Reddit user forgivenfreeonfire was given the following explanation when they asked about their opening deposit on a closed account:
- Our records indicate that you have opened multiple accounts and received promotional bonuses on previously opened accounts. Your account ending in 0592 has been flagged due to this previous activity and we have determined that the additional account will not remain open. If you have a legitimate reason to need another account, please step into an M&T branch office and they can assist you.
I’ve had several reports from readers in the last week that M&T has closed down their newly opened accounts. This seems to be only affecting people that opened with the code QD & not QC. There is also some additional discussion of this issue happening on /r/churning. This isn’t terribly surprising given that M&T has been cracking down lately (first with enforcing location requirements & now requiring bringing the mailer in branch). It’s still something people should be aware of, feel free to share your own experiences in the comments below. Also worth pointing out that I think this is only affecting people that have opened multiple accounts using the same code, but not 100% sure on that.
dp
M&T Bank
11/20/17 opened account with $25 code QD
11/27/17 payment from “bill.com” for $480 counted as direct deposit.$150 bonus posted same day. This was the first account I have opened with M&T and I am in the targeted area.
I’ve opened quite a few checking accounts with M&T Bank over the past year or so. I’ve been closing them one at a time at a pretty slow pace, and I was finally down to my last one. As usual, I sent a message last week to close it. I got an e-mail today that my online banking account has been closed. I tried to log in, but it says my account has a hold. Has anybody else experienced something similar? Should I contact the bank? I had $0 in my last checking account, and I assume it’s closed now. I could call just to make sure.
If it is your last account under that login, then it may be the case of just closing the login as well since no accounts associated with the your SSN. Best to call. I am also down to last one- still 2 months left to close.
Marco,
Also slightly unrelated, Santander push was not “real” enough to trigger the bonus for Citizens Bank. It’s good but not perfect. 🙂
@Patti
Agree, it depends on the level of data sent with the ACH push.
I read somewhere that Business checking accounts offer “Direct Pay” which works as DD.
Wells Fargo only need $500 in account to be fee free.
MarcoPolo,
I get what you’re saying about Santander. My little local bank works that way too as bill pay. I can enter a company or individual to send money to and there’s no need to link, prove ownership, etc because money is only travelling one way. I can’t pull funds back.
I got QJ bonus also by this method. I didn’t try for QK because it seemed like a trap. Everyone who attempted it had their account frozen and closed. (I don’t want to burn my bridges or have negative chex reports.)
M&T is cracking down in so many ways that it’s too soon to say for sure that Chase does’t work. There are too many variables to narrow it down to just that. Time will tell if his work dd triggers.
@SamSimon I am in IL and I opened using QK. I ended up redirecting a portion of my paycheck to this.
@MarcoPolo thanks but I closed my Santander account a while back.
people are so funny, mate why you didn’t state these critical info before. But you confidently stated that Chase no longer works….. QK and QJ are targeted bonuses, only 10% of people will get it who leave near specific targeted branches based on their zip codes. Also you are not in eligible state. So now I’m 99% sure that Chase. You real payroll will not help in this case…
Well that sucks then. If chase no longer works for a promo code it probably won’t work for other promo codes as well. It showed up as JPMORGAN CHASE AUTH DEBIT in my account.
I’ll let my real DD go through for now and come back with an update on that.
You didn’t get it. I will have real data by next week regarding Chase. There are hard coded bonuses, and light coded bonuses, M&T might change it, but it used to be these way, for QK and QJ if person was targeted he/she used any “eligible” ACH and it worked. But if person not targeted – even real pay roll will not help! They might enforce it to QD and QC which were “National wide” and everyone got the bonus with simple ACH.
Ok, For the first M&T account (with QC code) ever opened at local branch with printed coupon for one person, Chase ACH cleared and no bonus:
1. Maybe M&T now enforced 30-90 days waiting time before crediting the bonus
2. Maybe they want you to call them, so they manually enforce the bonus and check if it’s real direct deposit…
3. Maybe the bonuses now are no longer active for some specific areas. Let’s say, For targeted areas Chase ACH will still work, but for other areas it will not, because bonus not attached to the account.
The person will try other different ACHs banks, and later Real Payroll.
ACH from Chase does not anymore:
My research shows an online transfer of $110.00 received on your account on October 2, 2017 from JP Morgan Chase.
Please be advised that online banking transfers in between financial institutions will not qualify for the cash bonus. Direct deposits for example, include deposits from your employer, social security, pension, annuities and etc.
@Seb
Santander Bank works (if you have an account with them)
Marco Polo,
In the past pretty much ANY transfer worked to trigger the bonus. Who knows what works these days? Have you had a successful bonus by transferring from Santander in the past few weeks?
Seems they have really cracked down. I suppose the only good thing is that one can keep trying and trying. If one method doesn’t trigger it, you’ll know in a couple days and can keep trying long before it’s too late.
I don’t mean to sound snarky. It’s just that all of the old rules for M&T are gone. Anyone trying for an M&T bonus is sailing in uncharted waters these days.
@Patti
I know that because I have monthly payments set up (to avoid monthly maintenance fee) from Santander Bank and they still posts as payment and not transfer as compared to other banks e.g. Ally which posts as transfers.
Also bonus posted successfully on my last opened account using QJ in late August using Santander to pay $100.
I believe at Santander Bank the “payment” works differently than other bank’s ACH since you can pay anyone through Santander Bank while you cannot transfer to anyone other than yourself to/from other banks.
In fact this is the only bank I am aware of which does not require verification and I think that’s because it is not an ACH but a payment.
It will be interesting to see how “Zello” will work out form triggering Bank bonuses since it is also a “Payment” .
Seb, what state are you in, do you have m&t close to you, what code did you use? Chase worked for many people, it might be it doesn’t work any longer! I doubt it! My friend will opened her first M&T few weeks ago, I will have real data soon if Chase no longer works…
DP: So far i closed 4 accounts – 1/day so far via SM. Like others said just made sure there are 6 statements so far. Most of them closed the say day as SM. For 1, i had to send a reminder SM.
For another, i send another SM via a secondary login.
4 more to go. 🙁
I have successfully closed our 2 oldest accounts by SM. Before submitting each request I did check to make sure that 6 statements posted to each of those accounts. No questions asked or harassment.
I’m down to 6 accounts for each of us to babysit.
If I may ask, how long between closing your two oldest accounts did you wait? Were these both your accounts you’re referring to?
I’m ready to close two accounts that are a week apart and was wondering if I should wait more than a week to close the second one.
Any thoughts?
Ralphy, I didn’t wait very long. Maybe 2 business days after the first one. No reason why you can’t spread them out further if you prefer.
I’m just so relieved that it didn’t get nasty after the first request to close down.
Thanks for the info, sounds pretty painless…
Also, to fully answer your question, I closed 2 accounts for myself, 2 for hubby, and 2 for our son.
Each request though was only for 1 account at a time. Once closed, waited a day or 2 then SM’d 3 requests for each of our 2nd accounts.
For some reason, the rep who answered for me and my son replied back to ask us to print our statements, and recent transactions as we would no longer have access to all of this online once the account is closed. I then had to reply for both of us to go ahead and close it.
For hubby, his rep just closed it and replied back to simply say, as per your request, account ending in xxxx is now closed.
Having to reply twice made it take a little longer but not a big deal; she was just being considerate I think.
Around mid Oct we can aim for the next one.
Another poster mentioned that they had to have 6 statements post to their account before the could close it without paying a fee. That’s a good tip to follow. 🙂
@Patti
I am assuming you transfer the balance to your other M&T account before requesting closure?
MarcoPolo,
I do transfer everything first so that it’s a $0 balance when I send the SM.
There were 2 that were ripe. Waiting on the other 6. They only have a combined total of about $2.00. I was keeping a few hundred in there for several months but it was part of my vacation fund and I needed it for our summer vacation.
@Patti
Which option do you select from the drop down menu while sending the SM to close the account ?
There isn’t any option for account closure or account related inquiries.
Thanks.
Marco Polo,
I think I clicked on General Comments. I’m at work right now but I’ll double check it when I get home.
🙂
I agree “general” is the category to choose. FWIW, I’ve gotten the same person responding to my closing PM both times (waited a week between closings), and currently taking a break before closing the third, as I’ve got a distinctive name I thought same bank employee might remember.
I chose the general account questions to request closure of my first account after I transferred all of the funds out and waited until I received my 6th statement (and was at 190 days since opening).
The agent that messaged back said that I needed to go to a branch or mail in the request to close the account.
Messaged again this time choosing change account type (from open to close was my reasoning) and they closed it right away so guess YMMV depending on the agent who receives the request.
Thanks @Patti
It worked for me 🙂
Tried closing one of my accounts using SM choosing General Account Questions and was told I’d have to go to a branch or mail in the request. Sent another SM two days later choosing Change Account Type and got the same person giving me the same message to go to a branch or mail it this time saying there would be a $4 fee for doing so by mail.
Guess I’m stuck either keeping the account open and try again after a while or eat the $4. Have three other accounts I was going to be closing in the next two months so hopefully I find an answer to this, don’t live near a branch.
There’s a lot of comments here, can someone tell me whats currently the best way to open more accounts?
I don’t think you will be able to open another accounts.They now enforced pretty much auto check for new accounts. And reject 95% of the people for more than one account. QC was the best, then QD, QK seems to be targeted – based on your zip code – if you near their branch!
Please try and keep us posted. thanks
QC as well