Bank to Bank Transfers Help

  • Make a Bank to Bank Transfer
  • Add and Manage External Accounts
  • Verify an External Account for Bank to Bank Transfers
  • View or Cancel Bank to Bank Transfers

Make a Bank to Bank Transfer

Bank to Bank Transfers provides the convenience of moving money between accounts held at M&T and other financial institutions in the US.

To make a Bank to Bank Transfer, you must have at least one eligible M&T checking, savings or money market account, and you must have at least one verified checking, savings or money market account from a financial institution other than M&T.

Also, federal regulations limit the number of preauthorized electronic fund transfers and telephone transfers from money market deposit and savings accounts (refer to the terms applicable to such accounts for more information).

To set up a Bank to Bank Transfer:

  1. Click on the "Bank to Bank Transfers" link in the Transfers tab menu from anywhere in M&T Web Banking.
  2. Once the Bank to Bank Transfers window has opened, click on the "Make a Bank to Bank Transfer" tab to navigate to the Make a Bank to Bank Transfer screen.
  3. Select the "From:" account. This is the account that the funds will be withdrawn from.
  4. Select the "To:" account. This is the account that will receive funds.

    NOTE: When a "From:" or "To:" account is selected, the available balance for that account may dynamically appear. Click the "Update Balance" link if the balance information is not up-to-date.

    Account balance information is only available for M&T accounts or external accounts with valid online credentials, and may not accurately reflect funds available for transfer.

  5. Enter the transfer amount using digits and a decimal point, for example "300.00". The "View Transfer Limits" link will provide you with your daily transfer limits.
  6. Select the "Frequency" of the Bank to Bank Transfer.
  7. Use the calendar tool to select a "Schedule For" date. This will be the date the transfer will begin processing.

    NOTE: The cut-off time for Bank to Bank Transfers is Monday-Friday at 8:45 PM EST, excluding any bank holidays.

  8. If you are setting up a recurring transfer, select a "Series End Date" date to specify the date you'd like the recurring transfers to end.
  9. Click the "Continue" button to review the details of the transfer.
  10. Click the "Submit Transfer" button to schedule your transaction.

Transfer Definitions:

  • Schedule(d) For: The "Schedule(d) For" date is the date that the transaction will begin/began processing. A transfer may be canceled until 8:45 pm EST on the "Schedule(d) For" date.
  • Transfer Completion Date: The "Transfer Completion Date" is the date when the "Transfer Amount" will be/was deposited into the "To" account.
  • Series End Date: (recurring transfers only) In a recurring series, no transfers will be scheduled after the "Series End Date". It is the last possible date when a transfer in a recurring series might be scheduled.
  • Transfers Remaining: This is the number of transfers expected to follow the current transfer when the recurring transfer series was set up. The number of "Transfers Remaining" may include transfers that have since been canceled or that have completed.

 

Add and Manage External Accounts

Adding External Accounts

To use Bank to Bank Transfers you must add and verify at least one external (non-M&T) checking, savings or money market account.

NOTE: You may only add accounts held at financial institutions other than M&T. Your eligible M&T accounts will already be available for Bank to Bank Transfers.

To Add a Checking or Savings Account:

  1. Click on the "Bank to Bank Transfers" link in the Transfers tab menu from anywhere in M&T Web Banking.
  2. On the Add & Manage External Accounts screen, select the type of account you will be adding from the "Choose Account Type" menu and click the "Continue" button.
  3. On the next screen, enter the "Bank Name" for the account you are adding.
  4. Enter the nine-digit "Routing Number".

    NOTE: The routing and account numbers can be found in the lower left hand corner of your checks. If the account you are adding does not have checks, contact your financial institution to obtain the numbers.

  5. Enter the "Account Number".
  6. Re-enter the "Account Number" to make sure it is correct.
  7. Click the "Add Account" button.

    NOTE: After you have successfully added a new external account, you will be asked to verify the account for Bank to Bank Transfers.

    If you click the "Verify Later" link, you will be able to initiate the account verification process for your external account at a later time by clicking on the "Verify" link located next to your account listing on the Add & Manage External Accounts screen.

Verifying External Accounts

To use Bank to Bank Transfers you must complete the verification process for at least one external account. All verified accounts will appear in the "From:" and "To:" dropdown menus on the Make a Bank to Bank Transfer screen.

Bank to Bank Transfers provides two options for verifying your external checking, savings and money market accounts:

  • Instant Verification (takes minutes)
  • Deposit Verification (takes 2-3 business days)

With Instant Verification, we will verify your external account immediately. To use Instant Verification, you will need the online banking user name/ID and password for the financial institution where you have your external account. (Instant Verification may not be available for all accounts.)

With Deposit Verification, we will make two small deposits into your external account for amounts between $0.01 and $0.99. The deposits will take 2 to 3 business days and we will notify you once the deposits have been made. To complete the verification process, you will be required to obtain the deposit amounts from your external financial institution and return to M&T Bank to Bank Transfers to verify the amounts.

To Verify Your External Account with Instant Verification:

If you chose to click the "Verify Later" link after you added your account, navigate to the Add & Manage External Accounts screen and click on the "Verify" link located next to your account listing to begin the account verification process.

  1. Choose "Instant Verification" and click the "Continue" button.
  2. On the next screen, enter the requested online banking login information.

    NOTE: The specific information you will enter for Instant Verification will vary depending on the security requirements of your financial institution. Some online banking services require users to enter credentials, such as answers to security questions, in addition to user name/ID and password.

  3. Click the "Initiate Verification" button.

The verification process will be completed while you wait and your account will be available for Bank to Bank Transfers within minutes.

To Verify Your External Account with Deposit Verification:

If you chose to click the "Verify Later" link after you added your account, navigate to the Add & Manage External Accounts screen and click on the "Verify" link located next to your account listing to begin the account verification process.

  1. Choose "Deposit Verification" and click the "Continue" button.
  2. On the next screen, click the "Initiate Verification" button to start the Deposit Verification process.

    NOTE: We will send you an e-mail to confirm that Deposit Verification has been initiated.

  3. In 2 or 3 business days you will receive another e-mail notifying you that the deposits to your external account are complete. Verify the deposit amounts with your external financial institution.
  4. Sign on to M&T Web Banking and click on the "Bank to Bank Transfers" option in the Transfers tab menu.
  5. On the Add & Manage External Accounts screen, click on the "Complete Verification" link next to the account you wish to verify.
  6. On the next screen, enter the amounts of the two deposits we made to your account and click the "Submit" button.

If the amounts you entered are correct, verification is complete and your account will be available for Bank to Bank Transfers.

Removing External Accounts

Bank to Bank Transfers allows you to manage your external accounts by deleting or disabling them from the Add & Manage External Accounts screen.

Deleting an external account will permanently remove the account from Bank to Bank Transfers. Once removed, this account will have to be added and verified again in order to use it for future Bank to Bank Transfers.

Disabling an external account allows you to keep the account in your profile to be re-enabled for Bank to Bank Transfers at a later date.

NOTE: You cannot remove an external account with transfers in progress. You will be required to cancel all future Bank to Bank Transfers scheduled to process against an external account before you will be allowed to remove or disable it.

To Delete or Disable an External Account:

  1. Click on the "Bank to Bank Transfers" link in the Transfers tab menu from anywhere in M&T Web Banking.
  2. On the Add & Manage External Accounts screen, click on the "Remove" link next to the external account you wish to delete or disable.
  3. On the next screen, you will be given the option to remove the external account and, if the account is verified for Bank to Bank Transfers, the option to disable the account.
  4. Once you have selected either "Delete" or "Disable", click the "Continue" button.

    NOTE: You must cancel all Bank to Bank Transfers scheduled to process against the external account you wish to remove/disable or you will not be allowed to proceed. Scheduled Bank to Bank Transfers can be canceled from the Transfer Activity screen.

    You cannot remove an external account with transfers in progress.

View or Cancel Bank to Bank Transfers

You can manage upcoming Bank to Bank Transfers and review your transaction history from the Transfer Activity screen.

Viewing Your Transaction History

The Transfer Activity screen allows you to view:

  • Scheduled Bank to Bank Transfers
  • Transfers currently In Progress
  • Completed or Failed Bank to Bank Transfers

You may access more details for any transaction by clicking the "View" link next to the transfer you wish to review.

Canceling Bank to Bank Transfers

Once scheduled, a Bank to Bank Transfer cannot be edited. To make changes to a one-time or recurring transfer, you must cancel the transfer and set up a new one.

Only Bank to Bank Transfers with a "Scheduled" status may be canceled.

To Cancel a Bank to Bank Transfer:

  1. Click on the "Bank to Bank Transfers" link in the Transfers tab menu from anywhere in M&T Web Banking.
  2. Once the Bank to Bank Transfers window has opened, click on the "Transfer Activity" tab to navigate to the Transfer Activity screen.
  3. Click the "Cancel" link next to the transfer you wish to cancel.

    NOTE: A "Cancel" link will only be available for Bank to Bank Transfers with a status of "Scheduled".

  4. The next screen will ask you confirm that you wish to cancel the transfer. If you have selected a recurring transfer, you will be asked to select one of two options:
    • You may cancel the single transfer that will process on the "Scheduled For" date, leaving all future transactions in the series to be processed according to schedule.
    • You may cancel all future transfers in the series.
  5. Click the "Continue" button.
  6. We will send you an e-mail to confirm that the cancellation was successful.

If you need additional assistance, please call an M&T Online Customer Service Representative at 1-800-790-9130 (Mon.-Fri. 8am-9pm, Sat.-Sun. 9am-5pm ET).