Online Account Opening F A Qs
Get answers to frequently asked questions about opening an account online.
What information do I need to open an account online with M&T?
To open an individual account in your name only, you will need 1) a valid U.S. driver's license or U.S. non-driver’s ID and 2) a valid U.S. Social Security number and you must be at least 18 years of age. If you are applying for a joint account, 1) the primary applicant must be at least 18 years of age and the co-applicant must be 16 years of age or older and (2) both joint applicants must have a valid U.S. driver's license or U.S. non-driver’s ID and a valid U.S. Social Security number. You will be required to provide this information, along with a U.S mailing address. If you are not a U.S. Citizen or U.S. Resident Alien and do not have this information, you will not be able to open an account online.
Why do I need my Social Security Number?
We ask for your Social Security number to help verify your identity and, if the account is interest bearing, because we must report interest earned on the account to the IRS using your Social Security Number.
Is this online application secure?
M&T Bank uses encryption for online security. Encryption technology helps provide secure transmission data using a mathematical formula to scramble the data. Without a corresponding 'decoder', the transmission would look like nonsense text and would be unusable. We maintain strict security standards and procedures to prevent unauthorized access to your information, including 128-bit encryption.
What accounts can I open online?
You will be able to open personal checking and/or savings accounts online. If you would like to open a CD, Retirement, or any other type of account, stop by your nearest M&T Bank branch or call M&T Telephone Banking at 1-800-724-2440.
How many accounts can I open online at one time?
You have the ability to open one checking and one savings account during the application process.
How can I make my opening deposit?
You can choose to make your opening deposit in one of two ways: Transfer funds from another bank account you have in your name via ACH or send us a paper check in the mail.
What can I expect after my account is opened online?
After you have completed the application, a confirmation e-mail will be sent to the email address you provided during the application process. You will also need to print, sign and return your signature card to M&T. If you have decided to mail a paper check to M&T for your opening deposit, you must mail your check, along with your signed signature card, to the M&T address provided on the signature card. Your M&T Debit/ATM card will arrive by mail within 5-7 days. The card must be activated by phone or M&T ATM with your PIN before using.
What is an Annual Percentage Yield (APY)?
The 'APY' or Annual Percentage Yield is the rate of return on an interest-bearing account for a one-year period based on the interest rate and frequency of compounding. The APY for an account that pays a variable interest rate (i.e., an interest rate that may change after the account is opened) is a hypothetical rate that assumes that the interest rate will not change, although, in fact, it may change in accordance with the features and terms of the account. The interest rates and APYs for accounts that can be opened with M&T online are variable and may change at any time in our discretion without prior notice, before or after an account is opened. The current APY for a particular account is located on the specific product page and is displayed on the 'Verify Your Information' screen at the end of the online account opening application.
How do I keep my Card PIN (Personal Identification Number) secure?
For your security, avoid using birthdays, phone numbers, your social security number or other things that people may be able to guess for your PIN. In addition, do not write your PIN on your card and do not share it with anyone. Please memorize your PIN or store it in a location away from your card.
What is the difference between Individual and Joint ownership?
If you choose Individual, that account will be owned by you only. If you choose Joint, the account will be owned by you and your co-applicant.
What is a Promotion Code?
A promotion code is occasionally included in some of our marketing offers. If you have a promotion code listed on anything you received from M&T Bank, you can enter it in the Promotional Code field of the application. It may entitle you to special offers.
What is Overdraft Protection?
You can choose to link your new savings account to your new checking account for use as overdraft protection. If you overdraw your checking account, we use this linkage to see if we can transfer money from your linked savings to your checking account to cover your overdraft amount.
Can I open an account online if I'm not a U.S. Citizen?
You can only apply online if you are a U.S. Citizen or U.S. Resident Alien with a valid U.S. Social Security Number or Taxpayer Identification Number.
What is a mailing addess?
Your mailing address is the address where you would like to receive your account statements.
Why do you ask for my email address?
We ask for your email address to send you a confirmation notice when the application process is completed.
What is a wire transfer?
A wire transfer is an electronic payment service for transferring funds. Direct deposits, web bill payments and other ACH transactions are not wire transfers.
What is Adobe Reader and why do I need it?
Adobe® Acrobat® ReaderTM is software used for viewing and printing PDF files. You will need this software installed on your computer in order for your computer to download, display or print the account disclosures. To download Adobe Acrobat Reader, click here.
What is a PIN used for?
Your PIN is your 'Personal Identification Number' that will be used to do ATM transactions with your new M&T card. In addition, you may also be asked for your PIN when you enroll in M&T Web Banking and when using some of our Telephone Banking Services. The PIN must be a four digit number (no letters or special characters) and should be unique to your new M&T card.
How will I know when my opening deposit is made?
If you fund your opening deposit with a transfer of funds from another bank account, your account will be funded approximately 5 of our business days from when the funds are received (i.e., approximately 5 business days after you complete your online application). For accounts funded by a paper check you mail to M&T, we will deposit the check into your new account on the business day we receive it. Funds from any deposit will become available for your use according to the Availability Disclosure for Consumer Deposit Accounts applicable to your account.
Why does M&T need a signature card?
M&T will keep this on file, as a record of your written signature.
Can I order checks for my new account?
Yes. You will be asked if you would like to order checks during the account application process. The option to order checks is provided near the end of the application on the Check Order page. You will be able to pick your style of checks, along with any accessories you may want to purchase. If you chose not to order checks during the application process, you can always call the Telephone Banking Center or stop by a branch to order checks in the future.
Why do I need to answer questions related to how I will use the account?
By providing answers to the questions being asked, you'll help us to verify your identity, better protect your account against fraudulent activity, and help us understand how the account will be used.