[Expired] [NY only] M&T Bank $160 Checking Bonus – Available Online

This offer has now expired, you can view more bank account bonuses here.

Offer at a glance

• Maximum bonus amount: $160
• Availability: NY only, only available in these counties: Albany, Allegany, Cayuga, Cattaraugus, Chautauqua, Columbia, Erie, Fulton, Genesee, Greene, Herkimer, Jefferson, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Oswego, Orleans, Rensselaer, Saratoga, Seneca, Schenectady, Schoharie, Warren, Washington, Wayne, Wyoming, Yates
• Direct deposit required: Yes, $100
• Additional requirements: None
• Hard/soft pull: Soft
• Credit card funding: None
• Monthly fees: Waive-able
• Early account termination fee: $50 180-days
• Expiration date:  November 30th, 2016

The Offer

Direct link to offer

• Open any personal checking account with M&T Bank and receive a $160 bonus when you do the following:
  • Make one qualifying direct deposit of at least $100 within 90 days of account opening

The Fine Print

• We will credit one bonus (the “Bonus”) to the account if the account receives a minimum of one direct deposit in the amount of at least $100 within 90 days of account opening.
• This offer is valid on new accounts opened before 11/30/2016.
• Qualifying direct deposits include, but are not limited to, electronic deposits such as payroll or Social Security and do not include electronic money transfers or credits such as account-to-account transfers or those made through internet payment services.
• Bonus will be credited to the account within 90 days of direct deposit activation as long as the account is in good standing. Bonus is reportable for tax purposes.
• Only one bonus will be rewarded regardless of the number of accounts, titling on account and the number of direct deposit arrangements established.
• Bonus offer is not available for Health Savings Accounts, may vary by product and region, is limited to one per customer, and is not available to employees of M&T Bank or any of its affiliates.
• Valid only for accounts opened in New York in the following counties: Albany, Allegany, Cayuga, Cattaraugus, Chautauqua, Columbia, Erie, Fulton, Genesee, Greene, Herkimer, Jefferson, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Onondaga, Ontario, Oswego, Orleans, Rensselaer, Saratoga, Seneca, Schenectady, Schoharie, Warren, Washington, Wayne, Wyoming, Yates
• You’re required to pay taxes on all bank account bonuses

Avoiding Fees

The bonus is available on any personal checking account, including: EZChoice Checking, MyChoice Checking, MyChoice Plus Checking, MyChoice Premium Checking, Classic Checking, Basic Banking. Let’s look at the easiest options for keeping fee free.

[Note that M&T Bank is one of the few banks that doesn’t give you a grace period, the requirements mentioned below must be completed your first month to keep it fee-free.]

EZChoice Checking

This account has a monthly fee of $9.95, soon changing to $6.95.

• Monthly fee is waived by making just ONE transaction such as a deposit, withdrawal, or debit purchase.

MyChoice Checking

This account has a monthly fee of $6.95 that can be waived with any of the following methods:

• Receive direct deposits totaling $200 or more
• Make 10 or more monthly debit card purchases
• Keep an average daily balance of $500 (might be $1,500 depending on your area) or more 

Basic Banking

This account has a non-waivable $3 monthly fee.

Early Account Termination Fee

Update: Looks to be $50 now.

Our Verdict

M&T have two other bonuses currently:

• M&T Bank $200 Checking Bonus – Available Online [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]
• M&T Bank $150 Checking Bonus – Available Online [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]

The fine print says only one bonus per customer, but in practice this isn’t currently enforced (although I suspect only a matter of time until it is). I’d complete the larger $200 bonus first, followed by this and then finally the $150 bonus if you live in NY. This is probably the easiest bank account bonus to get at the moment, bonus typically posts a day after your direct deposit hits.