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

Reposting because the deal has been extended and it’s available in new states as well.

Offer at a glance

• Maximum bonus amount: $150
• Availability: Limited to the following states:  AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV
• 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: March 31st, 2016 June 30th, 2016 September 30th, 2016 December 31st, 2016 February 28th, 2017 June 30, 2017 September 30th, 2017 October 30th, 2017

The Offer

Direct link to offer, when you e-mail the code it will show as QC when you open from that page it shows QD

• Open any personal checking account with M&T, and receive a $150 cash bonus when you set up a qualifying direct deposit of $100 or more.

The Fine Print

• Valid until March 31st, 2016 June 30th, 2016 February 28th, 2017
• Open account online or in branch
• Direct deposit must be received within 90 days of account opening
• 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 post to the account within 90 days of meeting the direct deposit requirement
• Limited to one bonus per customer
• Offer may vary by region and product
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

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.

Basic Banking

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

Early Account Termination Fee

There is an early close-out fee of $10 according to these terms & conditions if you cancel within 180 days of signing up. Update: Looks to be $50 now.

Our Verdict

Quite a good deal if you in a participating area. In the past, M&T Bank has offered similar $150 sign up bonuses and sometimes lower bonuses of $75-$100. They’ve also required us to go in-branch, yet this time, they explicitly state it can be done online.

Here is how to go about doing this promotion:

• Open an EZChoice checking account and automate a $1 ACH transfer into the M&T account from my regular checking account, OR
• Open a MyChoice checking account and park $500 there for 6-months
• Do $100 direct deposit using payroll or try ACH transfer and hope that works as it has in the past
• Wait for the bonus to post, 90-days after direct deposit
• Wait 180 days from account opening date to avoid early account termination fee
• Close account (can be done over the phone or by mail)

We’ll add this bonus to our dedicated page and the state-specific part of our best checking sign up page. It’s also possible to churn this bonus according to this comment. Here are the other current bonuses:

• M&T Bank $150 Checking Bonus – Available Online (QC) [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]
• M&T Bank $200 Checking Bonus (QI) – Available Online [CT, DC, DE, MD, NJ, NY, PA, VA, WV]
• M&T Bank $250 Checking Bonus – Available Online (QH) [AZ, CT, DC, DE, MD, NJ, NY, PA, VA, WV]