlimited transactions. You can open an account online and you’ll have access to online and mobile banking.
BlueVine has no minimum balance requirements. More importantly, you can earn a competitive annual percentage yield (APY) on checking balances.
Read our full BlueVine Business Banking review.
Found Small Business Checking
Similar to Lili, Found is designed for freelancers and small business owners who work solo. Found offers business checking with fee-free unlimited transactions and no minimum balance requirements. You can manage accounts online or on the go with the Found mobile app.
Found includes expense management and invoicing tools to help you stay on top of your business finances. There are no monthly fees but you will pay a fee if you decide to upgrade to a Found Plus account.
Read our full Found Small Business Checking review.
How M&T Bank Works
M&T Bank is a traditional, brick-and-mortar bank with both branch and ATM locations.
Simple Checking for Business is designed to be a straightforward business bank account, with the basic features that you need to manage expenses.
In addition to a simple checking option, M&T Bank also offers several other business checking accounts that offer more features in exchange for a higher monthly fee.
Who Is M&T Bank Simple Checking for Business Right For?
You might consider opening a business checking account with M&T Bank if you prefer branch banking to digital banking platforms.
The account itself is comparable to other business checking accounts, in terms of features, benefits, and fees. If you need something more than just basic business checking, you might consider one of M&T Bank’s other accounts.
This bank may not be right for you if you want a business account that’s specifically tailored to the needs of freelancers, sole proprietors, and independent contractors.
Rating the Features
So far we’ve sketched a broad outline of what you can expect if you decide to open a business checking account with M&T Bank. Here’s a closer look at how the features compare to wrap up our review.
User Experience
Overall, M&T Bank offers a satisfactory user experience. The website and mobile app are easy to navigate and the key information that you need to know to open an account is readily available.
You can open an account online if that’s more convenient for you, or visit a branch. Once your account is open, you’ll also be able to withdraw cash or check balances at ATMs.
Fees
M&T Bank charges a $10 monthly maintenance fee for the Simple Checking for Business account. This fee is waived for the first three months and if you’re able to take advantage of a special promotion, you may be able to get it waived for up to 12 months. M&T Bank makes those types of offers to new customers periodically.
More important, however, is the $1 fee for each transaction over 100. If you typically have a lot of transactions in your business account, the usage fee could quickly add up.
Rates
M&T Bank doesn’t pay interest for this business checking account. You can, however, earn interest with a different business checking account offered by the bank. The rate is fairly competitive for business checking.
Minimum Deposit
There’s no minimum balance requirement for this account and no minimum opening deposit is mentioned on the M&T Bank website. However, you will need to maintain a minimum balance of $2,500 or more to avoid the $10 monthly maintenance fees.
Tools and Extras
Some banks offer plenty of built-in tools to help make managing business expenses easier. This account doesn’t come with a lot of added features or extras. You can, however, get access to upgraded features and benefits with some of the other business accounts offered by M&T Bank.
Customer Support
Customer support is available at M&T Bank branches and by phone. The number you’ll need to call for business banking support is 1-800-724-6070. There is no live chat support offered at this time.
Access
M&T Bank offers multiple ways to manage your account, including online, mobile, and branch banking.
ATMs
The branch and ATM network aren’t as extensive as other banks, since M&T Bank is on the smaller side. But it’s still nice to know that you can visit a branch or ATM if you’d prefer to bank in person.
Safety and Security
Like other banks, M&T Bank takes customer safety and security seriously. Some of the security measures the bank uses include data encryption and chip technology for business checking account debit cards. You can also take additional security measures by choosing a secure password for online and mobile banking and setting up account alerts.
Getting Started
If you’d like to open a business checking account with M&T Bank, you can get started online or visit a branch. If you’d like to open your account in person, you can call M&T Bank to schedule an appointment with a banker.
You’ll need to provide some basic information about yourself and your business to open your account. You’ll also need to decide how much money you want to deposit. Remember, you’ll need to maintain a minimum balance of $2,500 or more to avoid the $10 monthly maintenance fee.
Frequently Asked Questions (FAQs)
Getting a business checking account usually isn’t that difficult. You’ll need to be able to tell the bank some personal information about yourself and provide documentation showing what type of business you have. You’ll also need to make a minimum opening deposit if the bank requires it.
The minimum deposit requirement to open a business checking account can vary by bank. At some banks, it may be as low as $0 while others may require $500 or more to open your account. A higher minimum deposit requirement usually indicates that the account offers more perks and benefits.
The amount you’ll pay for a business checking account can depend on where you open it and the type of account. Online banks may charge $0 in monthly maintenance fees for business checking, while traditional banks may charge anywhere from $10 to $50 per month for an account. You may also pay additional usage fees for transactions, overdraft fees, or wire transfer fees.
