How to Open an Account with M&T Bank USA: A Step-by-Step Guide for Residential & Non-Residential Customers
Opening an account is a crucial step in managing your finances, whether you’re a resident or a non-resident in the USA. M&T Bank, one of the leading financial institutions in the United States, offers a wide range of banking services tailored to meet the needs of both residential and non-residential customers. In this blog post, we’ll walk you through the step-by-step process of opening an account with M&T Bank, including the required documents, account types, fees, interest rates, and more.
Step-by-Step Process to Open an Account with M&T Bank
1. Choose the Right Account Type
M&T Bank offers various account types to suit different needs. These include:
- Checking Accounts: For everyday transactions.
- Savings Accounts: To grow your savings with interest.
- Money Market Accounts: Higher interest rates with check-writing privileges.
- Certificates of Deposit (CDs): Fixed-term deposits with guaranteed returns.
- Senior Citizen Accounts: Special benefits for customers aged 55 and above.
2. Gather Required Documents
To open an account, you’ll need the following documents:
- For Residential Customers:
- Government-issued photo ID (e.g., passport, driver’s license).
- Social Security Number (SSN).
- Proof of address (e.g., utility bill, lease agreement).
- For Non-Residential Customers:
- Passport or other government-issued ID.
- ITIN (Individual Taxpayer Identification Number) if you don’t have an SSN.
- Proof of address in your home country.
- Visa or other proof of legal status in the USA (if applicable).
3. Visit a Branch or Apply Online
- In-Person: Visit the nearest M&T Bank branch with your documents. A representative will guide you through the process.
- Online: Go to the M&T Bank website and click on “Open an Account.” Fill out the application form and upload the required documents.
4. Complete KYC and Biometric Updates
M&T Bank follows strict Know Your Customer (KYC) guidelines. You may need to provide additional information or undergo biometric verification (e.g., fingerprint scanning) for security purposes.
5. Pay Account Opening Charges
Most accounts have no opening fees, but some specialized accounts may require a minimum deposit (e.g., $25 for savings accounts). Check the specific requirements for your chosen account type.
M&T Bank Account Features and Charges
Minimum Balance Requirements
- Checking Accounts: 0–0–100 (varies by account type).
- Savings Accounts: $25 minimum opening deposit.
- Money Market Accounts: $2,500 minimum balance to avoid fees.
Interest Rates
- Daily Interest Rate: Calculated on your average daily balance.
- Yearly Interest Rate: Varies by account type. For example, savings accounts may offer 0.01%–0.05% APY.
- Fixed Deposit Rates: CDs offer higher interest rates, ranging from 0.10% to 1.50% APY, depending on the term (6 months to 5 years).
Special Schemes and Facilities
Senior Citizen Schemes
- Higher interest rates on savings accounts and CDs.
- Free checks and waived fees on certain accounts.
- Dedicated customer support.
MIS (Monthly Income Scheme)
- Earn a fixed monthly income by investing in M&T Bank’s MIS plans.
- Ideal for retirees or those seeking steady income.
Insurance Options
- M&T Bank offers life insurance, travel insurance, and credit card protection plans.
- Optional add-ons for account holders.
Digital Banking and Mobile Apps
Mobile App Features
- Check account balances and transaction history.
- Transfer funds between accounts.
- Pay bills and manage subscriptions.
- Deposit checks using mobile check deposit.
Online Payment Methods
- Link your account to payment platforms like PayPal, Venmo, and Zelle.
- Set up automatic payments for bills.
M&T Bank Customer Facilities
- 24/7 customer support via phone, email, or live chat.
- Access to over 700 branches and 1,800 ATMs across the USA.
- Financial planning and investment advisory services.
M&T Bank New Updates in 2025
- Introduction of AI-powered financial management tools.
- Enhanced mobile app features, including voice banking.
- Expanded international banking services for non-residential customers.
- Lower fees and higher interest rates on select accounts.
FAQs
1. Can non-residents open an account with M&T Bank?
Yes, non-residents can open an account with the required documents, including a passport and ITIN.
2. What is the minimum balance for a savings account?
The minimum opening deposit is $25, and there is no minimum balance requirement to maintain the account.
3. Are there fees for online banking?
No, M&T Bank offers free online and mobile banking services.
4. How do I update my KYC details?
Visit a branch or log in to your online banking account to update your KYC information.
5. What are the benefits of a senior citizen account?
Higher interest rates, waived fees, and dedicated customer support.
Also Read: How to Open an Account with Huntington Bank USA: A Step-by-Step Guide for Residential & Non-Residential Customers
