M&T is a premier provider of banking services with a community bank approach. Their solutions tailored for businesses of all sizes are ideal for everyone – those who are just starting out and those running an established company.
This review will help you figure out whether M&T is right for your business’s financial needs or whether another financial services provider like Wise could be a better fit. We're also going to discuss how the Wise Business account is a great option for small businesses looking to conduct both domestic and international business.
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Trustpilot: 4.2/5 average rating - Great 24
No minimum balance required and no monthly fees
M&T Business Banking Review: Quick Overview
| Key features | Two main business checking accounts with specialty checking options like a non-profit option and an interest checking option. Customizable business debit card and no minimum balance requirements.1 Three business savings accounts. |
| Main fees | Monthly maintenance fee ($7.50 - $50), additional transaction items fee ($0.50 - $1 per transaction).2 |
| Great for | Specialty businesses or those looking to scale. |
| Trustpilot rating | While there aren’t any specific review pages for M&T Business Banking, M&T Bank overall seems to have more unfavorable ratings – 1.08 out of 5 stars on the BBB, 1.5 out of 5 stars on Trustpilot, and 2.6 out of 5 on ConsumerAffairs.3,4,5 |
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M&T Business Banking Review: What is it? Key Features
M&T Business Banking is part of M&T Bank’s many offerings. M&T Bank, founded in 1856, has a robust history that doesn’t just focus on banking services but also on building a stronger community. They offer straightforward, easy-to-understand products and base their philosophy on customer experience.6
| The many M&T Business Checking Account options include: |
|---|
| M&T Simple Checking for Business – Best for those starting a business. |
| M&T Tailored Business Checking – Best for those growing their business. |
| M&T BizFlex Checking – Best for those with an established and growing business. |
| Commercial Checking – Best for those who need comprehensive banking services. |
| Non-Profit Checking –Made for non-profit organizations. |
| M&T Tailored Business Checking – Best for those growing their business. |
| M&T Business Interest Checking –Those who need an interest-bearing checking account. |
| Clients’ Funds Trust Account –Made for attorneys, PA courts, and real estate agents. |
Each checking account has the first three months of its monthly maintenance charge waived and options to waive the charge after those three months for most accounts. There’s also a set number of transactions included in some accounts per month, as well as currency deposits.7
The three M&T Business Savings Accounts include:8
- Commercial Money Market Savings Account – Offers tiered interest rates ideal for large cash balances.
- Commercial Savings Account – An interest-bearing savings option.
- M&T Market Advantage for Business Savings – Suitable for businesses that maintain a higher average daily balance.
By providing more than one standard business savings account, M&T provides the opportunity for businesses to take advantage of the best interest rates for them.
M&T provides a suite of business products and services that cater to diverse business banking needs, which include:
| The many M&T Business Checking Account options include: |
|---|
| Digital banking platform: The digital banking platform provides 24/7 access to accounts and services in order for business owners to manage their finances around the clock. |
| Mobile banking app: Mobile banking offers on-the-go access that mirrors the functionality and features of the digital banking platform. Users can access account management tools and make same-business-day deposits.9 |
| Business financing: M&T has been a nationally recognized Top 10 SBA Lender for 15 consecutive years, providing lines of credit, low APR credit cards, sector-specific business loans, and equipment financing.10 |
| Merchant services: With point-of-sale solutions, online payment processing, and mobile payments, you can enjoy efficient and protected payment processing for your business.11 |
| Cash management services: Thanks to receivables and payables management and reporting tools, you can comfortably optimize your cash flow.12 |
| Investment and insurance options: M&T partners with Wilmington Advisors and their professionals who help businesses pursue their financial goals.13 |
| M&T @Work program: The @Work program is an employee workplace banking benefit that features discounts and on-site education workshops to help businesses attract and retain employees.14 |
| Custom banking solutions: If your business requires a highly customized banking solution, M&T Bank can combine multiple services to suit your preferences.15 |
| M&T business debit card and ATM card: The ATM business card and business debit cards are made so businesses can monitor their cash flow, usage, and access their money. You can even customize your card using your company logo.16 |
| Online Business Resources & Insights library: For general advice, articles, and resources on a wide variety of topics, including cyber security, growing a business, and investment banking, the M&T online resource library has a wealth of information.17 |
| Accounting tool integration: At a price, businesses can link their bank accounts with QuickBooks or Quicken to streamline their banking transactions.18 |
Ease of Use
Ease of use is considered with every feature M&T offers. For example, the banking app and digital platform make things simple with a user-friendly interface. Businesses can access anything from transaction services to real-time account inquiries from any device, which means being able to handle banking needs whenever and whenever.
And with the process of financing, cash management, and merchant services incorporated into their services, businesses can enjoy an integrated approach to their business finances.
Positive reviews on Trustpilot talk about their attentive customer service, where the focus is on problem solving and clear explanations. However, some negative reviews from Trustpilot mention issues with direct deposits, cash holding, and banking issues for active-duty military personnel. Keep in mind that these Trustpilot reviews have to do with the non-business side of M&T Banking.19
Customer Service
M&T provides 24-hour, 7-day customer service through a toll-free 1-800 number – which puts it a step above many other banking institutions that only offer 9-to-5 service. Not only do they have an accessible phone number, but they also provide several other inquiry-specific numbers, such as one for credit card inquiries, online and mobile banking, and, of course, one specifically for business inquiries.
Although these specific numbers aren’t available 24/7 like their general contact number, the one for business inquiries is available 6 am - 9 pm ET on weekdays and 9 am - 5 pm ET on weekends. Having these details laid out on their website makes it much easier for clientele to find exactly what they’re looking for.20
Unfortunately, they do not offer a live chat feature.
M&T Business Banking Fees
M&T has a traditional bank fee structure, with a monthly maintenance charge ($5 - $50 unless you take the steps to waive it) and additional transaction fees. While M&T Bank doesn’t publicly disclose their exchange rates, you can try getting in touch with them via phone or at a branch.
The biggest downside of M&T is their international wire transfer fees, which can be an issue for businesses that work with clients and customers internationally. For outgoing international wire transfers, M&T charges $75, and incoming wire transfers come with a $16 fee. These don’t include the exchange rate and markup fees.21
Wise can be a valuable tool for businesses who work with international transactions often. With a Wise account, businesses can send, receive, and hold money in multiple currencies at lower costs than most traditional banks. Businesses can enjoy a pay-as-you-go transparent fee structure and use of the real, mid-market exchange rate.
M&T Business Banking Pros and Cons
Pros
- User-friendly digital banking platform and mobile app
- Wide range of business financing options
- Robust security features
- Merchant services and cash management tools
- Insurance and investment options
Cons
- Limited international services that may come with high fees
- Limited physical presence as most M&T branches are located in the Eastern US
- Varying services and fees depending on business type and size
- Poor online reviews
What are the benefits of M&T Business Banking?
M&T Business Banking comes with a broad spectrum of financing options and comprehensive merchant services that can help businesses grow and meet their financial goals. Their well-rounded approach to business solutions can address a variety of business needs.
What are the disadvantages of M&T Business Banking?
However, this traditional bank definitely has many competitors. As it still comes with traditional banking fees, it’s important to see whether the features and benefits outweigh the potentially high fees and lack of international financial capabilities. You also must visit a branch in person to open a business account.
M&T Business Banking Alternatives
Not convinced that M&T is for you? Here are a few popular alternatives.
Wise Business (Money Service Provider)
Wise is a banking alternative that is great for businesses looking to increase their global reach. They offer an international business account that offers transparent low-fee account. Small businesses will find that it is an intuitive digital account with numerous features, such as accounting software integrations and batch payments, that make their daily tasks easier for their team.
| Notable Features: |
|---|
| No account opening fee |
| No minimum balance requirement or monthly fees |
| Receiving funds in 9+ currencies costs a one-time fee of 31 USD. Fees are charged per transfer with US fees starting as low as 0.43% |
| The Wise account offers the mid-market rate—the same exchange rates that banks use when trading currencies—resulting in reduced costs for businesses as they don't suffer from inflated exchange rates |
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Please see Terms of Use for your region or visit for the most up to date pricing and fee information.
Wells Fargo
As a leading banking institution, Wells Fargo also offers a large suite of business banking services. Their platform boasts sophisticated digital and mobile banking tools and a user-friendly experience, just like M&T, but they have a much more extensive network of branches and ATMs nationwide.
PNC
PNC, just like M&T, has offerings that cater to various business needs, sizes, and stages. Its tiered system of banking packages means its solutions can grow with the business itself and provide the chance for businesses to optimize and expand. One aspect that sets PNC apart, though, is its Cash Flow Insight tool. This tool lets businesses get detailed insight into their cash flow and manage, predict, and boost their funds more effectively.22
M&T Business Banking: FAQ
Still have questions? Let’s explore some of the most frequently asked questions about M&T Business Banking.
Is M&T a good bank for small business?
M&T is a suitable bank for small businesses that require traditional banking services and a range of features such as lines of credit, merchant services for easy payment processing, and cash management services for efficient receivables and payables. With the M&T @Work program, small businesses can also offer financial wellness tools for employees that can indirectly benefit the business through employee satisfaction.
How do I set up a business bank account with M&T?
To begin setting up your business bank account at M&T, you’ll need two primary forms of identification, your tax identification number, and business documentation specific to your business type. Once you have all the required documents, take a look at the checking or savings options offered at M&T to choose one that suits your business needs.
If you’re ready to open an account, schedule an appointment with a Business Banking specialist or visit your nearest branch. From there, you’ll be guided through the application process by a representative and be able to fund your account.23
| Methodology |
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| Methodology: Our team of dedicated content experts at Wise researches each provider thoroughly, uncovering the key features, fees, and pros and cons to watch out for. The information is then collected into an easily digestible format to save you time and hassle when looking into a provider. |
Learn More: Best Bank For Small Business in California: Pricing and Features
Sources:
- https://www3.mtb.com/business/business-banking-checking-and-service-options/business-checking/compare-business-checking-options
- https://campaigns.mtb.com/content/dam/mtb-web/Checking_Deposit_Grid.pdf
- https://www.bbb.org/us/ny/buffalo/profile/bank/mt-bank-0041-7251/customer-reviews
- https://www.trustpilot.com/review/mtb.com
- https://www.consumeraffairs.com/finance/m_and_t_bank.html
- https://www3.mtb.com/homepage/about-us
- https://campaigns.mtb.com/content/dam/mtb-web/Checking_Deposit_Grid.pdf
- https://www3.mtb.com/business/business-banking-checking-and-service-options/compare-business-savings-accounts
- https://www3.mtb.com/business/business-banking-checking-and-service-options/business-checking/online-and-mobile-banking-services-for-business
- https://www3.mtb.com/business/business-financing
- https://www3.mtb.com/business/business-banking-checking-and-service-options/merchant-services
- https://www3.mtb.com/business/cash-management-for-business
- https://www3.mtb.com/business/business-banking-checking-and-service-options/investments-and-insurance-services
- https://www3.mtb.com/business/business-banking-checking-and-service-options/mandt-at-work
- https://www3.mtb.com/business/business-banking-checking-and-service-options/build-a-custom-banking-solution
- https://www3.mtb.com/business/business-banking-checking-and-service-options/business-checking/business-debit-cards-atm-and-custom-debit-cards
- https://www3.mtb.com/library
- https://www3.mtb.com/personal-banking/online-mobile-services/direct-connect
- https://www.trustpilot.com/review/mtb.com
- https://www3.mtb.com/homepage/explore-the-m-and-t-bank-help-center/mandt-bank-phone-numbers-by-department
- https://wise.com/us/blog/mt-bank-international-wire-transfer
- https://www.pnc.com/en/small-business/banking/CashFlowInsight.html
- https://www3.mtb.com/business/business-checking-accounts/application-process
- https://www.trustpilot.com/review/wise.com
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
