Important Home Equity Line of Credit Information
Find pertinent information about your Home Equity Line of Credit, like how to make payments, how to calculate finance charges, important addresses and much more.
M&T provides you with the following options for making your loan payments:
Payments by mail
PO Box 62146
Baltimore, MD 21264-2146
Online one-time and recurring payments available through M&T Online Banking
|||Pay at any M&T branch|
|||Pay by phone 1-800-724-6444|
M&T offers a variety of online services to help you better manage your Home Equity Line of Credit including:
- Online payments
- One-time or recurring payments from your M&T checking or savings account
- View your loan account information, including recent activity, history, principal balance and interest rate
- Receive your monthly statement electronically
Simply visit www.mtb.com and log onto or enroll in M&T Online Banking. For further assistance, please contact us at 1-800-790-9130.
Crediting of Payments
- Please be prompt – any account payment will be credited to your account on the day it is received, not the day it is postmarked, provided
- it is made in United States funds
- it is made in cash delivered in person or by check or money order paid to our order,
- and, it is accompanied by a payment stub for the Account and received at our address indicated on the payment stub by 5pm on any day, Monday–Friday, that is not a legal holiday
- Account payments made at an M&T Branch, made in U.S. funds, whether made in cash or by check or money order, and received by the business day cutoff for that specific location, will be credited to your account on the date received
- Any other account payment we receive for application to amounts owing under the Account need not be posted to the Account or considered to be made until the fifth (5th) day after we receive it.
To the extent your original obligation was discharged, or is subject to an automatic stay of bankruptcy under Title 11 of the United States Code, this statement is for compliance and/or informational purposes only and does not constitute an attempt to collect a debt or to impose personal liability for such obligation. However, M&T Bank retains rights under its security instrument, including the right to foreclose its lien.
Notice of Negative Information
We may report information about your account to the Credit Bureaus. Late payments, missed payments, other defaults or bankruptcy filings on your account may be reflected in your credit report.
Automated Account Information
Account information is easy to access through M&T Bank's Automated Phone Service by calling 1-800-724-6444. Please have your loan number and the first five digits of your Social Security Number ready to access this convenient service. Automated information is available 24 hours a day, 7 days a week.
Homeowner's Insurance (If Applicable)
- Insurance Requirements. The terms of your loan require that you maintain homeowner's insurance coverage not less than the replacement value of your property. We suggest that you consult your insurance company to determine these coverage amounts. In the event we determine that the property is not adequately insured, we may purchase, at your expense, a lender-placed policy to protect our interest. This insurance is more costly and may provide less coverage than your original policy
- Policy Information. To protect our mutual interests, the mortgagee clause of your policy must include the following: M&T Bank, its Successors and/or Assigns, Loan # __________________, P.O. Box 5000, Springfield, OH 45501-5000
- Damaged Property. In the event of damage to your home, you should notify your insurance agent. After the claim has been filed, please contact us at 1-800-724-6444 so we may guide you through this process
- Flood Insurance. Required for all properties located in a Special Flood Hazard Area as designated by FEMA. Your Flood Insurance policy must include the following: M&T Bank, its Successors and/or Assigns, P.O. Box 1288, Buffalo, NY 14240-1288. In the event we determine that the property is not adequately insured, we may purchase, at your expense, a lender-placed policy to protect our interest. This insurance is more costly and may provide less coverage than your original policy
P.O. Box 62146
Baltimore, MD 21264-2146
P.O. Box 900
Millsboro, DE 19966
499 Mitchell Street
Millsboro, DE 19966
Other Information Regarding Your Statement
- A minus sign (-) indicates a credit or credit balance
- Symbols, as they appear on your statement, mean the following:
- (*) Charges applied to total account
- (**) The periodic rate and APR may vary
- (+) The periodic rate and APR will not vary
- (++) Credit Life Insurance Average Daily Balance is based on outstanding balance of whole account. Subject to a maximum amount of insurance available – refer to your policy or certificate
- If your loan is in the Draw Period, and you chose to pay only interest during the Draw Period, the Amount Due is comprised of interest and other fees due on your loan. It does not include any amounts that will be applied toward your outstanding principal balance. Please remember, your outstanding principal balance(s) may be paid in whole, or in part, at any time without penalty. If you are unsure whether or not the Amount Due includes principal, please contact us at 1-800-724-6444.
M&T Bank retains a security interest in your real property.
Billing Rights Summary
In case of errors or questions about your bill:
- If you think your bill is wrong, or if you need more information about a transaction on your bill, write to us on a separate sheet of paper at M&T BANK, P.O. BOX 767, BUFFALO, NY 14240, Attention: HOME EQUITY SERVICING DEPARTMENT, as soon as possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights
- In your letter, give us the following information:
- Your name and account number
- The dollar amount of the suspected error
- Describe the error and explain, if you can, why you believe there is an error
- If you need more information, describe the item you are unsure about
- You do not have to pay any amount in question while we are investigating, but you are still obligated to pay the parts of your bill that are not in question. While we are investigating your question, we cannot report you as delinquent or take any action to collect the amount in question
Consumer Complaints and Inquiries
If you have a loan secured by real estate located in New York State:
- You can direct any complaints and inquiries to M&T Bank by referencing the "Contact Us" section on the first page of your statement
- You have the right to file complaints about M&T Bank with the New York State Department of Financial Services
- You can obtain further information by calling the New York State Department of Financial Services' Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov
Calculating the Finance Charge
- If you have a Home Equity Line of Credit account, we use the "daily balance" on your account (including current transactions) to figure the finance charge. To get the "daily balance," we take the beginning balance of your account each day, add any new advances, and subtract any payments or credits, unpaid finance charges, other charges and credit insurance premiums. This gives us the daily balance. We then multiply the daily balance by the daily periodic rate shown on the front of your statement, which gives you the Finance Charge for that day. We then add together the Finance Charges for all of the days in the billing cycle, and the sum is the Finance Charge for that period. The "average daily balance" can be found on the front of your statement (rather than each daily balance for all the days in the period). To verify the Finance Charge, you can multiply the average daily balance shown by the number of days in the billing cycle, and then multiply that number by the daily periodic rate
- If you have an M&T CHOICEquity Line of Credit account, or if one or more Tiers are in effect, we use the "daily balance" (including current transactions) for each part of your account to figure the finance charge for that part of your account. The daily balance for each part of the account is determined in the same way that it is for Home Equity Line of Credit accounts. We then multiply the daily balance for each part of the account by the daily periodic rate for each part of the account shown on the front of your statement, which gives you the Finance Charge for the day. We then add together the Finance Charges for each part of the account for all the days in the billing cycle, and the sum is the Finance Charge for that period for that part of your account. Once the Finance Charges for each part of the account are determined in this fashion, they can be added together to determine the Finance Charge for the entire account. The "average daily balance" can be found on the front of your statement (rather than each daily balance for all the days in the period) for each part of the account. To verify the Finance Charge for each part of the account, you can multiply the average daily balance for that part of your account by the number of days in the billing cycle, and then multiply that number by the daily periodic rate
- The Finance Charge begins to accrue on the day each loan is posted to your Account. There is no time during which credit is extended that you do not incur a Finance Charge